Commonwealth Inscribed Stock Regulations (Amendment)

Overview

The Commonwealth Inscribed Stock Regulations 1974 were enacted to amend existing regulations under the Commonwealth Inscribed Stock Act 1911-1973, addressing issues related to the prescribed amount of stock for certain purposes. This legislative instrument was introduced to update and refine the regulatory framework surrounding the management of Commonwealth inscribed stock, thereby ensuring compliance with current economic and administrative requirements. The regulation was made by the Governor-General of Australia, acting on the advice of the Executive Council, and it reflects the policy objective of maintaining an efficient and effective system for the administration of Commonwealth inscribed stock. The change, specifically the increase of the prescribed amount from One thousand two hundred dollars to Five thousand dollars, was aimed at aligning the regulatory provisions with contemporary financial practices and standards.

Scope and Application

The Commonwealth Inscribed Stock Regulations, as amended by Statutory Rules 1974 No. 69, apply to the prescribed amount of stock for the purposes of section 29 of the Commonwealth Inscribed Stock Act 1911-1973. These regulations are a legislative instrument made under the authority of the Commonwealth of Australia and have a national jurisdictional reach. They govern the prescribed amount of stock, impacting entities involved in transactions involving Commonwealth inscribed stock. Specifically, Regulation 25A of the Commonwealth Inscribed Stock Regulations has been amended to change the prescribed amount from One thousand two hundred dollars to Five thousand dollars. This amendment reflects changes intended to keep the regulations current and relevant to the economic and financial environment. The regulations do not explicitly state exclusions, exemptions, or thresholds but are subject to further interpretation and application by relevant authorities and practitioners within the bounds of the Commonwealth Inscribed Stock Act. The application of these regulations may be extended or restricted through subordinate instruments issued under the authority of the Act.

Key Provisions

The main operative sections of this legislative instrument pertain to the amendment of the Commonwealth Inscribed Stock Regulations under the Commonwealth Inscribed Stock Act 1911-1973. Specifically, Regulation 25A of the original regulations is being amended to change the prescribed amount of stock for the purposes of section 29 of the Act (Reg 2). This change increases the amount from One thousand two hundred dollars to Five thousand dollars. This legislative instrument is essentially an amendment to a set of pre-existing regulations, aimed at adjusting a financial threshold within the context of inscribed stock transactions. The obligations and requirements imposed by this Act concern the prescribed amount of stock that must be considered in certain financial transactions as outlined in section 29 of the Act. Entities and parties governed by these regulations must now comply with the updated financial threshold of Five thousand dollars instead of the previous One thousand two hundred dollars. This amendment reflects a shift in the financial criteria that need to be met under the Act and ensures that the updated regulations are followed in all relevant transactions. In terms of potential offences, penalties, or consequences for non-compliance with this amended regulation, the legislative instrument does not explicitly state the specific civil or criminal consequences within its text. However, under the broader framework of the Commonwealth Inscribed Stock Act 1911-1973, failure to adhere to the stipulated financial thresholds and regulations could potentially lead to penalties or other legal repercussions. The exact nature of these consequences would need to be referred to within the primary Act itself or in other related legislative provisions.