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Australian Senate Standing Committee for the Scrutiny of Delegated Legislation - Monitor

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Banking Amendment Regulation 2013 (No 1) [Select Legislative Instrument 2013 No 8] [F2013L00206]-Concluded matters [2013] AUSStaCSDLM 207 (16 May 2013)


Banking Amendment Regulation 2013 (No. 1) [Select Legislative Instrument 2013 No. 8] [F2013L00206]

Purpose
Amends the Banking Regulations 1966 to set out the conditions under which security, set-off and escrow accounts become unclaimed under s 69 of the Banking Act 1959
Last day to disallow
18 June 2013
Authorising legislation
Department
Treasury

ISSUE:

Whether instrument is in accordance with statute

The committee notes that the instrument has commenced before its authorising provision (section 69(1B) of the Banking Act 1959), which will commence on 1 July 2013. The commencement of instruments in this way is provided for by section 4 of the Acts Interpretation Act 1901 (AIA). However, in light of the potential for the unclaimed moneys scheme to impact on personal property [the committee sought further information from the Treasurer].

MINISTER'S RESPONSE:

The Parliamentary Secretary to the Treasurer responded, advising that the commencement of the regulation did not rely on section 4 of the AIA. Rather, the regulation, which was made for the purposes of subsection 69(1B) of the Banking Act 1959, had been inserted into the Banking Act by item 4 of Schedule 1 of the Treasury Legislation Amendment (Unclaimed Money and Other Measures) Act 2012 (the TLA Act). The regulation was in fact given effect by a transitional provision under item 8 of Schedule 1 of the TLA Act, which commenced on 5 December 2012.

COMMITTEE RESPONSE:

The committee thanks the parliamentary secretary for his advice and has concluded its interest in the matter.


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