EXPLANATORY STATEMENT
STATUTORY RULES | 1989 | NO |
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STATUTORY RULES | 1989 | NO. 84 |
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ISSUED BY THE AUTHORITY OF THE TREASURER
Financial Corporations Act 1974
Financial Corporations (Initial Returns) Regulations
(Amendment)
Financial Corporations (Statistics) Regulations (Amendment)
Section 32 of the Financial Corporations Act 1974 (the Act) provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing all matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act. Section 11 of the Act provides for the making of regulations to require a corporation registered under the Act to furnish to the Reserve Bank of Australia (RBA) and/or the Australian Bureau of Statistics (ABS), statements setting out such information relating to the business of the corporation as is provided for in the regulations.
The Financial Corporations (Initial Returns) Regulations provides that a financial corporation must provide to the RBA and the ABS certain information on its assets and liabilities within a set time after incorporation or becoming a corporation to which the Act applies. The Financial Corporation (Statistics) Regulations requires a financial corporations to provide certain information relating to the business of a corporation. Until now, both institutions seperately have processed and published the data.
The amending regulations delete references in the regulation to the ABS. Hence a corporation would provide information and statistics only to the RBA.
The ABS wished to withdraw from collecting and processing the information and statistics, where this duplicated functions performed by the RBA, to release its staff resources for other purposes. The RBA will now have sole responsibility for these functions although the ABS will continue to publish and distribute the data through its present range of catalogues.