Coal Industry (Finance) Regulations (Amendment)

Overview

The Statutory Rules 1967 No. 189, made under the Coal Industry Act 1946-1966, were enacted to address the need for an approved bank to facilitate financial transactions related to the coal industry. These regulations were introduced in response to the requirements outlined in section 19a of the Coal Industry Act 1946-1966. The enacting body for these regulations was the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council. The primary policy objective of these regulations was to ensure that financial activities within the coal industry were conducted through an authorised and approved institution, thereby providing a framework for financial stability and compliance in the industry. This legislative instrument aimed to streamline the financial processes of the coal industry by formally recognising the Commonwealth Trading Bank of Australia as an approved bank. By doing so, it aimed to facilitate smoother transactions and better regulatory oversight, ensuring that the coal industry could operate within a defined financial framework that adhered to the legislative requirements established under the Coal Industry Act 1946-1966.

Scope and Application

The Statutory Rules 1967 No. 1890, made under the Coal Industry Act 1946-1966, applies to the Commonwealth of Australia and the State of New South Wales, focusing on the regulation of the coal industry within these jurisdictions. This legislation pertains specifically to financial matters within the coal industry, as evidenced by the amendment of the Coal Industry (Finance) Regulations. The amendment declares the Commonwealth Trading Bank of Australia as an approved bank for the purposes outlined in section 19a of the Coal Industry Act 1946-1966. This ensures that the bank is recognised for financial transactions related to the coal industry, thereby facilitating the industry's financial operations within the regulatory framework set by the Act. The scope of this regulation is confined to the financial aspects of coal industry operations and does not extend to other areas of the industry such as environmental or labour regulations.

Key Provisions

This legislative instrument amends the Coal Industry (Finance) Regulations by inserting a new regulation, specifically regulation 2a, which declares the Commonwealth Trading Bank of Australia as an approved bank for the purposes of section 19a of the Coal Industry Act 1946-1966 (section 2a). This insertion into the existing regulations aims to facilitate financial transactions within the coal industry under the Act. The primary obligation imposed by this amendment is to recognise the Commonwealth Trading Bank of Australia as an approved bank for certain financial dealings within the coal industry (section 2a). This recognition likely means that the bank can be used for specific transactions or deposits as outlined in the Coal Industry Act 1946-1966. Parties involved in the coal industry, such as coal miners, coal companies, and other stakeholders, can now utilise this bank for financial activities that are regulated by the Act. The legislation does not explicitly state any offences, penalties, or civil/criminal consequences for breaches of this regulation. However, non-compliance with the Act or its regulations could potentially lead to legal action under the Coal Industry Act 1946-1966, which might include fines or other penalties as determined by the relevant authorities. The specific penalties for any breaches would depend on the nature and severity of the breach and would be subject to the provisions of the primary Act.