STATUTORY RULES.
1939. No. 150.
REGULATION UNDER THE NATIONAL SECURITY ACT 1939.*
I, THE GOVERNOR-GENERAL, in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the National Security Act 1939.
Dated this Fifteenth day of November, 1939.
Governor-General.
By His Excellency’s Command.
for and on behalf of the Minister of State for Defence Co-ordination.
AMENDMENT OF THE NATIONAL SECURITY (SECURITIES) REGULATIONS.†
1. Regulation 8 of the National Security (Securities) Regulations is repealed and the following is inserted in its stead:–
Returns of Securities.
“8.–(1.) The Treasurer may, by notice published in the Gazette, require every owner of, or person having any interest in, foreign securities (being securities of a class in respect of which a return is required) to make a return to the Treasurer, or to such other person as is specified in the notice, giving, within such period as is
/specified
* Notified in the Commonwealth Gazette on , 1939.
† Statutory Rules 1939, no. 113.
specified in the notice, such particulars as are so specified, and every such owner and person shall make a return accordingly.
(2.) This regulation, and every requirement made in pursuance of this regulation, shall apply to person who become the owners or, or acquire an interest in, foreign securities after the date of the publication of the notice making the requirement in like manner as they apply to persons who are owners of, or have an interest in, foreign securities at the date.”.
2. After regulations 10 of the National Security (Securities) regulations the following regulation is added:–
Delegation
“11.–(1.) The Treasurer may, in relation to any matter or class of matters, or in relation to any particular State or part of Australia, by writing under his hand, delegate all or any of his powers and functions under these Regulations (expect this power of delegation) so that the delegated power or functions may be exercised by the delegate with respect to the matter or class of matters, or the State of the part of Australia, specified in the instrument of delegation.
(2.) Every delegation under this regulation shall be revocable at will, and no delegation shall prevent the exercise of any power or function by the Treasurer.”.
Overview
Statutory Rules 1939, No. 150, made under the National Security Act 1939, were enacted to address the need for greater control and monitoring over foreign securities held by Australian citizens or entities during times of national crisis. The National Security Act 1939 was introduced to safeguard Australia's national security, particularly in the context of the Second World War. The objective of these regulations was to ensure that the government could effectively manage and regulate financial assets that might be exploited by hostile entities. The regulations were enacted by the Governor-General on behalf of the Federal Executive Council, with the authority vested in the Treasurer to require returns on foreign securities and to delegate certain powers for the efficient administration of these regulations.
Scope and Application
The Statutory Rules of 1939, No. 150, made under the National Security Act 1939, pertain to the amendment of the National Security (Securities) Regulations. These regulations apply to any individual or entity that owns or has an interest in foreign securities, which are defined as securities of a class for which a return is required. The geographic reach of these regulations is national, affecting all entities within Australia. The application of these regulations extends to individuals or entities who acquire an interest in such securities after the notice is published, ensuring they comply with the same requirements as those who held the securities prior to the notice. The regulations empower the Treasurer to require returns of specified particulars from these individuals and entities within a specified period. Additionally, the Treasurer has the authority to delegate certain powers and functions under these regulations, although this delegation power itself cannot be delegated. The regulations are applicable across all states and territories within Australia, with the flexibility to delegate responsibilities to ensure efficient administration and enforcement of national security measures.
Key Provisions
The National Security (Securities) Regulations, as amended by Statutory Rules 1939 No. 150, introduce several key provisions. Regulation 8(1) mandates that the Treasurer can require every owner or person with any interest in foreign securities to submit a return to the Treasurer or another specified individual. This requirement includes providing specific details within a timeframe outlined in a notice published in the Gazette. This regulation applies equally to those who acquire foreign securities after the notice is published and those who hold them at the time of the notice (Reg. 8(2)). Regulation 11 allows the Treasurer to delegate any of their powers and functions under these Regulations, except for the power of delegation itself, to a delegate for specific matters, classes of matters, or regions within Australia. Such delegations are revocable at any time and do not restrict the Treasurer's exercise of powers or functions (Reg. 11(1) and (2)).
The Act imposes obligations on individuals and entities holding foreign securities, requiring them to provide detailed information to the Treasurer or a specified person as mandated by the notice. This includes any person who acquires foreign securities after the notice is published. The delegation of powers allows the Treasurer to streamline administrative processes and ensure compliance across different jurisdictions or for specific matters by entrusting certain authorities to designated officials or bodies. The regulation ensures that these delegations do not limit the Treasurer's overarching control and can be revoked at any time, maintaining flexibility and accountability in the enforcement of the Act.
Breaches of the requirements set out in these Regulations may lead to various consequences, though the specific penalties are not detailed in the text provided. Typically, failure to comply with such regulatory requirements could result in civil or criminal penalties, depending on the severity of the breach and the intent behind it. Given the context of national security, penalties could be significant, potentially including fines or imprisonment for serious violations. The exact penalties would be outlined in the broader National Security Act 1939 or other relevant legislation.