Overview

The Migration Act 1958, administered by the Australian Parliament, is a comprehensive piece of legislation governing the movement of people to, from, and within Australia. This Act was enacted to manage the flow of migration into the country, ensuring that it aligns with national interests and objectives. One of the specific issues the Act was introduced to address is the regulation of designated securities for investment purposes, which is a mechanism to facilitate investment-based migration pathways. The Migration Regulations 1994, which are subsidiary legislation made under the Act, further detail the operational aspects of the Act, including the specification of designated securities. The policy objective of these regulations is to attract skilled and business-oriented migrants by allowing them to invest in specified securities issued by Australian State or Territory government authorities, thereby contributing to the economy and supporting regional development. In this context, the Legislative Instrument F2006B00548, dated 19 June 2001, specifies the securities that qualify as designated securities for the purposes of regulation 2.26C of the Migration Regulations 1994. This instrument was enacted by Philip Ruddock, the Minister for Immigration and Multicultural Affairs at the time, who exercised his powers under regulation 1.03 and regulation 2.26C of the Regulations. The instrument revokes all previous specifications of designated securities and explicitly lists the current securities that meet the criteria, including those issued by the New South Wales Treasury Corporation, Western Australia Treasury Corporation, Queensland Treasury Corporation, South Australian Government Financing Authority, and Northern Territory Treasury Corporation.

Scope and Application

The Legislative Instrument F2006B00548, titled "Specification of Designated Securities for the Purposes of Regulation 2.26C," applies to investments in securities issued by specific Australian State and Territory government authorities. The Minister for Immigration and Multicultural Affairs, under the authority of Regulation 1.03 and Regulation 2.26C of the Migration Regulations 1994, revokes all previous specifications of designated securities and specifies new ones. The specified securities are those issued by the New South Wales Treasury Corporation, Western Australia Treasury Corporation, Queensland Treasury Corporation, South Australian Government Financing Authority, and Northern Territory Treasury Corporation. This instrument applies to all individuals or entities whose investments in these securities are relevant to the Migration Act 1958 and the Migration Regulations 1994. The instrument's jurisdictional reach is national, as it pertains to the overarching Commonwealth regulations on migration. There are no stated exclusions or exemptions within this instrument; however, its application may be influenced by other regulations or legislative provisions within the Migration Act and its associated regulations.

Key Provisions

The legislative instrument specifies the revocation of all existing instruments that designate securities under regulation 2.26C of the Migration Regulations 1994, and it simultaneously specifies new securities that will qualify as designated securities. This change is effective from the date of its publication, which in this case is 19 June 2001. Under regulation 1.03, a designated security is defined as an investment in a security that has been specified under regulation 2.26C. Regulation 2.26C, in turn, allows the Minister to specify, through a notice in the Gazette, a security issued by an Australian state or territory government authority as a designated security for the purposes of Part 8 of Schedule 6A. The obligations imposed by this legislative instrument are primarily administrative. The Minister for Immigration and Multicultural Affairs, in this case, Philip Ruddock, has exercised the power granted under the regulations to specify new securities that qualify as designated securities. This involves revoking any previous specifications and replacing them with the new list provided in the Schedule. The entities affected by this legislation are those that deal with investments in securities issued by the specified Australian state or territory government authorities. These entities must now recognise the new list of designated securities as outlined in the Schedule, which includes the New South Wales Treasury Corporation, the Western Australia Treasury Corporation, the Queensland Treasury Corporation, the South Australian Government Financing Authority, and the Northern Territory Treasury Corporation. The legislative instrument does not explicitly outline specific offences, penalties, or consequences for non-compliance with the new specifications. However, non-compliance with the Migration Regulations 1994 could potentially lead to various civil or criminal penalties depending on the nature and severity of the breach. The Migration Act 1958 and the Migration Regulations 1994 provide a framework within which such penalties may be imposed. For instance, failure to comply with investment-related provisions could result in fines or other administrative actions as determined by the relevant authorities. It is important for entities and individuals dealing with these investments to ensure their compliance with the updated specifications to avoid any potential legal repercussions.