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COMMONWEALTH AUTHORITIES AND COMPANIES AMENDMENT REGULATIONS 2011 (NO. 1) (SLI NO 162 OF 2011)
Commonwealth Authorities and Companies Act 1997
Commonwealth Authorities and Companies Amendment Regulations 2011 (No. 1)
The Commonwealth Authorities and Companies Act 1997 (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 Financial Framework Legislation Amendment Act (No. 1) 2011 (FFLA Act) amends eight Acts to clarify aspects of the financial management of Commonwealth agencies, authorities and companies. The FFLA Act received the Royal Assent on 4 August 2011.
Upon commencement by Proclamation, Schedule 1 to the FFLA Act amended the CAC Act by moving the content requirements of the corporate plan of a Commonwealth authority Government Business Enterprise (GBE) from subsection 17(6) of the CAC Act, and the content requirements of the corporate plan of a Commonwealth company GBE from subsection 42(6) of the CAC Act into the Commonwealth Authorities and Companies Regulations 1997.
The amending Regulations set out the content requirements of GBE corporate plans as a new regulation 6AAA. The content requirements of GBE corporate plans under the amending Regulations are unchanged from the former content requirements of GBE corporate plans under the former subsections 17(6) and 42(6) of the CAC Act. However, the Regulations do allow the content requirements for the corporate plans of all GBEs to, more efficiently, appear in one place.
The CAC Act does not specify conditions that need to be met before the power to make the proposed Regulations may be exercised.
The amending Regulations are a legislative instrument for the purposes of the Legislative Instruments Act 2003.
The amending Regulations do not substantially alter existing arrangements. Consistent with section 17 and paragraph 18(2)(a) of the Legislative Instruments Act 2003, only limited consultation was appropriate, which occurred with the Department of the Prime Minister and Cabinet.
The amending Regulations commence on 1 September 2011.
Authority: Subsection 49(1) of the Commonwealth Authorities and Companies Act 1997.