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FINANCIAL MANAGEMENT AND ACCOUNTABILITY AMENDMENT REGULATIONS 2006 (NO. 8) (SLI NO 268 OF 2006)
EXPLANATORY STATEMENT
Select Legislative Instrument 2006 No. 268
Subject - Financial Management and Accountability Act 1997
Financial Management and Accountability Amendment Regulations 2006 (No. 8)
Subsection 65(1) of the Financial Management and Accountability Act 1997 (FMA Act) provides that the Governor-General may make regulations prescribing matters required or permitted by the FMA Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.
The FMA Act provides a framework of rules for the proper management of public money and public property that applies to Chief Executives and officials of Agencies.
Section 5 of the FMA Act provides in part that, for the purposes of the FMA Act, an “Agency” includes a prescribed Agency. Agencies are prescribed for the purposes of the FMA Act in Schedule 1 to the Financial Management and Accountability Regulations 1997 (the Principal Regulations).
The Regulations remove the Australia-Japan Foundation (AJF) as a prescribed Agency under the FMA Act. The Australia-Japan Foundation (Repeal and Transitional Provisions) Act 2006 (the Amending Act) repealed the Australia-Japan Foundation Act 1976, and established the AJF as a non-statutory body within the Department of Foreign Affairs and Trade (DFAT). This will mirror the arrangements for other bilateral bodies established within DFAT to undertake similar functions, including the Australia-China Council and the Australia-Korea Foundation.
Further details of the Regulations are in the Attachment.
The Regulations are a legislative instrument for the purposes of the Legislative Instruments Act 2003.
The Regulations commenced on the day after they were registered on the Federal Register of Legislative Instruments.
The amendment Regulation only affects Australian Government Agencies, and consultation has therefore included relevant agencies such as DFAT and AJF.
The Minute recommends that Regulations be made in the proposed form.
Authority: Subsection 65(1) of the Financial Management and Accountability Act 1997.
ATTACHMENT
This regulation provides that the title of the Regulations is the Financial Management and Accountability Amendment Regulations 2006 (No. 8).
Regulation 2 - Commencement
This regulation provides for the Regulations to commence on the commencement of Schedule 1 to the Australia-Japan Foundation (Repeal and Transitional Provisions) Act 2006.
Regulation 3 - Amendment of Financial Management and Accountability Regulations 1997
This regulation provides that the Financial Management and Accountability Regulations 1997 (the Principal Regulations) would be amended as set out in Schedule 1.
Schedule 1 – Amendment