Commonwealth legislation

Banking (Foreign Exchange) Regulations 1959 - Exemption (subregulation 33(1)) (21/06/1984)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

What it does: This instrument removes a regulatory requirement for sending securities (such as shares or bonds) overseas. It exempts anyone who takes, sends, or transfers securities to a place outside Australia from having to comply with subregulation 33(1) of the Banking (Foreign Exchange) Regulations.

Who it affects: Individuals and companies moving financial assets offshore—specifically anyone transferring securities outside Australia.

Why it matters: Before this exemption, you likely needed permission from the Reserve Bank or had to satisfy certain conditions to move securities out of the country. This change allows those transfers to proceed without that specific regulatory hurdle, simplifying the process of taking financial assets offshore.

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Current sections

Direct links to the current provisions in Banking (Foreign Exchange) Regulations 1959 - Exemption (subregulation 33(1)) (21/06/1984).

Banking (Foreign Exchange) Regulations 1959 - Exemption (subregulation 33(1)) (21/06/1984)

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BANKING (FOREIGN EXCHANGE) REGULATIONS EXEMPTIONS

Reserve Bank of Australia in pursuance of Regulation 38 of the Banking (Foreign Exchange) Regulations hereby exempts from the application of sub-regulation 33(1) of the Regulations any person who takes, sends or transfers any securities to any place outside Australia.

This instrument shall come into operation on 25 June 1984.

Dated at Sydney this 21st day of June 1984.

For and on behalf of the Reserve Bank of Australia.

D. N. SANDERS Deputy Governor

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.