Reserve Bank Regulation 2016

Administered by Department of the Treasury

Legislation au F2016L00700 Regulations In force Legislative Instrument

Legislation content

Reserve Bank Regulation 2016

made under the

Reserve Bank Act 1959

Compilation No. 1

Compilation date: 1 March 2025

Includes amendments: F2025L00091

About this compilation

This compilation

This is a compilation of the Reserve Bank Regulation 2016 that shows the text of the law as amended and in force on 1 March 2025 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

 

 

 

Contents

Part 1—Preliminary

1 Name

3 Authority

5 Definitions

Part 2—Secrecy

6 Declarations of secrecy

7 Prescribed bodies—disclosure of protected information or documents

Schedule 1—Form for declaration of secrecy by Board members

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

 

Part 1—Preliminary

 

1  Name

  This is the Reserve Bank Regulation 2016.

3  Authority

  This instrument is made under the Reserve Bank Act 1959.

5  Definitions

  In this instrument:

Act means the Reserve Bank Act 1959.

Part 2—Secrecy

 

6  Declarations of secrecy

  For the purposes of paragraphs 25AJ(3)(a), 25E(3)(a) and 25NJ(3)(a) of the Act, the prescribed form for a declaration of secrecy by a member of the Monetary Policy Board, Payments System Board or Governance Board is the form in Schedule 1 to this instrument.

7  Prescribed bodies—disclosure of protected information or documents

  For the purposes of paragraph 79A(4)(c) of the Act, the following bodies are prescribed:

 (a) the Department;

 (b) the Australian Bureau of Statistics;

 (c) the Australian Competition and Consumer Commission;

 (d) the Bank for International Settlements;

 (e) the following bodies operating under the Bank for International Settlements:

 (i) the Basel Committee on Banking Supervision;

 (ii) the Committee on the Global Financial System;

 (iii) the Committee on Payments and Market Infrastructures;

 (iv) the Markets Committee;

 (f) any body, however described, operating under a body mentioned in subparagraph (e)(i), (ii), (iii) or (iv);

 (g) the Financial Stability Board and any body, however described, operating under the Board’s Charter;

 (h) the International Monetary Fund;

 (i) The Treasury (New Zealand).

Schedule 1—Form for declaration of secrecy by Board members

Note: See section 6.

 

 

Reserve Bank Act 1959

I, [name] of [address], a member of one or more of the Bank’s Boards, solemnly and sincerely declare that I will at all times maintain secrecy in relation to the affairs of the Bank’s Boards and of the Bank and, in particular, that I will not directly or indirectly communicate or divulge any information that comes to my knowledge in the performance of my functions or duties, or the exercise of my powers, as a member of a Board of the Bank, except by authority of that Board or under compulsion or obligation of law.

[Signature of declarant]

 

Declared at [place] on [date].

Before me,

 Justice of the Peace.

 [or Commissioner for taking Affidavits.]

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

 

Endnote 2—Abbreviation key

ad = added or inserted

o = order(s)

am = amended

Ord = Ordinance

amdt = amendment

orig = original

c = clause(s)

par = paragraph(s)/subparagraph(s)

C[x] = Compilation No. x

/sub‑subparagraph(s)

Ch = Chapter(s)

pres = present

def = definition(s)

prev = previous

Dict = Dictionary

(prev…) = previously

disallowed = disallowed by Parliament

Pt = Part(s)

Div = Division(s)

r = regulation(s)/rule(s)

ed = editorial change

reloc = relocated

exp = expires/expired or ceases/ceased to have

renum = renumbered

effect

rep = repealed

F = Federal Register of Legislation

rs = repealed and substituted

gaz = gazette

s = section(s)/subsection(s)

LA = Legislation Act 2003

Sch = Schedule(s)

LIA = Legislative Instruments Act 2003

Sdiv = Subdivision(s)

(md) = misdescribed amendment can be given

SLI = Select Legislative Instrument

effect

SR = Statutory Rules

(md not incorp) = misdescribed amendment

Sub‑Ch = Sub‑Chapter(s)

cannot be given effect

SubPt = Subpart(s)

mod = modified/modification

underlining = whole or part not

No. = Number(s)

commenced or to be commenced

 

Endnote 3—Legislation history

 

Name

Registration

Commencement

Application, saving and transitional provisions

Reserve Bank Regulation 2016

9 May 2016 (F2016L00700)

10 May 2016 (s 2(1) item 1)

 

Reserve Bank Amendment (Reserve Bank Reforms) Regulations 2025

7 Feb 2025 (F2025L00091)

1 Mar 2025 (s 2(1) item 1)

—

 

Endnote 4—Amendment history

 

Provision affected

How affected

Part 1

 

s 2.....................

rep LA s 48D

s 4.....................

rep LA s 48C

Part 2

 

s 6.....................

rs F2025L00091

s 7.....................

am F2025L00091

Schedule 1

 

Schedule 1................

rs F2025L00091

Schedule 2................

rep F2025L00091

Schedule 3................

rep LA s 48C

 

 

Overview

The Reserve Bank Regulation 2016, made under the Reserve Bank Act 1959, was enacted to provide further detail and structure to the operations and governance of the Reserve Bank of Australia. This legislative instrument addresses the need for clear, prescribed procedures and forms to be used in maintaining the secrecy of sensitive information handled by Board members and to ensure that the disclosure of such information is restricted to authorised bodies. The Reserve Bank Regulation 2016 was developed and is overseen by the Australian Parliament, reflecting a policy objective to uphold the integrity and confidentiality of the Bank's operations. The regulation specifies forms and procedures for declarations of secrecy by Board members and identifies prescribed bodies that are authorised to receive protected information or documents. The Reserve Bank Regulation 2016 has undergone amendments to align with evolving legislative standards and operational requirements, as evidenced by the incorporation of changes made by the Reserve Bank Amendment (Reserve Bank Reforms) Regulations 2025. These amendments ensure the regulation remains effective and relevant in managing the sensitive nature of information within the Reserve Bank's governance framework. The regulation continues to be updated to reflect amendments made under the Legislation Act 2003 and the Legislative Instruments Act 2003, ensuring its provisions are current and accurately reflect legislative intent.

Scope and Application

The Reserve Bank Regulation 2016 is a legislative instrument made under the Reserve Bank Act 1959 and applies to the Reserve Bank of Australia, its boards, and prescribed entities. The regulation sets out procedures for maintaining secrecy of the Bank's affairs and the specific forms and declarations required for members of the Monetary Policy Board, Payments System Board, and Governance Board. It also identifies prescribed bodies that are permitted to receive and handle protected information or documents under the Act. The regulation has a national scope, applying throughout Australia. The secrecy provisions apply to all members of the Bank's boards and any prescribed bodies listed in the regulation, ensuring that sensitive information regarding the Bank's operations and policy decisions remains confidential. The regulation can be modified by subordinate instruments, and any such modifications are not reflected in the text of the compiled law but are accessible on the Register of Legislation. The regulation came into force on 10 May 2016, with subsequent amendments made on 1 March 2025, which are detailed in the endnotes of the compilation.

Key Provisions

The Reserve Bank Regulation 2016, made under the Reserve Bank Act 1959, outlines the operational framework for maintaining secrecy among members of the Reserve Bank's boards and the disclosure of protected information. Section 6 of the Regulation mandates that members of the Monetary Policy Board, Payments System Board, or Governance Board must make a declaration of secrecy using the prescribed form found in Schedule 1. This form requires the declarant to solemnly commit to maintaining secrecy about the affairs of the Bank's boards and operations, prohibiting them from divulging any information acquired in their official capacity without proper authority or legal compulsion. Section 7 lists the bodies that are prescribed for the purposes of paragraph 79A(4)(c) of the Act, which includes various national and international financial regulatory bodies. The Regulation imposes several obligations on the parties it governs. Primarily, members of the Reserve Bank's boards must complete and sign the secrecy declaration form, thereby committing to the confidentiality requirements stipulated in the Act. Furthermore, these members must refrain from disclosing any protected information or documents to unauthorised entities or individuals, ensuring that sensitive financial and policy-related information remains confidential. The prescribed bodies listed in Section 7 must also handle any disclosed information with the same level of confidentiality, as they are entrusted with sensitive data from the Reserve Bank. Breaches of the secrecy obligations outlined in the Reserve Bank Regulation 2016 can lead to both civil and criminal consequences. Under the Reserve Bank Act 1959, individuals who disclose protected information can be subject to fines and imprisonment. Specifically, the maximum penalty for a civil breach can include fines up to $1.1 million for individuals and $5.5 million for corporations, while criminal penalties can include fines up to $132,000 and imprisonment for up to two years for individuals, and $660,000 for corporations. These penalties underscore the importance of adhering to the secrecy provisions to maintain the integrity and stability of the financial system.

Legal classification tags

Area of Law
Financial Regulation
Instrument
Legislative Instrument
Concepts
Definitions & Interpretation
Reporting & Disclosure Obligations
Regulatory Standards
Prohibited Conduct

Interactions

Authorises

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.