Commonwealth Authorities and Companies Amendment Regulations 1999 (No. 3)

Overview

The Commonwealth Authorities and Companies Amendment Regulations 1999 (No. 3) was enacted to address the need for updating the regulatory framework concerning statutory marketing authorities under the Commonwealth Authorities and Companies Act 1997. This legislative instrument was issued by the authority of the Minister for Finance and Administration, in line with section 49(1) of the Act, with the aim of ensuring that the statutory marketing authorities are accurately and contemporarily reflected in the regulations. The primary amendment involves the removal of the Australian Wheat Board (AWB) from the list of statutory marketing authorities, as its marketing functions are set to be transferred to AWB Limited, a private company, while the AWB itself will retain its regulatory functions under the new name of Wheat Export Authority. These changes are intended to align the regulatory framework with the restructuring and redefinition of roles within the wheat industry. The Regulations were designed to be effective from 1 July 1999, ensuring that the statutory framework is updated to reflect the new operational realities of the wheat industry. The regulations were promulgated to maintain the integrity and functionality of the statutory marketing authorities' framework, allowing for smooth transitions and continued regulation of the wheat industry by the newly named Wheat Export Authority.

Scope and Application

The Commonwealth Authorities and Companies Amendment Regulations 1999 (No. 3) amends the Commonwealth Authorities and Companies Regulations 1997 to update the list of statutory marketing authorities under the Commonwealth Authorities and Companies Act 1997. Specifically, these regulations remove the Australian Wheat Board (AWB) from the list of prescribed statutory marketing authorities, reflecting the transfer of its marketing functions to AWB Limited, a private company owned by wheat growers. Concurrently, the AWB will retain its regulatory functions and be renamed the Wheat Export Authority, effective from 1 July 1999. These changes ensure the regulatory framework remains current and aligned with the structural changes within the industry. The amendments apply to the Commonwealth and any entities or individuals subject to the provisions of the Commonwealth Authorities and Companies Act 1997, ensuring that the regulatory oversight of marketing authorities is accurately reflected in the legislative framework.

Key Provisions

The Commonwealth Authorities and Companies Amendment Regulations 1999 (No. 3) primarily serve to update the Commonwealth Authorities and Companies Regulations 1997 concerning statutory marketing authorities. Section 1 of these regulations renames the existing regulations to the Commonwealth Authorities and Companies Regulations 1999. Section 2 specifies that the amendments will take effect from 1 July 1999. Section 3 introduces Schedule 1, which contains the detailed amendments to the existing regulations. Specifically, the Schedule addresses the listing of statutory marketing authorities by removing the Australian Wheat Board (AWB) from its previous position as a statutory marketing authority, as its marketing functions will be transferred to AWB Limited, a private company, on the same effective date. The regulations impose specific obligations on the entities governed by them, particularly in relation to statutory marketing authorities. The amendments require a reconfiguration in the statutory framework to reflect the transition of the AWB's marketing functions to AWB Limited, while the AWB will continue its regulatory functions under the new name Wheat Export Authority. This transition necessitates a clear and updated listing of statutory marketing authorities, as provided in Schedule 1 of the regulations. Failure to comply with the provisions of these regulations could result in legal consequences. However, the Explanatory Statement does not explicitly outline specific offences, penalties, or civil/criminal consequences for breaches. Given the regulatory nature of the amendments, any breaches could potentially lead to administrative actions, fines, or other penalties as prescribed by the overarching Commonwealth Authorities and Companies Act 1997. The maximum penalties would depend on the specific nature of the breach and the provisions of the Act.