Commonwealth legislation

Banking (Foreign Exchange) Regulations 1959 - Exemption (subregulation 9(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This Act has been repealed and is no longer in force. It is retained for historical reference.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

2/10 complexity

This exemption removes Reserve Bank approval requirements under Australia’s foreign exchange controls for transactions in Australian land or securities—sale, purchase, lending, transfer, or use as collateral—when the parties are both non-residents.

It affects foreign investors, banks, lawyers and brokers handling purely cross-border deals and matters because it cuts red tape, paperwork and delays for transactions that do not involve Australian residents.

JSON API

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in Banking (Foreign Exchange) Regulations 1959 - Exemption (subregulation 9(1)) (21/06/1984).

Banking (Foreign Exchange) Regulations 1959 - Exemption (subregulation 9(1)) (21/06/1984)

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 meta-generator: Aspose.Words for .NET 20.2 title: BANKING (FOREIGN EXCHANGE) REGULATIONS

?xml version="1.0" encoding="utf-8" standalone="no"?>

BANKING (FOREIGN EXCHANGE) REGULATIONS EXEMPTION

Reserve Bank of Australia in pursuance of Regulation 38 of the Banking (Foreign Exchange) Regulations hereby exempts from the application of sub-regulation 9(1) of the Regulations the sale, loan, transfer, mortgaging or charging of any security or land that is in Australia by, by the order of, or on behalf of, a person who is not a resident to another person who is not a resident, or to a person acting on behalf of such a person.

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.