Banking (Foreign Exchange) Regulations 1959 - Direction Relating to Foreign Currency Transactions and to the Federal Republic of Yugoslavia (05/04/2002)

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Direction relating to foreign currency transactions and to the Federal Republic of Yugoslavia (05/04/2002)

as amended

made under regulation 5 of the

Banking (Foreign Exchange) Regulations 1959

This compilation was prepared on 7 August 2009
taking into account amendments up to Direction relating to foreign currency transactions and to the former Federal Republic of Yugoslavia – Amendment to the Annex and Variation of Exemptions – Amendment to the Annexes (05/06/2009)

Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General’s Department, Canberra

Direction relating to foreign currency transactions and to the Federal Republic of Yugoslavia (05/04/2002)

The Reserve Bank of Australia pursuant to Regulation 5 of the Banking (Foreign Exchange) Regulations hereby directs that:

1. a person must not, either on the person’s own behalf or on behalf of another person, buy, borrow, sell, lend or exchange foreign currency in Australia, or otherwise deal with foreign currency in any other way in Australia;

2. a resident, or a person acting on behalf of a resident, must not buy, borrow, sell, lend or exchange foreign currency outside Australia, or otherwise deal with foreign currency in any other way outside Australia;

3. a person must not be a party to a transaction, being a transaction that takes place in whole or in part in Australia or to which a resident is a party, that has the effect of, or involves, a purchase, borrowing, sale, loan or exchange of foreign currency, or otherwise relates to foreign currency

where the transaction relates to property, securities or funds owned or controlled directly or indirectly by, or otherwise relates to payments by or on behalf of:

(i) the Embassy of the Federal Republic of Yugoslavia; or [see Note 2]

(ii) the Consulate‑General of the Federal Republic of Yugoslavia; or [see Note 2]

(iii) Narodna Banka Jugoslavije (including Banque Nationale de Yugoslavie); or [see Note 2]

(iv) any person listed in the Annex to this direction.

For the persons referred to in paragraphs (i), (ii) and (iii) above, this direction applies to any transaction or payment which exceeds a value equivalent to A$100,000.

All such transactions require the specific prior approval of the Reserve Bank of Australia. Please refer applications for approval to the Manager, Market Analysis, International Department of the Reserve Bank in Sydney.

This instrument comes into operation on 5 April 2002, and ceases upon the issue of a further direction by the Reserve Bank of Australia.

Dated at Sydney this fifth day of April 2002.

ANNEX

FEDERAL REPUBLIC OF YUGOSLAVIA

This is the Annex referred to in the direction dated 5 April 2002, pursuant to Regulation 5 of the Banking (Foreign Exchange) Regulations.

Note: ICTY is the International Criminal Tribunal for the former Yugoslavia

Notes to the Direction relating to foreign currency transactions and to the Federal Republic of Yugoslavia (05/04/2002)

Note 1

Note: The Direction relating to foreign currency transactions and to the Federal Republic of Yugoslavia (05/04/2002) (in force under regulation 5 of the Banking (Foreign Exchange) Regulations 1959) as shown in this compilation is amended as indicated in the Tables below.

Note: > Note: Table of Instruments

Note: > Note: Table of Amendments

<table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; margin-bottom:0pt; border-collapse:collapse"><tbody><tr><td colspan="2" style="width:419.5pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfAmendHead" style="margin-right:0pt"><span>ad. = added or inserted</span><span> </span><span>am. = amended</span><span> </span><span>rep. = repealed</span><span> </span><span>rs. = repealed and substituted</span></p></td></tr><tr><td style="width:126.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableColHead"><span>Provision affected</span></p></td><td style="width:282.55pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableColHead"><span>How affected</span></p></td></tr><tr><td style="width:126.15pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfAmend" style="margin-right:0pt; margin-bottom:3pt"><span style="font-family:Helvetica, sans-serif">Annex</span><span style="width:100.63pt; text-indent:0pt; font-family:'Lucida Console', monospace; display:inline-block">..................</span></p></td><td style="width:282.55pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfAmend" style="margin-right:0pt; margin-bottom:3pt"><span style="font-family:Helvetica, sans-serif">rs. F2007L04036</span><span style="font-family:Helvetica, sans-serif">; F2009L02269</span></p></td></tr></tbody></table>

Note

Note: 2

The Banking (Foreign Exchange) Regulations 1959 – Direction relating to foreign currency transactions and to the Federal Republic of Yugoslavia (05/04/2002) was varied by the Banking (Foreign Exchange) Regulations 1959 – Variation of Direction relating to foreign currency transactions and to the Federal Republic of Yugoslavia – Variation of Variations of Exemption (04/07/2008)

The variations have not been incorporated in this compilation.

BANKING (FOREIGN EXCHANGE) REGULATIONS

VARIATION OF DIRECTION RELATING TO FOREIGN CURRENCY TRANSACTIONS AND TO THE FEDERAL REPUBLIC OF YUGOSLAVIA

VARIATION OF VARIATIONS OF EXEMPTION

The Reserve Bank of Australia pursuant to Regulation 5 and sub-regulation 38(2) of the Banking (Foreign Exchange) Regulations hereby varies:

1. the Direction Relating to Foreign Currency Transactions and to the Federal Republic of Yugoslavia dated 5 April 2002 in the form published in the Commonwealth of Australia Gazette No. GN 20, 22 May 2002;

2. the Variation of Exemption dated 4 October 2007 in the form published in the Commonwealth of Australia Gazette No. GN 40, 10 October 2007, relating to sub-regulation 6(1) of the Regulations; and

3. the Variation of Exemption dated 17 October 2001 in the form published in the Commonwealth of Australia Gazette No. GN 42, 24 October 2001, relating to sub-regulation 8(1)(a) of the Regulations

so that the Direction and Variations of Exemption no longer apply to:

(i) the Embassy of the Federal Republic of Yugoslavia; or

(ii) the Consulate‑General of the Federal Republic of Yugoslavia; or

(iii) Narodna Banka Jugoslavije (including Banque Nationale de Yugoslavie).

The variations contained in this instrument come into operation on 9 July 2008.

Dated at Sydney this 4th day of July 2008.

For and on behalf of the Reserve Bank of Australia,

Glenn Stevens

Governor