European Bank for Reconstruction and Development Amendment Act 2005
No. 164, 2005
An Act to amend the European Bank for Reconstruction and Development Act 1990, and for related purposes
Contents
1 Short title
2 Commencement
3 Schedule(s)
Schedule 1—Amendment of the European Bank for Reconstruction and Development Act 1990
European Bank for Reconstruction and Development Amendment Act 2005
No. 164, 2005
An Act to amend the European Bank for Reconstruction and Development Act 1990, and for related purposes
[Assented to 19 December 2005]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the European Bank for Reconstruction and Development Amendment Act 2005.
2 Commencement
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provision(s) | Commencement | Date/Details |
1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table | The day on which this Act receives the Royal Assent. | 19 December 2005 |
2. Schedule 1, items 1, 2, 3 and 4 | The day on which this Act receives the Royal Assent. | 19 December 2005 |
3. Schedule 1, item 5 | The later of: (a) the day on which this Act receives the Royal Assent; and (b) the day on which the Amendment to the Agreement establishing the European Bank for Reconstruction and Development in order to admit Mongolia as a country of operations (adopted by the Board of Governors on 30 January 2004) comes into force for Australia. However, the provision(s) do not commence at all if the event mentioned in paragraph (b) does not occur before the end of the period of 2 years beginning on the day on which this Act receives the Royal Assent. The Minister must announce by notice in the Gazette the day on which the Amendment comes into force for Australia. | 14 October 2006 (paragraph (b) applies) |
Note: This table relates only to the provisions of this Act as originally passed by the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.
(2) Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Amendment of the European Bank for Reconstruction and Development Act 1990
1 Section 3 (definition of Agreement)
Repeal the definition.
2 Section 3
Insert:
modifying includes adding, omitting and substituting.
3 Paragraph 4(a)
After “Agreement”, insert “establishing the European Bank for Reconstruction and Development as set out in Schedule 1”.
4 After section 5
Insert:
6 Regulations
The Governor‑General may make regulations modifying Schedule 1 for the purpose of ensuring that the Schedule correctly sets out the English text of the Agreement establishing the European Bank for Reconstruction and Development, done at Paris on 29 May 1990, as amended from time to time.
5 At the end of Article 1 of Schedule 1
Add “The purpose of the Bank may also be carried out in Mongolia subject to the same conditions. Accordingly, any reference in this Agreement and its annexes to ‘Central and Eastern European countries’, ‘countries from Central and Eastern Europe’, ‘recipient country (or countries)’ or ‘recipient member country (or countries)’ shall refer to Mongolia as well.”.
[Minister’s second reading speech made in—
House of Representatives on 3 November 2005
Senate on 1 December 2005]
Overview
The European Bank for Reconstruction and Development Amendment Act 2005, enacted by the Parliament of Australia, serves to amend the European Bank for Reconstruction and Development Act 1990. The primary purpose of this amendment is to facilitate the admission of Mongolia as a country of operations under the Agreement establishing the European Bank for Reconstruction and Development. This legislative change aims to ensure that the Bank can pursue its purpose in Mongolia under the same conditions as it does in other Central and Eastern European countries. The Act includes provisions for the commencement of its sections and schedule, with specific timelines set for different parts of the amendment to take effect, contingent on the ratification of the Agreement amendment by Australia.
The policy objective of this amendment is to expand the operational scope of the European Bank for Reconstruction and Development to include Mongolia, thereby fostering economic development and transition in the country. The Act allows for modifications to the schedule to align with the evolving text of the Agreement as it is amended over time, ensuring that the legislative framework remains current and effective. The Governor-General is empowered to make regulations to ensure that the schedule accurately reflects the English text of the amended Agreement.
Scope and Application
The European Bank for Reconstruction and Development Amendment Act 2005 amends the European Bank for Reconstruction and Development Act 1990 to incorporate changes resulting from an amendment to the Agreement establishing the European Bank for Reconstruction and Development. The amendment admits Mongolia as a country of operations, thereby extending the scope of the Bank's activities to include Mongolia. The Act applies to the European Bank for Reconstruction and Development, which is a multilateral development bank that provides financing and advice to support economic transition and private sector development in Central and Eastern Europe, the Commonwealth of Independent States, and Mongolia. The amendments are designed to ensure that the Australian legislation aligns with the updated Agreement, thereby facilitating Australia's continued participation in the Bank's activities. The commencement of certain provisions of the Act is contingent upon the entry into force of the aforementioned Agreement amendment for Australia, with a fallback date two years after the Act receives Royal Assent. Additionally, the Act allows for the making of regulations to ensure that the Schedule accurately reflects the English text of the amended Agreement.
Key Provisions
The European Bank for Reconstruction and Development Amendment Act 2005 (Act) modifies the European Bank for Reconstruction and Development Act 1990. Key changes include the repeal and amendment of definitions and provisions in the 1990 Act to reflect the evolving role and scope of the European Bank for Reconstruction and Development (EBRD). For instance, Section 3 of the 1990 Act now includes a broader definition of "modifying" and an updated reference to the Agreement establishing the EBRD, including its annexes. Additionally, the Act inserts a new section (section 6) after section 5 of the 1990 Act, which allows for the purpose of the Bank to be carried out in Mongolia, aligning it with the same conditions as other countries in Central and Eastern Europe.
The Act imposes specific obligations on the parties governed by it. Firstly, it mandates the Governor-General to ensure that regulations are made to modify Schedule 1, ensuring that the English text of the Agreement establishing the EBRD, done at Paris on 29 May 1990, as amended, is correctly set out. This includes making any necessary amendments to the text to include Mongolia as a country of operations for the Bank. Secondly, the Act requires the Minister to announce the commencement date of the Amendment to the Agreement, which admits Mongolia as a country of operations, in the Gazette. This announcement is crucial as the commencement of certain provisions of the Act depends on this event.
In terms of compliance and enforcement, the Act does not explicitly outline specific offences or penalties for breaches within its text. However, any breaches of the amended provisions within the European Bank for Reconstruction and Development Act 1990 would likely fall under the existing legal framework governing the EBRD's operations and agreements. Therefore, breaches could potentially lead to civil or criminal consequences, depending on the nature and severity of the violation, as stipulated in the 1990 Act and any related regulations or agreements. The exact penalties would be determined by the applicable laws and regulations at the time of the breach.