Telecommunications (Consumer Protection and Service Standards) (Communications Fund) Regulations 2005 (Cth)

Telecommunications (Consumer Protection and Service Standards) (Communications Fund) Regulations 2005

Select Legislative Instrument 2005 No. 213 as amended

made under the

Telecommunications (Consumer Protection and Service Standards) Act 1999

This compilation was prepared on 23 September 2006
taking into account amendments up to SLI 2006 No. 245

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General’s Department, Canberra

Contents

1Name of Regulations [see Note 1]                            3

2Commencement [see Note 1]                                  3

3Definitions                                                        3

4Communications Fund — financial assets                    3

Schedule 1Assets                                                            4

Notes 6

1. Name of Regulations [see Note 1]

These Regulations are the Telecommunications (Consumer Protection and Service Standards) (Communications Fund) Regulations 2005.

1. Commencement [see Note 1]

These Regulations commence on the commencement of Schedule 1 to the Telecommunications Legislation Amendment (Future Proofing and Other Measures) Act 2005.

1. Definitions

In these Regulations:

Act means the Telecommunications (Consumer Protection and Service Standards) Act 1999.

bank has the same meaning as in section 5 of the Financial Management and Accountability Act 1997.

responsible Ministers has the same meaning as in section 158ZF of the Act.

1. Communications Fund — financial assets

For paragraph (f) of the definition of financial asset in section 158ZF of the Act, the assets mentioned in Schedule 1 are specified.

Schedule 1          Assets

(regulation 4)

1. Securities of the Commonwealth, or of a State or Territory, to which paragraph (a) of the definition of financial asset in section 158ZF of the Act does not apply.

1. Securities guaranteed by the Commonwealth, a State or a Territory.

1. A deposit with a bank, including a deposit evidenced by a certificate of deposit.

1. A debt instrument issued or guaranteed by:

(a)the government of a foreign country; or

(b)a financial institution whose members consist of foreign countries, or of Australia and foreign countries;

being a debt instrument with a credit rating that is consistent with the sound management of public debt.

1. A bill of exchange accepted or endorsed only by a bank.

1. A professionally managed money market trust if the responsible Ministers are satisfied that:

(a)the only investments managed by the trust are mentioned in item 1, 2 or 3; and

(b)a charge over trust assets does not support any borrowings by the trust.

1. An Australian dollar denominated debt instrument with an investment grade credit rating.

Note   ‘Investment grade credit rating’ is a well recognised term in the finance industry which refers to securities with a credit rating from an internationally recognised rating agency such as Standard and Poors, of at least BBB‑ or equivalent for long term investments, and at least A3 or equivalent for short term investments.

1. An electronic equivalent of a document which provides evidence of the holding of, or investment in, any of the following assets:

(a)a debenture, stock or bond issued by a government;

(b)a share in, or debenture of, a body;

(c)an interest in a managed investment scheme;

(d)a unit of a debenture, share or interest covered by paragraph (a), (b) or (c);

(e)a derivative;

(f)securities of the Commonwealth, or of a State or Territory, to which paragraph (a) of the definition of financial asset in section 158ZF of the Act does not apply;

(g)securities guaranteed by the Commonwealth, a State or a Territory;

(h)a professionally managed money market trust of the kind mentioned in item 6 of this Schedule.

1. An electronic equivalent of any of the following instruments:

(a)a certificate of deposit from a bank;

(b)a debt instrument mentioned in item 4 of this Schedule;

(c)a bill of exchange accepted or endorsed only by a bank;

(d)an Australian dollar denominated debt instrument mentioned in item 7 of this Schedule;

(e)a promissory note.

Notes to the Telecommunications (Consumer Protection and Service Standards) (Communications Fund) Regulations 2005

Note 1

The Telecommunications (Consumer Protection and Service Standards) (Communications Fund) Regulations 2005 (in force under the Telecommunications (Consumer Protection and Service Standards) Act 1999) as shown in this compilation comprise Select Legislative Instrument 2005 No. 213 amended as indicated in the Tables below.

Table of Instruments

Year and Number	Date of FRLI registration	Date of commencement	Application, saving or transitional provisions
2005 No. 213	23 Sept 2005 (see F2005L02749)	23 Sept 2005 (see r. 2)
2006 No. 245	22 Sept 2006 (see F2006L03080)	23 Sept 2006	—

Table of Amendments

ad. = added or inserted   am. = amended   rep. = repealed   rs. = repealed and substituted
Provision affected	How affected
Schedule 1
Schedule 1.............................	am. 2006 No. 245