Banking (Foreign Exchange) Amendment Regulations 2007 (No. 1) (Cth)

Banking (Foreign Exchange) Amendment Regulations 2007 (No. 1)¹

Select Legislative Instrument 2007 No. 71

I, PHILIP MICHAEL JEFFERY, 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 29 March 2007

P. M. JEFFERY

Governor‑General

By His Excellency’s Command

PETER COSTELLO

Treasurer

Name of Regulations

These Regulations are the Banking (Foreign Exchange) Amendment Regulations 2007 (No. 1).

Commencement

These Regulations commence on the day after they are registered.

Amendment of Banking (Foreign Exchange) Regulations 1959

Schedule 1 amends the Banking (Foreign Exchange) Regulations 1959.

Schedule 1 Amendment

(regulation 3)

[1] After regulation 5

insert

5AOffence against directions

It is an offence for a person to engage in conduct in contravention of a direction under:

(a)subregulation 5 (1); or

(b)subregulation 5 (2); or

(c)subregulation 5 (3).

Penalty:

(a)if the offence is prosecuted summarily — a fine not exceeding ten penalty units or imprisonment for a term not exceeding six months; or

(b)if the offence is prosecuted upon indictment — a fine not exceeding one thousand penalty units or imprisonment for a period not exceeding five years.

Note See regulation 42 for other offences.

Note

All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See