EXPLANATORY STATEMENT

 

Select Legislative Instrument 2008 No. 149n

 

Issued by the Authority of the Minister for Finance and Deregulation

 

Commonwealth Authorities and Companies Act 1997

 

Commonwealth Authorities and Companies Amendment Regulations 2008 (No. 2)

 

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

 

Subsection 49(1) of the CAC Act provides that the Governor-General may make regulations prescribing matters required or permitted by the CAC Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the CAC Act.

 

The Regulations remove two references consequential to two bodies corporate ceasing to be Commonwealth authorities for the purposes of the CAC Act.

 

Further details of the Regulations are included in the Attachment.

 

The CAC Act specifies no conditions that need to be satisfied before the power to make the proposed Regulations may be exercised.

 

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

 

Legislative Instruments Act 2003

 

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

 

In accordance with section 17 of the Legislative Instruments Act 2003, the Department of Finance and Deregulation has consulted with the Department of the Treasury and the Department of Agriculture, Fisheries and Forestry on the amendments contained in item 1 of Schedule 1 of the Regulations.

 

Best Practice Regulation Preliminary Assessment

 

A Best Practice Regulation Preliminary Assessment was undertaken in accordance with the guidance issued by the Office of Best Practice Regulation. This assessment indicated that a regulation impact statement was not required, as the Regulations will not make any material changes to existing arrangements, but will simply remove two redundant references in the Principal Regulations.

 

 

 

Commencement

 

The 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 2008 (No. 2)

 

Regulation 1 – Name of Regulations

 

This regulation provides that the title of the Regulations is the Commonwealth Authorities and Companies Amendment Regulations 2008 (No. 2) (the Regulations).

 

Regulation 2 – Commencement

 

This regulation provides for the commencement of the Regulations 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 Schedule 1 amends the Commonwealth Authorities and Companies Regulations 1997 (the Principal Regulations).

 

Schedule 1

 

Item [1] – Schedule 1, items 101 and 102

 

This amendment updates the table in Part 1 of Schedule 1 to the Principal Regulations that lists Commonwealth authorities that are subject to government procurement requirements.

 

The Australian Accounting Standards Board (AASB) moved from being governed by the Commonwealth Authorities and Companies Act 1997 (CAC Act) to governance under the Financial Management and Accountability Act 1997 (FMA Act) on 1 July 2008. Consequently, the Regulations remove AASB from the table of Commonwealth authorities that are subject to government procurement requirements.

 

The Australian Fisheries Management Authority (AFMA) also moved from being governed by the CAC Act to governance under the FMA Act on 1 July 2008. Consequently, the Regulations remove AFMA from the table of Commonwealth authorities that are subject to government procurement requirements.