EXPLANATORY STATEMENT
STATUTORY RULES 1984 NO. 282
ISSUED BY AUTHORITY OF THE ACTING TREASURER
BANKING (STATISTICS) REGULATIONS (AMENDMENT)
On 1 October 1981, the business of The Commercial Banking Company of Sydney Limited was transferred to The National Bank of Australasia Limited, and the business of CBC Savings Bank Limited was transferred to The National Bank Savings Bank Limited. The authorities to carry on banking business in Australia held by The Commercial Banking Company of Sydney Limited and CBC Savings Bank Limited have now been revoked.
Regulations 4 and 5 of the Banking (Statistics) Regulations prescribe dates in respect of which trading and savings banks are required, in pursuance of sections 52 and 53, respectively, of the Banking Act 1959, to furnish balance sheets and other annual statements. These amending Regulations amend regulations 4 and 5 by removing from the tables specifying the banks’ annual balancing dates the names of the two banks whose authorities have been revoked.
Overview
The Banking (Statistics) Regulations (Amendment) Statutory Rules 1984 No. 282 were enacted by the authority of the Acting Treasurer to address a specific administrative gap following the transfer of business from The Commercial Banking Company of Sydney Limited and CBC Savings Bank Limited to The National Bank of Australasia Limited and The National Bank Savings Bank Limited, respectively. These banks’ authority to conduct banking business in Australia was revoked on 1 October 1981. The primary objective of the amendment is to update the regulatory requirements concerning the annual reporting of balance sheets and other financial statements by trading and savings banks, as prescribed under sections 52 and 53 of the Banking Act 1959. By removing the names of the two defunct banks from the relevant tables, the Regulations ensure that only banks currently authorised to operate in Australia are required to furnish the specified financial data.
Scope and Application
The Banking (Statistics) Regulations (Amendment) Statutory Rules 1984 No. 282, issued by authority of the Acting Treasurer, pertains to the regulation of statistical reporting requirements for banking entities in Australia. This amendment specifically addresses the revocation of banking authorities held by The Commercial Banking Company of Sydney Limited and CBC Savings Bank Limited, which were transferred to The National Bank of Australasia Limited and The National Bank Savings Bank Limited, respectively. The amendment removes these banks from the tables in Regulations 4 and 5, which outline the annual balancing dates for trading and savings banks under the Banking Act 1959. This adjustment ensures that only banks currently authorised to conduct banking business in Australia are required to furnish the necessary balance sheets and other annual statements. The regulations are applicable to all banks operating within Australia, maintaining a clear and updated framework for statistical reporting. The application of these regulations is governed by the Commonwealth, extending its reach across the entire nation. No exclusions, exemptions, or specific thresholds are outlined in the text, and the scope of application is maintained through the specified amendments to the original regulations.
Key Provisions
The Banking (Statistics) Regulations (Amendment) Statutory Rules 1984 No. 282, issued by authority of the Acting Treasurer, address the necessary adjustments in the regulatory framework following the cessation of banking operations by The Commercial Banking Company of Sydney Limited and CBC Savings Bank Limited. The amendment is a direct response to the transfer of these banks’ businesses to The National Bank of Australasia Limited and The National Bank Savings Bank Limited, respectively, effective 1 October 1981, and the subsequent revocation of their banking authorities. Specifically, regulations 4 and 5, which pertain to the reporting obligations of trading and savings banks under the Banking Act 1959, are revised to reflect the changes. These regulations are critical as they determine the dates by which these banks must provide balance sheets and other annual statements.
Under the amended regulations, The Commercial Banking Company of Sydney Limited and CBC Savings Bank Limited are no longer required to comply with the specified annual reporting dates as outlined in regulations 4 and 5. This adjustment is necessary to ensure that the regulatory framework accurately reflects the current banking landscape in Australia. The banks that have assumed their operations, The National Bank of Australasia Limited and The National Bank Savings Bank Limited, will now be subject to the relevant reporting requirements. This change simplifies the regulatory process and ensures that only active and legally authorised banking entities are obligated to submit their financial statements.
The obligations imposed by these regulations are clear and straightforward. Banks that have had their authorities revoked are no longer subject to the annual reporting requirements. Conversely, the banks that have taken over their operations must adhere to the prescribed deadlines for submitting their balance sheets and other annual statements. This regulatory shift ensures that the financial oversight mechanisms remain effective and relevant, focusing only on entities currently authorised to operate in the Australian banking sector.
While the regulations themselves do not detail specific offences, penalties, or civil/criminal consequences for non-compliance, it is implicit that failure to comply with the amended reporting requirements could lead to regulatory scrutiny. Under the Banking Act 1959, non-compliance with regulatory requirements can potentially result in legal action, including fines or other penalties as determined by the relevant authorities. The exact penalties would depend on the nature and severity of the non-compliance, but the overarching principle is that adherence to regulatory obligations is mandatory to maintain the integrity of the banking sector in Australia.