Commonwealth Banks Regulations (Amendment)

Overview

The Statutory Rules 1971 No. 114, enacted on August 19, 1971, under the authority of the Commonwealth Banks Act 1959-68, were established to address the need for specific regulatory amendments concerning the operations of banks within Australia. This legislative instrument was introduced by the Governor-General of the Commonwealth of Australia, Paul Hasluck, acting on the advice of the Federal Executive Council. The primary objective of this regulation was to update the prescribed loan amount under section 66 of the Act, reflecting economic changes and ensuring that the regulatory framework remained relevant and effective in governing banking practices. The regulation replaced the previous prescribed amount with a new figure of Nine Thousand Dollars, thus ensuring that the banking sector could operate within a clear and legally defined framework.

Scope and Application

The Legislative Instrument, Statutory Rules 1971 No. 114, is a regulation under the Commonwealth Banks Act 1959-68 and was made by the Governor-General with the advice of the Federal Executive Council. This particular regulation amends the Commonwealth Banks Regulations to adjust the prescribed amount of a loan as per section 66 of the Act. The regulation specifically repeals Regulation 35 and replaces it with a new regulation setting the prescribed loan amount at nine thousand dollars. This regulation applies to entities and persons involved in banking activities within the Commonwealth of Australia, thereby impacting the conduct and transactions of these entities and individuals. The regulation's jurisdiction is nationwide, extending to all parts of the Commonwealth, and there are no stated exclusions or exemptions within the text provided. The regulation may be further extended or restricted through subordinate instruments, although this is not detailed within the legislative instrument itself.

Key Provisions

The key operative section of this legislative instrument is Regulation 35, which replaces the existing regulation under the Commonwealth Banks Regulations (Regulation 35) and sets the prescribed amount for a particular purpose under section 66 of the Commonwealth Banks Act 1959-68. The new prescribed amount is set at Nine thousand dollars. This regulation is made under the authority granted by the Commonwealth Banks Act 1959-68 and is intended to provide a clear and specific threshold for the purposes outlined in the Act. The Commonwealth Banks Regulations, as amended by this instrument, impose specific obligations on the parties governed by the Act. These regulations require compliance with the prescribed amount set out in Regulation 35, which is integral to the operations of the banks governed by the Act. The purpose of this regulation is to ensure that banks adhere to the financial thresholds specified by the Act, thereby maintaining regulatory standards and facilitating the oversight of banking activities. The obligation to comply with this regulation is critical for maintaining the integrity of banking practices within the framework established by the Act. In terms of consequences for breach, the legislative instrument does not explicitly outline specific offences, penalties, or consequences for non-compliance with the regulation. However, under the broader authority of the Commonwealth Banks Act 1959-68, there may be provisions that allow for enforcement actions, fines, or other penalties for non-compliance with the regulations. The specific penalties would depend on the nature and severity of the breach and would be determined in accordance with the applicable laws and regulations governing banking practices in Australia.