EXPLANATORY STATEMENT

 

Select Legislative Instrument 2005 No. 338

 

Issued by the Authority of the Minister for Finance and Administration

 

Commonwealth Authorities and Companies Act 1997

 

Commonwealth Authorities and Companies Amendment Regulations 2005 (No. 3)

 

The Commonwealth Authorities and Companies Act 1997 (the Act) provides reporting, accountability and other rules for Commonwealth authorities and companies.

 

Subsection 49(1) of the Act provides that the Governor-General may make regulations prescribing 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 5 of the Act includes the following definitions:

·        a ‘GBE’ is a Commonwealth authority or Commonwealth company that is prescribed by the regulations to be a GBE; and

·        the ‘responsible Minister’ for a Commonwealth company is the Minister who is prescribed by the regulations as the Minister responsible for the company, or if no Minister is prescribed, the Minister who is responsible for the company.

 

For the purposes of section 5 of the Act, the Commonwealth Authorities and Companies Regulations 1997 (the Principal Regulations) prescribe:

·        Commonwealth authorities and companies that are GBEs (Regulation 4); and

·        Commonwealth companies for which the Minister for Finance and Administration (the Finance Minister) is the responsible Minister (Regulation 4A).

 

Schedule 1 of the Commonwealth Authorities and Companies Amendment Regulations 2005 (the Amendment Regulations) amended the Principal Regulations by updating:

·        the list of prescribed government business enterprises (GBEs); and

·        the list of Commonwealth companies for which the Finance Minister is prescribed as the responsible Minister.

 

Further details of the Amendment Regulations are in the Attachment.

The Amendment Regulations are a legislative instrument for the purposes of the Legislative Instruments Act 2003 (Legislative Instruments Act).

 

In relation to section 17 of the Legislative Instruments Act, no consultation was undertaken in relation to the Regulations as they are of a minor or machinery nature and do not substantially alter existing arrangements.  The Office of Regulation Review advised that the preparation of a Regulation Impact Statement was not mandatory for the same reasons.

 

The Amendment Regulations commence on the day after they are registered on the Federal Register of Legislative Instruments.

 

ATTACHMENT

 

Details of the Commonwealth Authorities and Companies Amendment Regulations 2005 (No. 3)

 

Regulation 1 – Name of Regulations

 

This regulation provides that the title of the Regulations is the Commonwealth Authorities and Companies Amendment Regulations 2005 (No. 3).

 

Regulation 2 – Commencement

 

This regulation provides for the Regulations to commence on the day after they are registered on the Federal Register of Legislative Instruments.

 

Regulation 3 – Amendment of Commonwealth Authorities and Companies Regulations 1997

 

This regulation provides that the Commonwealth Authorities and Companies Regulations 1997 are amended as set out in Schedule 1.

 

Schedule 1 – Amendments commencing the day after registration

 

Item [1] - Subregulation 4 (2), table

 

This item updates the list of prescribed GBEs by removing references to Employment National Limited and Australian Technology Group Limited.

·        Employment National Limited was deregistered by the Australian Securities and Investments Commission on 24 August 2005.

·        Australian Technology Group Limited is in the process of divesting its remaining investments with a view to its winding up in the near future.

 

Item [2] - Subregulation 4A (1), table

 

This item updates the list of companies for which the Finance Minister is the responsible Minister, by removing Employment National Limited.

·        Employment National Limited was deregistered by the Australian Securities and Investments Commission on 24 August 2005.