Applied Laws (Implementation) (Amendment) Ordinance 1998 (CKI)

Overview

The Territory of Cocos (Keeling) Islands Applied Laws (Implementation) (Amendment) Ordinance 1998 was enacted to amend the Applied Laws (Implementation) Ordinance 1992, specifically adjusting the implementation of certain Western Australian laws on the Territory. This legislative instrument was made by the Governor-General of the Commonwealth of Australia, William Patrick Deane, on the advice of the Federal Executive Council under the authority granted by the Cocos (Keeling) Islands Act 1955. The policy objective behind this amendment appears to be to refine the application of external laws within the Territory, ensuring they are effectively and appropriately implemented to meet the unique needs and circumstances of the Cocos (Keeling) Islands community. This amendment was designed to address any gaps or issues that arose from the previous implementation framework by making specific changes to how certain financial-related laws were applied.

Scope and Application

The Applied Laws (Implementation) (Amendment) Ordinance 1998 pertains to the Territory of Cocos (Keeling) Islands and serves to amend the Applied Laws (Implementation) Ordinance 1992. It applies to the various laws, regulations, and statutes implemented in the territory, particularly focusing on the Financial Institutions Duty Act 1983 (W.A.) (C.K.I.), which is directly affected by the changes introduced in this ordinance. The amendment specifically omits Section 67, which previously dealt with agents and trustees, thereby altering the legislative landscape in relation to financial institutions within the territory. The amendment took effect from 1 July 1998, aligning with the commencement of the previous amendment in the Applied Laws (Implementation) (Amendment) Ordinance 1997. This ordinance reflects the legislative process designed to adapt and refine the legal framework governing financial operations and compliance in the Cocos (Keeling) Islands.

Key Provisions

The main operative sections of the Applied Laws (Implementation) (Amendment) Ordinance 1998 (No. 3 of 1998) amend the Applied Laws (Implementation) Ordinance 1992 by omitting section 67 of the Financial Institutions Duty Act 1983 (W.A.) (C.K.I.) as it relates to agents and trustees. This amendment is inserted immediately after clause 8 of Part 12 in the Schedule 1 of the 1992 Ordinance (section 4.1). The purpose of this amendment is to update the legislative framework to reflect current legal standards and practices, specifically by removing outdated provisions that pertain to the roles and responsibilities of agents and trustees under the Financial Institutions Duty Act 1983 (W.A.) (C.K.I.). The obligations and requirements imposed by this Ordinance on the parties or entities it governs are primarily concerned with compliance with the updated legislative framework. Entities subject to the Financial Institutions Duty Act 1983 (W.A.) (C.K.I.) must ensure that their operations and practices align with the revised legal requirements. This includes the cessation of any activities or duties previously governed by the omitted section 67, as well as any related administrative or reporting obligations that may have been associated with agents and trustees under the old provisions. There are no explicit offences, penalties, or consequences for breach mentioned in the text of this Ordinance. The removal of section 67 itself is the primary change, and it is implied that any non-compliance with the updated legal standards could result in legal consequences under the broader legislative framework of the Financial Institutions Duty Act 1983 (W.A.) (C.K.I.) and other applicable laws. The maximum penalties or specific consequences for breach would be determined in accordance with the provisions of the Financial Institutions Duty Act 1983 (W.A.) (C.K.I.) and any relevant case law or regulations, rather than being explicitly stated in this amending Ordinance.