Export Finance and Insurance Corporation Regulations 1991
Statutory Rules 1991 No. 337 as amended
made under the
Export Finance and Insurance Corporation Act 1991
This compilation was prepared on 7 March 2002
taking into account amendments up to SR 2002 No. 36
Prepared by the Office of Legislative Drafting,
Attorney-General’s Department, Canberra
Contents
Page
1 Name of Regulations [see Note 1]
2 Commencement
3 Interpretation
4 Prescribed allowances — appointed members
5 Maximum contingent liability under Part 4 of the Act
6 Limit of total amount of loans under Part 4 of the Act
Notes
1 Name of Regulations [see Note 1]
These Regulations are the Export Finance and Insurance Corporation Regulations 1991.
2 Commencement
These Regulations commence on 1 November 1991.
3 Interpretation
In these Regulations, the Act means the Export Finance and Insurance Corporation Act 1991.
4 Prescribed allowances — appointed members
For the purposes of paragraph 37 (1) (b) of the Act, the allowances payable to an appointed member who performs duties outside Australia are the allowances payable in similar circumstances to the Secretary of a Department of the Australian Public Service.
5 Maximum contingent liability under Part 4 of the Act
(1) For the purposes of paragraph 68 (1) (a) of the Act, the amount of $4 900 000 000 is prescribed.
(2) For the purposes of paragraph 68 (1) (b) of the Act, the amount of $1 150 000 000 is prescribed.
6 Limit of total amount of loans under Part 4 of the Act
(1) For the purposes of subsection 69 (1) of the Act, the amount of $1 800 000 000 is prescribed.
(2) In calculating, for the purposes of section 69 of the Act, the total amount of money lent by EFIC under Part 4 of the Act and not repaid or written off, an amount of money lent in foreign currency must be expressed in Australian currency by applying the relevant rate of exchange that prevailed on the date when the amount of money was lent.
Notes to the Export Finance and Insurance Corporation Regulations 1991
Note 1
The Export Finance and Insurance Corporation Regulations 1991 (in force under the Export Finance and Insurance Corporation Act 1991) as shown in this compilation comprise Statutory Rules 1991 No. 337 amended as indicated in the Tables below.
Table of Statutory Rules
Year and
number | Date of notification
in Gazette | Date of
commencement | Application, saving or
transitional provisions |
1991 No. 337 | 31 Oct 1991 | 1 Nov 1991 | |
1992 No. 373 | 30 Nov 1992 | 30 Nov 1992 | — |
1994 No. 41 | 11 Mar 1994 | 11 Mar 1994 | — |
1994 No. 380 | 16 Nov 1994 | 16 Nov 1994 | — |
1995 No. 442 | 22 Dec 1995 | 22 Dec 1995 | — |
2002 No. 36 | 7 Mar 2002 | 7 Mar 2002 | — |
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted |
Provision affected | How affected |
R. 1................. | rs. 2002 No. 36 |
R. 5................. | am. 2002 No. 36 |
R. 6................. | am. 1992 No. 373; 1994 Nos. 41 and 380; 1995 No. 442; 2002 No. 36 |
Overview
The Export Finance and Insurance Corporation Regulations 1991, Statutory Rules 1991 No. 337 as amended, were enacted under the Export Finance and Insurance Corporation Act 1991. The primary objective of this legislation is to provide a framework for the Export Finance and Insurance Corporation (EFIC), which was established to facilitate and promote Australian exports by providing finance and insurance. The Act was introduced to address the need for a dedicated entity to support and secure the financial and insurance needs of Australian exporters, thereby bolstering the country's export activities and economic growth. The Regulations, which commenced on 1 November 1991, outline various administrative and operational aspects such as allowances for appointed members, maximum contingent liabilities, and the limits on total loan amounts under Part 4 of the Act. The policy objective of these regulations is to ensure that EFIC operates within defined financial constraints while effectively supporting Australian exporters.
Scope and Application
The Export Finance and Insurance Corporation Regulations 1991, made under the Export Finance and Insurance Corporation Act 1991, are statutory rules that establish specific provisions for the activities of the Export Finance and Insurance Corporation (EFIC). These regulations apply to the corporation itself, its officers, and any person or entity that interacts with EFIC in the context of its operations. The regulations delineate the allowances for appointed members, the maximum contingent liabilities, and the limits on the total amount of loans under Part 4 of the Act. They prescribe the financial allowances for members performing duties outside Australia, set the maximum contingent liability at $4,900,000,000, and limit the total amount of loans under Part 4 to $1,800,000,000. These regulations are applicable nationally, governing EFIC's activities across Australia. The scope of the Act is extended and further defined through amendments made to the original statutory rules, ensuring that the regulations adapt to any changes in the legislative environment or operational needs of EFIC.
Key Provisions
The Export Finance and Insurance Corporation Regulations 1991 (Regulations) provide detailed guidance on the implementation of the Export Finance and Insurance Corporation Act 1991 (the Act). They set out specific financial allowances, limits, and other operational details required by the Act. For example, Regulation 4 specifies the allowances for appointed members who perform duties outside Australia, aligning these with those of the Secretary of a Department of the Australian Public Service. Regulation 5 prescribes the maximum contingent liabilities under Part 4 of the Act, setting these at $4,900,000,000 for one category and $1,150,000,000 for another. Similarly, Regulation 6 outlines the total amount of loans under Part 4 of the Act, with a limit of $1,800,000,000, and provides instructions on how to convert foreign currency loans into Australian currency for calculation purposes.
The Regulations impose several obligations and requirements on parties and entities governed by the Act. For instance, they require appointed members to adhere to the prescribed allowances for duties performed outside Australia, ensuring consistency with the allowances provided to senior public servants. They also mandate strict adherence to the specified maximum contingent liabilities and total loan limits, ensuring that the Export Finance and Insurance Corporation (EFIC) operates within its financial constraints. Additionally, the Regulations require precise conversion of foreign currency loans into Australian currency using the relevant exchange rates at the time of lending, to accurately calculate total loans.
Breaches of the Regulations can lead to various civil and criminal consequences. While specific offences are not detailed within the Regulations themselves, the Act provides a framework for enforcement. Violations of the prescribed allowances, maximum contingent liabilities, or loan limits could result in legal actions under the Act, potentially leading to fines or other penalties. The maximum penalties for such breaches, however, would need to be determined in accordance with the provisions of the Act, as the Regulations do not explicitly state penalties. Nonetheless, adherence to these Regulations is crucial to avoid any legal repercussions that may arise from non-compliance.