Banking (Foreign Exchange) Amendment Regulations 2002 (No. 1) (Cth)

Banking (Foreign Exchange) Amendment Regulations 2002 (No. 1)1

Statutory Rules 2002 No. 402

I, PETER JOHN HOLLINGWORTH, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Banking Act 1959.

Dated 28 February 2002

PETER HOLLINGWORTH

Governor-General

By His Excellency’s Command

IAN CAMPBELL

Parliamentary Secretary to the Treasurer

1Name of Regulations

 These Regulations are the Banking (Foreign Exchange) Amendment Regulations 2002 (No. 1).

2Commencement

These Regulations commence on the day on which item 1 of Schedule 1 to the Financial Services Reform Act 2001 commences.

3Amendment of Banking (Foreign Exchange) Regulations

Schedule 1 amends the Banking (Foreign Exchange) Regulations.

Schedule 1Amendments

(regulation 3)

  

[1]Regulation 1

substitute

1Name of Regulations

 These Regulations are the Banking (Foreign Exchange) Regulations 1959.

[2]Subregulations 5 (1), (2), (3) and (4)

substitute

• (1)

  The Bank may, in writing, direct a person:

  • (a)

    not to buy, borrow, sell, lend or exchange foreign currency in Australia (on the person’s own behalf or on behalf of another person); or

  • (b)

    not to deal with foreign currency in any other way in Australia.

• (2)

  The Bank may, in writing, direct a resident, or a person acting on behalf of a resident:

  • (a)

    not to buy, borrow, sell, lend or exchange foreign currency outside Australia; or

  • (b)

    not to deal with foreign currency in any other way outside Australia.

• (3)

  The Bank may, in writing, direct a person not to be a party to a transaction if:

  • (a)

    either:

    • (i)

      the transaction takes place in whole or in part in Australia; or

    • (ii)

      a resident is a party to the transaction; and

  • (b)

    the transaction:

    • (i)

      has the effect of, or involves, a purchase, borrowing, sale, loan or exchange of foreign currency; or

    • (ii)

      otherwise relates to foreign currency.

• (4)

  The Bank must act under subregulations (1), (2) and (3) in accordance with any written directions given by the Treasurer under this subregulation.

• (4A)

  If the Bank gives a direction under subregulation (1), (2) or (3), the Bank must:

  • (a)

    give a copy of the direction to the person to whom the direction relates; or

  • (b)

    publish a copy of the direction in the Gazette.

Notes

1. These Regulations amend Statutory Rules 1946 No. 191, as amended by 1947 Nos. 65 and 102; 1948 Nos. 39 and 165; 1950 No. 46; 1952 Nos. 15 and 80; 1953 No. 24; 1954 No. 96; 1960 No. 8; 1965 No. 168; 1967 No. 70; 1970 No. 130; 1973 Nos. 72 and 197; 1974 Nos. 56, 97 and 265; 1975 Nos. 222 and 223; 1978 No. 259; 1984 No. 111; 1990 No. 266.

2. Notified in the Commonwealth of Australia Gazette