Commonwealth Banks Regulations (Amendment)

Overview

The Statutory Rules of 1962, No. 48, is a regulation made under the Commonwealth Banks Act 1959-1962 by the Administrator of the Government of the Commonwealth of Australia, acting with the advice of the Federal Executive Council. This regulation, dated 28 June 1962, was introduced to amend the Commonwealth Banks Regulations, specifically addressing the prescribed amount of loans provided by authorised banks. The regulation was signed by Dallas Brooks, the Administrator, and Harold Holt, the Treasurer, and was notified in the Commonwealth Gazette on 29 June 1962. This regulatory amendment reflects the Commonwealth Government's ongoing efforts to adapt and refine financial regulations to meet the evolving needs of the banking sector and the broader economic environment.

Scope and Application

This legislative instrument, Statutory Rules 1962 No. 48, amends the Commonwealth Banks Regulations under the Commonwealth Banks Act 1959-1962. The regulation specifically alters Regulation 35 by increasing the prescribed amount of a loan from two thousand seven hundred and fifty to three thousand. The Act applies to banks operating within Australia, including Commonwealth banks, and encompasses the conduct and transactions of these financial entities. The amendment pertains to the geographic and jurisdictional reach of the Commonwealth, extending its influence over the financial practices within the country. The regulation does not specify any exclusions or exemptions, and any further application or restriction would be delineated through subordinate instruments or additional legislative actions. This adjustment is intended to refine the operational framework governing the banking sector in Australia, ensuring compliance with updated standards or economic conditions as deemed necessary by the relevant authorities.

Key Provisions

The Statutory Rules of 1962, No. 48, made under the Commonwealth Banks Act 1959-1962, amend the Commonwealth Banks Regulations by adjusting the prescribed amount of a loan. Specifically, Regulation 35 is amended (Reg. 35) to change the maximum amount of a single loan from two thousand seven hundred and fifty pounds to three thousand pounds. This change is intended to update the financial limits set for loans provided by Commonwealth banks, reflecting changes in economic conditions or policy objectives. Entities governed by the Commonwealth Banks Act, including Commonwealth banks, are obligated to adhere to the updated loan limit specified in Regulation 35. This amendment requires these banks to adjust their lending practices to comply with the new maximum loan amount of three thousand pounds. Compliance with this regulation is essential to ensure that lending activities remain within the legal framework established by the Commonwealth Banks Act and its associated regulations. The Act and the subsequent regulation do not explicitly outline specific offences or penalties for non-compliance with the prescribed loan amount. However, failure to comply with the provisions of the Commonwealth Banks Act and its regulations could potentially lead to legal consequences under the general provisions of the Act. These consequences could include administrative sanctions, financial penalties, or other measures as determined by the relevant authorities. While the specific penalties are not detailed in the regulation itself, the overarching legislation provides a basis for enforcement actions against non-compliant entities.