Commonwealth Bank Regulations (Amendment)

Overview

The Statutory Rules of 1946, No. 188, are Regulations made under the Commonwealth Bank Act 1945, which was enacted to establish and regulate the Commonwealth Bank of Australia and to provide for its operations. The Regulations were introduced to make amendments to the existing Commonwealth Bank Regulations to better align with the requirements of the Commonwealth Bank Act 1945. Enacted by the Governor-General in Council, these Regulations aim to ensure that the operations of the Commonwealth Bank are conducted efficiently and in accordance with the legislative framework. One key policy objective is to clarify and update the reporting requirements for the bank's liabilities and assets, as well as to expand the definition of 'primary produce' to include additional commodities, thereby enhancing the bank's capacity to support various sectors of the economy. These Regulations came into operation on 2 January 1947 and primarily involve minor amendments to the Commonwealth Bank Regulations, such as changing the day of the week for the submission of financial statements from Monday to Wednesday and broadening the definition of 'primary produce' to encompass ores, concentrates of ores, peanut products, and poultry. The amendments are designed to streamline the regulatory process and ensure that the Commonwealth Bank's activities are more accurately reflected in its financial reporting.

Scope and Application

The Regulations under the Commonwealth Bank Act 1945 apply to the Commonwealth Bank of Australia, specifically its General Banking Division. The amendments outlined in the Regulations primarily concern the reporting requirements of the bank’s liabilities and assets, and the definition of "primary produce" for the purposes of the Act. These Regulations alter the day on which certain reports must be submitted, changing it from Monday to Wednesday, and expand the definition of primary produce to include ores and concentrates of ores, peanut products, and poultry. These provisions are applicable nationwide as they pertain to the Commonwealth Bank, which operates across Australia. There are no stated exclusions or exemptions within the text of these Regulations, though the application may be subject to further refinement or restriction through subordinate instruments or subsequent amendments. The Regulations came into effect on the second day of January, 1947.

Key Provisions

These Regulations under the Commonwealth Bank Act 1945, made by the Governor-General, amend existing provisions to update specific references to days of the week and to include additional items within the definition of 'primary produce'. For example, Regulation 2 amends the Commonwealth Bank Regulations to change the day on which certain statements of liabilities and assets of the General Banking Division are required from Monday to Wednesday (section 10(2) of the Commonwealth Bank Regulations). Similarly, Regulation 3 updates references within the Commonwealth Bank Act 1945 from Monday to Wednesday (section 12) and broadens the definition of 'primary produce' to include ores and concentrates of ores, peanut products, and poultry (section 13). Regulation 4 makes a corresponding amendment to the Schedule of the Commonwealth Bank Regulations, ensuring consistency across all referenced forms and documents. The obligations imposed by these Regulations are primarily on the Commonwealth Bank, requiring them to adjust their internal schedules and reporting mechanisms to comply with the updated references and definitions. For instance, the Bank must now ensure that any statements of liabilities and assets of the General Banking Division are submitted on Wednesdays instead of Mondays. Additionally, the Bank must incorporate the expanded definition of 'primary produce' into their lending and financial assessments, ensuring that ores, concentrates, peanut products, and poultry are considered under this category. Failure to comply with these Regulations can lead to civil or administrative penalties. While the specific penalties are not detailed within the Regulations themselves, breaches of the Commonwealth Bank Act 1945 and its subordinate legislation can typically result in fines or other enforcement actions by the relevant regulatory authorities. The exact penalties would depend on the nature and severity of the breach, as well as any relevant provisions in the primary Act or other applicable laws.