Commonwealth Bank Regulations (Amendment)

Overview

Statutory Rules 1942 No. 123, made under the Commonwealth Bank Act 1911-1932, amends the Commonwealth Bank Regulations to address certain procedural requirements related to the Balance Sheet of the Note Issue Department. This regulation was enacted by the Governor-General in Council, acting on the advice of the Federal Executive Council, to ensure the efficient administration and regulatory oversight of the Commonwealth Bank. The amendment simplifies the timing for reporting by removing the specific reference to the 31st day of December, likely to adapt to evolving administrative needs or to streamline reporting processes. The overarching policy objective is to enhance the operational flexibility and responsiveness of the Bank's regulatory framework.

Scope and Application

The Statutory Rules of 1942, No. 123, made under the Commonwealth Bank Act 1911-1932, pertain to the amendment of the Commonwealth Bank Regulations, specifically affecting the Balance Sheet of the Note Issue Department. This regulation applies to the Commonwealth Bank of Australia, an entity operating under the authority granted by the Commonwealth Bank Act. The amendment involves the removal of the date "31st day of December" from Regulation 29, which likely alters the reporting or operational deadlines for the Note Issue Department's balance sheet. The regulation's impact is confined to the Commonwealth Bank and its operations, with no specific mention of extensions to other entities or industries. The reach of this legislation is inherently federal, as it is issued under the Commonwealth Bank Act, which governs the operations of the Commonwealth Bank at the national level. There are no stated exclusions or exemptions in this particular statutory rule, and it operates without thresholds that are explicitly defined in the provided text. Subordinate instruments may further extend or restrict the application of these regulations, although such details are not provided in the text.

Key Provisions

The Regulation, made under the Commonwealth Bank Act 1911-1932, introduces an amendment to Regulation 29 of the Commonwealth Bank Regulations (Regulation 29). Specifically, it removes the reference to the 31st day of December from the Balance Sheet of Note Issue Department. This amendment means that the balance sheet for the Note Issue Department no longer needs to be prepared by the specified date, potentially altering the reporting and financial management timelines for the Bank (Regulation 29). The primary obligation imposed by this Regulation is the amendment of the Balance Sheet reporting requirements for the Note Issue Department of the Commonwealth Bank. This change likely affects how and when the Bank must report its financial status to relevant authorities, which could have implications for internal financial planning and compliance activities within the Bank (Regulation 29). While the Regulation itself does not explicitly state any offences or penalties for non-compliance with the amended balance sheet reporting requirements, it is reasonable to infer that failure to comply with banking regulations generally could lead to enforcement actions under the Commonwealth Bank Act 1911-1932. Such actions could include fines or other administrative penalties, depending on the severity and nature of the non-compliance. However, the exact penalties would need to be determined in accordance with the broader provisions of the Act and any related legislation (Regulation 29).