Payment Times Reporting (Regulator) Designation (No. 2) 2021
I, Steven Kennedy, Secretary to the Department of the Treasury, make the following designation.
Dated 23 June 2021
Steven Kennedy
Secretary
Department of the Treasury
Contents
Part 1—Preliminary
1 Name
2 Commencement
3 Authority
4 Definitions
Part 2—Payment Times Reporting Regulator
5 Designation of position in the Department as the Regulator
Part 1—Preliminary
1 Name
This instrument is the Payment Times Reporting (Regulator) Designation (No. 2) 2021.
2 Commencement
(1) Each provision of this instrument 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 |
Provisions | Commencement | Date/Details |
1. The whole of this instrument | The day after this instrument is registered. | |
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under the Payment Times Reporting Act 2020.
4 Definitions
Note: Paragraph 13(1)(b) of the Legislation Act 2003 has the effect that expressions have the same meaning in this instrument as in the Payment Times Reporting Act 2020 as in force from time to time.
In this instrument:
the Act means the Payment Times Reporting Act 2020.
Part 2—Payment Times Reporting Regulator
5 Designation of position in the Department as the Regulator
Under subsection 24(1) of the Act, the position of Assistant Secretary, Payment Performance Branch, Small and Family Business Division, Markets Group, Department of the Treasury, is designated as the position of Payment Times Reporting Regulator.
Note: The Regulator is the SES employee who occupies, or the acting SES employee who is acting in, the designated position—see subsection 24(3) of the Act.
Overview
The Payment Times Reporting (Regulator) Designation (No. 2) 2021 is a notifiable instrument enacted to address the need for a designated Payment Times Reporting Regulator under the Payment Times Reporting Act 2020. This instrument was introduced by Steven Kennedy, the Secretary to the Department of the Treasury, and commenced on the day after its registration. The instrument aims to provide clarity and specificity regarding the designation of a regulatory position within the Department of the Treasury, ensuring that the Payment Times Reporting Act 2020 is effectively implemented. The policy objective is to establish a clear regulatory framework to oversee and monitor payment times, thereby promoting transparency and accountability in business transactions. The instrument designates the position of Assistant Secretary, Payment Performance Branch, Small and Family Business Division, Markets Group, Department of the Treasury, as the Payment Times Reporting Regulator.
Scope and Application
The Payment Times Reporting (Regulator) Designation (No. 2) 2021, made under the Payment Times Reporting Act 2020, designates a specific position within the Department of the Treasury as the Payment Times Reporting Regulator. This designation is effective from the day after the instrument is registered and applies to the Assistant Secretary of the Payment Performance Branch within the Small and Family Business Division, Markets Group, Department of the Treasury. The Act itself, which governs the reporting of payment times, applies to businesses and public sector entities that meet certain thresholds, aiming to ensure timely payments in commercial transactions. The geographic reach of this legislation is national, as it applies across Australia, encompassing all states and territories. The instrument also notes that the definitions and terms used within it align with those in the Payment Times Reporting Act 2020. The Act may extend or restrict its application through subordinate instruments, which would be consistent with its overarching objectives and provisions.
Key Provisions
The Payment Times Reporting (Regulator) Designation (No. 2) 2021 (F2021N00130) specifies the designation of a position within the Department of the Treasury as the Payment Times Reporting Regulator, as outlined in Part 2 of the instrument (section 5). The document begins by establishing the instrument's name and the authority under which it is made (sections 1 and 3, respectively). It also notes that any terms not defined in this instrument take their meaning from the Payment Times Reporting Act 2020 (section 4). The instrument comes into effect the day after it is registered, as specified in section 2.
Under section 5 of the instrument, the position of Assistant Secretary, Payment Performance Branch, Small and Family Business Division, Markets Group, Department of the Treasury, is designated as the position of Payment Times Reporting Regulator. This means that the SES employee occupying this position, or the acting SES employee acting in this role, will serve as the Payment Times Reporting Regulator. This designation aligns with subsection 24(1) of the Payment Times Reporting Act 2020, as noted in the instrument.
The Payment Times Reporting Regulator has specific obligations under the Payment Times Reporting Act 2020. These include responsibilities related to overseeing and enforcing compliance with payment times reporting requirements. The Regulator's duties might involve monitoring entities' reporting, investigating non-compliance, and ensuring that entities adhere to the legislative requirements concerning payment times. The instrument does not detail these duties extensively but indicates that the designated position is tasked with regulatory functions in this context.
Breaching the obligations set out under the Payment Times Reporting Act 2020 may result in various consequences. The Act itself would outline specific offences, potential penalties, and the enforcement mechanisms. Typically, such breaches might lead to civil or criminal penalties, including fines or other sanctions. The maximum penalties for non-compliance could be significant, reflecting the seriousness of the regulatory framework. However, the specifics of these penalties and enforcement measures are detailed in the Payment Times Reporting Act 2020 and are not explicitly stated in the designation instrument.