{"id":"sr:borrowing-and-investment-powers-guarantees-regulations-2017","name":"Borrowing and Investment Powers (Guarantees) Regulations 2017","slug":"borrowing-and-investment-powers-guarantees-regulations-2017","collection":"regulation","jurisdiction":"vic","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":181265,"registerId":"vic-sr:borrowing-and-investment-powers-guarantees-regulations-2017-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Borrowing and Investment Powers (Guarantees) Regulations 2017","content":"Version No. 001\n\n**Borrowing and Investment Powers (Guarantees) Regulations 2017**\n\n**S.R. No. 25/2017**\n\nVersion as at  \n30 April 2017\n\n**TABLE OF PROVISIONS**\n\n*Regulation Page*\n\n1 Objectives 1\n\n2 Authorising provision 1\n\n3 Commencement 1\n\n4 Revocation 1\n\n5 Certificate of Guarantee—overdrafts 1\n\n6 Certificate of Guarantee—hedging etc. 2\n\nSchedule 1 3\n\n═════════════\n\nEndnotes 5\n\n1 General information 5\n\n2 Table of Amendments 7\n\n3 Amendments Not in Operation 8\n\n4 Explanatory details 9\n\n**Version No.** **001**\n\n**Borrowing and Investment Powers (Guarantees) Regulations 2017**\n\n**S.R. No. 25/2017**\n\nVersion as at  \n30 April 2017\n\n\t1 Objectives\n\nThe objectives of these Regulations are to prescribe—\n\n(a) the form of the certificate the Treasurer may execute under section 12(2) of the **Borrowing and Investment Powers Act 1987**; and\n\n(b) the form of the certificate the Treasurer may execute under section 15(2) of that Act.\n\n\t2 Authorising provision\n\nThese Regulations are made under section 18 of the **Borrowing and Investment Powers Act** **1987**.\n\n\t3 Commencement\n\nThese Regulations come into operation on 30 April 2017.\n\n\t4 Revocation\n\nThe Borrowing and Investment Powers (Guarantees) Regulations 2007[[1]](#endnote-1) are **revoked**.\n\n\t5 Certificate of Guarantee—overdrafts\n\nFor the purposes of section 12(2) of the **Borrowing and Investment Powers Act 1987**, the prescribed form of a certificate executed by the Treasurer is set out in Form 1 of Schedule 1.\n\n\t6 Certificate of Guarantee—hedging etc.\n\nFor the purposes of section 15(2) of the **Borrowing and Investment Powers Act 1987**,  the prescribed form of a certificate executed by the Treasurer is set out in Form 2 of Schedule 1.\n\nSchedule 1\n\nForm 1\n\nRegulation 5\n\nCertificate of guarantee\n\nIssued under section 12 of the **Borrowing and Investment Powers Act 1987**\n\nThe due satisfaction of the following is guaranteed by the Government of Victoria—\n\n(a) the amounts payable by [*name of authority*] to [*name of person providing financial benefit or the assistance*] as a result of or in connection with the provision of the financial benefit or the assistance to obtain the financial benefit provided by [*name of person providing financial benefit or the assistance*] to [*name of authority*] on the terms and conditions set out in the Schedule below; and\n\n(b) without limiting paragraph (a), the payment of expenses of enforcing or obtaining, or endeavouring to enforce or obtain, satisfaction of the amounts referred to in that paragraph.\n\nDated:\n\nTreasurer of the State of Victoria.\n\n**SCHEDULE**\n\n[Set out terms and conditions of financial benefit or the assistance to provide a financial benefit]\n\n(If necessary contract(s) may be annexed.)\n\nForm 2\n\nRegulation 6\n\nCertificate of guarantee\n\nIssued under section 15 of the **Borrowing and Investment Powers Act 1987**\n\nThe due satisfaction of the following is guaranteed by the Government of Victoria—\n\n(a) all amounts which become payable by [*name of authority*] to [*name of other party to the financial arrangement*] as a result of or in connection with the financial arrangement entered into by  \n[*name of authority*] and [*name of other party to the financial arrangement*], the terms and conditions of which are set out in the Schedule below; and\n\n(b) without limiting paragraph (a), the payment of expenses of enforcing, or obtaining or endeavouring to enforce or obtain, satisfaction of the amounts referred to in that paragraph.\n\nDated:\n\nTreasurer of the State of Victoria.\n\n**SCHEDULE**\n\n[*Set out terms and conditions of financial arrangement*]\n\n(If necessary contract evidencing financial arrangement may be annexed.)\n\n═════════════\n\nEndnotes\n\n1 General information\n\nSee [www.legislation.vic.gov.au](http://www.legislation.vic.gov.au) for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.\n\nThe Borrowing and Investment Powers (Guarantees) Regulations 2017, S.R. No. 25/2017 were made on 26 April 2017 by the Governor in Council under section 18 of the **Borrowing and Investment Powers Act 1987**, No. 13/1987 and came into operation on 30 April 2017: regulation 3.\n\nThe Borrowing and Investment Powers (Guarantees) Regulations 2017 will sunset 10 years after the day of making on 26 April 2027 (see section 5 of the **Subordinate Legislation Act 1994**).\n\nINTERPRETATION OF LEGISLATION ACT 1984 (ILA)\n\nStyle changes\n\nSection 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.\n\nReferences to ILA s. 39B\n\nSidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided regulation, rule or clause of a Schedule is amended by the insertion of one or more subregulations, subrules or subclauses the original regulation, rule or clause becomes subregulation, subrule or subclause (1) and is amended by the insertion of the expression \"(1)\" at the beginning of the original regulation, rule or clause.\n\nInterpretation\n\nAs from 1 January 2001, amendments to section 36 of the ILA have the following effects:\n\n• Headings\n\nAll headings included in a Statutory Rule which is made on or after  \n1 January 2001 form part of that Statutory Rule. Any heading inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.  \nThis includes headings to Parts, Divisions or Subdivisions in a Schedule; Orders; Parts into which an Order is divided; clauses; regulations; rules; items; tables; columns; examples; diagrams; notes or forms.  \nSee section 36(1A)(2A)(2B).\n\n• Examples, diagrams or notes\n\nAll examples, diagrams or notes included in a Statutory Rule which is made on or after 1 January 2001 form part of that Statutory Rule. Any examples, diagrams or notes inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, form part of that Statutory Rule. See section 36(3A).\n\n• Punctuation\n\nAll punctuation included in a Statutory Rule which is made on or after  \n1 January 2001 forms part of that Statutory Rule. Any punctuation inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.  \nSee section 36(3B).\n\n• Provision numbers\n\nAll provision numbers included in a Statutory Rule form part of that Statutory Rule, whether inserted in the Statutory Rule before, on or after  \n1 January 2001. Provision numbers include regulation numbers, rule numbers, subregulation numbers, subrule numbers, paragraphs and subparagraphs. See section 36(3C).\n\n• Location of \"legislative items\"\n\nA \"legislative item\" is a penalty, an example or a note. As from 13 October 2004, a legislative item relating to a provision of a Statutory Rule is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision. For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision. See section 36B.\n\n• Other material\n\nAny explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of a Statutory Rule. See section 36(3)(3D)(3E).\n\n2 Table of Amendments\n\nThere are no amendments made to the Borrowing and Investment Powers (Guarantees) Regulations 2017 by statutory rules, subordinate instruments and Acts.\n\n3 Amendments Not in Operation\n\nThere are no amendments which were Not in Operation at the date of this publication.\n\n4 Explanatory details\n\n1. Reg. 4: S.R. No. 29/2007. [↑](#endnote-ref-1)","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument continues the existing, narrow role of prescribing the Treasurer’s certificate forms under ss 12(2) and 15(2) of the Borrowing and Investment Powers Act 1987 and revokes the 2007 regulations. It does not expand or add substantive borrowing, guarantee or approval powers—those remain located in the parent Act (Reg 1; Reg 4; Regs 5–6; Schedule 1)."},"complexity_factors":["Narrow, technical purpose: only prescribes certificate wording rather than substantive policy (Reg 1; Schedule 1).","Direct reliance on external Act provisions (Borrowing and Investment Powers Act 1987, ss 12(2) and 15(2)) creates interpretive dependence on that Act (Regs 5–6).","Treasurer’s execution of certificates is the central operative act, concentrating decision authority in a single office (Schedule Form 1 & Form 2).","Certificates create State guarantee of principal and enforcement costs, producing potential fiscal exposure despite simple form language (Schedule Forms).","Forms allow annexing contracts or terms, so the legal effect depends on external documents not reproduced here (Schedule Forms—annexure note).","Revocation of previous 2007 regulations removes prior template but does not add procedures or eligibility rules (Reg 4).","Lifecycle consideration: instrument is subject to a 10-year sunset from date of making (Endnotes).","Low administrative complexity but potentially high contingent liability; limited procedural guidance increases implementation discretion (Reg 1; Schedule Forms)."],"plain_english_summary":"These regulations set out the exact certificate templates the Treasurer must use when the State guarantees payment obligations arising from an authority’s overdrafts, hedging or other financial arrangements under the Borrowing and Investment Powers Act 1987, and they revoke the 2007 regulations. They affect state authorities that enter financial deals and third parties who provide finance; they matter because signing the prescribed certificates commits the Government to meet specified payments and enforcement costs if an authority does not."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The regulations remain tightly scoped to their original purpose: prescribing certificate forms for government guarantees under the 1987 Act. There is no evidence of scope creep — the 2017 version simply revokes and replaces the 2007 version with updated forms, maintaining the same narrow administrative function."},"complexity_factors":["Only 6 regulations total, with minimal text","No defined terms section — relies entirely on definitions in the parent Act (Borrowing and Investment Powers Act 1987)","Straightforward structure: objectives, commencement, revocation, and two form-prescription provisions","No conditional logic, exceptions, or nested provisions","Two simple schedule forms with fill-in-the-blank templates","No cross-references beyond citations to the enabling Act"],"plain_english_summary":"This is a short, technical piece of Victorian law that sets out the official paperwork for when the Victorian Government guarantees loans or financial deals made by state authorities.\n\n**What it does:**\n- Creates two standard government forms (certificates) that the Victorian Treasurer must use when backing financial arrangements with a government guarantee.\n\n**Who it affects:**\n- **State authorities** (government bodies like departments or agencies) that want to borrow money, get overdrafts, or enter into hedging arrangements (financial contracts to manage risk, like locking in exchange rates).\n- **Banks and financial institutions** that lend money to these authorities — they get a formal government certificate promising that Victoria will pay if the authority defaults.\n- **The Treasurer of Victoria**, who must sign these certificates.\n\n**The two types of guarantees:**\n1. **Overdrafts and financial assistance** (Form 1): Used when an authority gets an overdraft or similar financial help.\n2. **Hedging and other financial arrangements** (Form 2): Used when an authority enters into hedging deals or other complex financial contracts to manage financial risk.\n\n**Why it matters:**\nGovernment guarantees are powerful tools — they let state authorities borrow money more cheaply because lenders know the government will step in if things go wrong. These regulations ensure there's a consistent, legally proper format for these promises, protecting both the authority getting the money and the taxpayer whose funds ultimately back the guarantee.\n\n**Key point:** This law doesn't create new powers — it just prescribes the paperwork for powers that already exist under the Borrowing and Investment Powers Act 1987."},"issue_detection":{"absurdities":[],"contradictions":[]},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"Insufficient substantive content is present in the provided document to determine whether the scope changed from the original intent. The document contains only version history metadata and structural labels, with no operative provisions, explanatory memorandum, or amendment history visible."},"complexity_factors":["The document as provided contains almost no substantive legislative content — only metadata and structural headings, making meaningful legal analysis impossible","Financial regulations involving guarantees typically require understanding of both administrative law and financial/commercial concepts","Regulations sit beneath a parent Act, meaning full understanding requires reading both documents together","The interplay between government borrowing powers, investment rules, and guarantee obligations can involve multiple layers of law","Scored conservatively low due to lack of available content rather than assessed simplicity of the underlying law"],"plain_english_summary":"These regulations set the rules for when and how ACT government bodies can provide guarantees tied to borrowing or investments, defining limits, conditions and processes for those commitments. They affect agencies that borrow or guarantee debt, the entities benefiting from guarantees, and ultimately taxpayers, because guarantees create contingent liabilities the government may have to meet if borrowers default."}},"importantCases":[],"_links":{"self":"/api/acts/borrowing-and-investment-powers-guarantees-regulations-2017","history":"/api/acts/borrowing-and-investment-powers-guarantees-regulations-2017/history","analysis":"/api/acts/borrowing-and-investment-powers-guarantees-regulations-2017/analysis","conflicts":"/api/acts/borrowing-and-investment-powers-guarantees-regulations-2017/conflicts","importantCases":"/api/acts/borrowing-and-investment-powers-guarantees-regulations-2017/important-cases","documents":"/api/acts/borrowing-and-investment-powers-guarantees-regulations-2017/documents"}}