Commonwealth Bank Regulations (Amendment)

Overview

The Statutory Rules 1928 No. 94, titled "Regulations under the Commonwealth Bank Act 1911-1927", was enacted in 1928 by the Deputy of the Governor-General, with the advice of the Federal Executive Council. This legislative instrument was introduced to make amendments to the existing regulations under the Commonwealth Bank Act 1911-1927, specifically addressing the need to include fodder as an additional commodity in the scope of regulated activities. This change aimed to better support the agricultural sector by ensuring the Commonwealth Bank could facilitate financial transactions involving fodder, thus promoting economic stability and growth. The policy objective was to enhance the regulatory framework of the Commonwealth Bank to better serve the evolving needs of Australian industries.

Scope and Application

This statutory rule, made under the authority of the Commonwealth Bank Act 1911-1927, pertains specifically to the amendment of Regulation 30 within the Commonwealth Bank Regulations. The amendment, which inserts the word "fodder" after "peanuts," extends the scope of the regulated commodities to include fodder. This adjustment reflects the evolving nature of the commodities market and aims to encompass a broader range of goods that the Commonwealth Bank might be involved in financing or dealing with. The rule applies to the Commonwealth Bank and any entities that conduct business under the auspices of this act, ensuring that the updated regulations are adhered to within the banking sector. Given that the Commonwealth Bank Act operates at the federal level, the jurisdictional reach of these amendments is national, applying across the Commonwealth of Australia. The rule does not explicitly state any exclusions, exemptions, or thresholds beyond what is specified within the amended regulation itself. Furthermore, the legislative instrument may be subject to further modifications or clarifications through subordinate instruments issued under the authority of the primary act.

Key Provisions

The key operative sections of these Regulations, specifically Regulation 30, have been amended to include the term "fodder" after the word "peanuts". This means that the scope of items regulated under these provisions now encompasses both peanuts and fodder. The insertion of "fodder" into the regulation suggests a broadening of the items subject to the regulatory oversight that was previously limited to peanuts. These Regulations impose specific obligations on parties involved in the trade or handling of peanuts and fodder. For example, parties must comply with the standards and guidelines set forth in the original and amended regulations, ensuring that these commodities meet the necessary quality and safety requirements. They must also adhere to any reporting or documentation requirements, such as providing certificates of origin or quality assessments, to ensure compliance with the provisions of the Commonwealth Bank Act 1911-1927. In the event of a breach of these Regulations, the parties involved may face various civil and criminal consequences. For instance, if a party fails to comply with the quality standards or documentation requirements, they could be subject to enforcement actions, which may include fines or other penalties as stipulated in the relevant legislation. The maximum penalties for such breaches are not explicitly stated in the Regulations themselves, but they would be determined by the broader legislative framework under which these Regulations operate. It is important for parties to fully understand and comply with these requirements to avoid any potential legal repercussions.