{"id":"F2016L00700","name":"Reserve Bank Regulation 2016","slug":"reserve-bank-regulation-2016","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":129258,"registerId":"commonwealth-F2016L00700-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Part 1","sectionType":"part","heading":"Preliminary","content":"## Part 1—Preliminary","sortOrder":0},{"sectionNumber":"1","sectionType":"section","heading":"Name","content":"#### 1 Name\n\n  This is the Reserve Bank Regulation 2016.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Authority","content":"#### 3 Authority\n\n  This instrument is made under the Reserve Bank Act 1959.","sortOrder":2},{"sectionNumber":"5","sectionType":"section","heading":"Definitions","content":"#### 5 Definitions\n\n  In this instrument:\n\n> Act means the Reserve Bank Act 1959.","sortOrder":3},{"sectionNumber":"Part 2","sectionType":"part","heading":"Secrecy","content":"## Part 2—Secrecy","sortOrder":4},{"sectionNumber":"6","sectionType":"section","heading":"Declarations of secrecy","content":"#### 6 Declarations of secrecy\n\n  For the purposes of paragraphs 25AJ(3)(a), 25E(3)(a) and 25NJ(3)(a) of the Act, the prescribed form for a declaration of secrecy by a member of the Monetary Policy Board, Payments System Board or Governance Board is the form in Schedule 1 to this instrument.","sortOrder":5},{"sectionNumber":"7","sectionType":"section","heading":"Prescribed bodies—disclosure of protected information or documents","content":"#### 7 Prescribed bodies—disclosure of protected information or documents\n\n  For the purposes of paragraph 79A(4)(c) of the Act, the following bodies are prescribed:\n    (a) the Department;\n    (b) the Australian Bureau of Statistics;\n    (c) the Australian Competition and Consumer Commission;\n    (d) the Bank for International Settlements;\n    (e) the following bodies operating under the Bank for International Settlements:\n    (i) the Basel Committee on Banking Supervision;\n    (ii) the Committee on the Global Financial System;\n    (iii) the Committee on Payments and Market Infrastructures;\n    (iv) the Markets Committee;\n    (f) any body, however described, operating under a body mentioned in subparagraph (e)(i), (ii), (iii) or (iv);\n    (g) the Financial Stability Board and any body, however described, operating under the Board’s Charter;\n    (h) the International Monetary Fund;\n    (i) The Treasury (New Zealand).","sortOrder":6}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument does not itself expand or narrow the Reserve Bank’s statutory powers. It implements procedural requirements (a prescribed secrecy-declaration form at Reg 6/Schedule 1) and specifies recipient bodies for protected information (Reg 7) under authority of the Reserve Bank Act 1959 (Reg 3). No provision in the text purports to change the substantive scope of the Act; it sets forms and lists within the Act’s existing delegated power."},"complexity_factors":["Statutory cross-references: the instrument relies on and points to specific paragraphs of the Reserve Bank Act 1959 (Reg 3; Reg 6 cites paragraphs 25AJ(3)(a), 25E(3)(a), 25NJ(3)(a); Reg 7 cites paragraph 79A(4)(c)) — readers must consult the Act to understand legal effect.","Prescribed form requirement (Reg 6 and Schedule 1) — creates a clear compliance obligation for members of the Monetary Policy Board, Payments System Board and Governance Board to make the specified declaration; administrative compliance burden is concentrated on those individuals.","List of prescribed recipient bodies (Reg 7) — defines who may be given protected information; affects information-sharing pathways and who benefits from access to Bank information.","Administrative detail located in Schedule 1 (Reg 6) — implementation depends on the schedule’s content; changing practice would require amending the regulation or schedule.","Minimal discretionary rule‑making in the instrument — the regulation is largely prescriptive (form and list), so substantive discretion on use or interpretation remains with the Act’s structures and officials applying it.","Inclusion of international organisations and bodies operating under them (Reg 7(e)–(f), (g)) — enables cross-border disclosure, which may create coordination or legal complexity when sharing protected information internationally."],"plain_english_summary":"This regulation prescribes the exact secrecy-declaration form that members of the Reserve Bank’s Monetary Policy Board, Payments System Board and Governance Board must use, and it lists the domestic and international bodies to which the Bank may disclose protected information. It operates under the Reserve Bank Act 1959. It affects board members (who must sign the prescribed form) and the listed recipient bodies (which may receive protected Bank information), and matters because it fixes procedural requirements for secrecy and the universe of authorised information recipients."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The regulation appears tightly focused on its original purpose of supporting the Reserve Bank Act's secrecy and disclosure framework. No evidence of scope creep."},"complexity_factors":["Only 7 operative provisions across 2 short parts","Single definition ('Act') in interpretation section","No nested conditional logic or cross-references beyond basic Act citations","Straightforward list-based structure in section 7","Prescribed form referenced but not reproduced in the extract"],"plain_english_summary":"This regulation sets out administrative rules for the Reserve Bank of Australia (RBA). It does two main things:\n\n**1. Secrecy declarations for board members**\nIt specifies the official form that members of the RBA's three boards must sign, promising to keep sensitive information confidential. These boards are:\n- The Monetary Policy Board (sets interest rates)\n- The Payments System Board (oversees how money moves around)\n- The Governance Board (handles internal management)\n\n**2. Who can receive confidential RBA information**\nNormally, RBA staff can't share protected information. But this regulation lists specific organisations that *are* allowed to receive it, including:\n- Australian government bodies (Treasury, ABS, ACCC)\n- International financial bodies (Bank for International Settlements, IMF, Financial Stability Board)\n- New Zealand's Treasury\n\n**Why it matters:** This ensures sensitive economic data and policy discussions stay confidential, while allowing necessary information sharing with trusted partners here and overseas."}},"importantCases":[],"_links":{"self":"/api/acts/reserve-bank-regulation-2016","history":"/api/acts/reserve-bank-regulation-2016/history","analysis":"/api/acts/reserve-bank-regulation-2016/analysis","conflicts":"/api/acts/reserve-bank-regulation-2016/conflicts","importantCases":"/api/acts/reserve-bank-regulation-2016/important-cases","documents":"/api/acts/reserve-bank-regulation-2016/documents"}}