Customs (Prohibited Imports) Amendment Regulations 2004 (No. 6)

Overview

The Financial Management and Accountability Regulations (Amendment) 1998 No. 261 were introduced to update the Financial Management and Accountability Regulations in light of significant changes to the financial sector in Australia. Enacted by the Parliament of Australia, these amendments were made under section 65 of the Financial Management and Accountability Act 1997, which empowers the Governor-General to make regulations necessary or convenient to carry out the Act. The primary policy objective behind these amendments was to ensure the continued effectiveness and relevance of the financial management and accountability framework in response to the restructuring of financial sector regulatory bodies as part of the Government's response to the Financial System Inquiry (Wallis Committee). The amendments reflect the abolition of the Insurance and Superannuation Commissioner and the renaming of the Australian Securities Commission to the Australian Securities and Investments Commission, thus aligning the regulations with the new legislative landscape.

Scope and Application

The Financial Management and Accountability Regulations (Amendment) 1998 No. 261 applies to the amendments of the Financial Management and Accountability Regulations, which in turn are made under the Financial Management and Accountability Act 1997. This Act is a Commonwealth legislation that applies to Commonwealth entities, including departments, statutory authorities, and entities controlled by the Commonwealth. The regulations themselves govern the financial management and accountability of these entities, prescribing certain matters required for carrying out or giving effect to the Act. Specifically, the amendments omit references to the abolished Insurance and Superannuation Commissioner and update references to the Australian Securities Commission, now known as the Australian Securities and Investments Commission, reflecting changes in the Financial Sector Reform legislation. The regulations commenced on gazettal, thereby immediately taking effect, and are a direct response to the Financial System Inquiry report, ensuring that the regulations remain relevant and consistent with current legislative changes.

Key Provisions

The Financial Management and Accountability Regulations (Amendment) 1998 No. 261 modifies the Financial Management and Accountability Regulations, primarily by updating references to agencies and acts that have undergone changes due to the Financial Sector Reform legislation. Regulation 2 specifies these amendments, which are consequential to the Financial Sector Reform legislation, including the abolition of the Insurance and Superannuation Commissioner position and the renaming of the Australian Securities Commission to the Australian Securities and Investments Commission. Regulation 3 details the changes to the Schedule of Prescribed Agencies, removing the reference to the Insurance and Superannuation Commissioner and updating the references to the Australian Securities and Investments Commission and its governing Act. The obligations imposed by these regulations primarily involve updating references within the Schedule of Prescribed Agencies to reflect the legislative changes. Agencies governed by these regulations must ensure their compliance with the updated references, which include acknowledging the abolition of the Insurance and Superannuation Commissioner and recognising the new name and governing Act of the Australian Securities and Investments Commission. These updates are necessary to maintain alignment with the current legal framework as established by the Financial Sector Reform legislation. Breach of these regulatory requirements could lead to non-compliance issues, although specific civil or criminal penalties for such breaches are not detailed in the regulations. The regulations themselves focus on updating references and do not explicitly outline penalties for non-compliance. However, non-compliance with financial regulations generally can lead to various consequences, including administrative penalties, enforcement actions, or other regulatory sanctions depending on the severity and nature of the breach. The absence of specific penalties in these regulations suggests that the consequences would be determined by the overarching Financial Management and Accountability Act 1997 and related financial sector legislation.