Borrowing and Investment Powers (Guarantees) Regulations 2017

The Regulations are short and centred on a narrow set of drafting and interpretative concepts. The primary concepts are:

• Prescribed certificate form. The Regulations make “Form 1” and “Form 2” the prescribed forms of certificate the Treasurer uses for guarantees under two specific subsections of the Borrowing and Investment Powers Act 1987 (reg 5; reg 6; Schedule 1 Forms 1 and 2). The text of each Form is part of the Statutory Rule and therefore controls the exact words to be used when issuing a guarantee.

• Scope of guarantee. Each Form defines the scope of the State’s guarantee in simple language. Form 1 covers amounts payable by an authority to a person providing a financial benefit or assistance to the authority, and also covers expenses of enforcing or obtaining satisfaction of those amounts (Schedule 1 Form 1). Form 2 covers “all amounts which become payable” by an authority to a counterparty under a financial arrangement, and likewise includes enforcement expenses (Schedule 1 Form 2).

• Schedule and annexure mechanism. Both Forms require a Schedule to set out the terms and conditions of the financial benefit, assistance or financial arrangement. The Forms also permit contract(s) or the contract evidencing the arrangement to be annexed if necessary (Schedule 1 Forms 1-2). That mechanism makes the body of the guarantee the standard text, while the substantive commercial terms are supplied separately.

• Executive decision-maker. The instrument prescribes a form for a certificate “executed by the Treasurer” (regs 5-6). The Regulations do not alter who may sign; they require that when the Treasurer gives a guarantee under the specified sections of the parent Act, the prescribed wording be used.

• Revocation and commencement. The 2017 Regulations revoke the 2007 Regulations (reg 4) and commence on 30 April 2017 (reg 3). The Endnotes confirm the instrument was made on 26 April 2017 under s 18 of the parent Act and that it will sunset 10 years after making under the Subordinate Legislation Act 1994 (endnote 1).

• Interpretation formalities. The Endnotes record how the Interpretation of Legislation Act 1984 affects the Statutory Rule: headings, examples, punctuation, provision numbers and other formal material are part of the Statutory Rule (endnote 1). The Endnotes also state that explanatory memoranda and other printed material after the Endnotes do not form part of the Statutory Rule (endnote 1).

These concepts produce a two-part instrument: a non‑discretionary prescription of wording to be used when a Treasurer’s guarantee is issued under designated statutory hooks, paired with a blanked Schedule for insertion of the operative commercial terms and the possibility of annexing underlying contracts.

The instrument primarily affects three categories of actor whose roles and financial exposures are determined by the forms and the parent Act.

• The Treasurer of the State of Victoria. The Regulations require that the prescribed text be used in the written certificate the Treasurer executes under the two specified subsections of the Borrowing and Investment Powers Act 1987 (reg 5; reg 6; Schedule 1). The Treasurer is therefore the authorised signatory and the person who will create the State’s contingent liability by executing the prescribed certificate. The forms are dated by the Treasurer and carry the heading “Treasurer of the State of Victoria” (Schedule 1 Forms 1-2).

• Public authorities that are the named parties under the certificate. Each Form contemplates a named “authority” that is the obligor under the underlying obligation or financial arrangement and therefore the source of primary liability. The Forms guarantee “amounts payable by [name of authority] to [name of person providing financial benefit or the assistance]” or “amounts which become payable by [name of authority] to [name of other party to the financial arrangement]” (Schedule 1 Forms 1-2). Those public authorities are affected because the Forms, once executed by the Treasurer, impose a parallel State guarantee on their payment obligations.

• Counterparties and lenders. The private person or counterparty who provides a financial benefit, assistance or enters a financial arrangement with the authority is named in the Forms. The Form is a promise by the Government of Victoria to guarantee payment to that private party (Schedule 1 Forms 1-2). Counterparties are affected because the Forms fix the guarantee terms in standardised language and create an instrument they can rely upon for enforcement expenses as well as underlying amounts.

Secondary affected parties and administrative actors:

• Departmental finance, legal and treasury units. Authorities seeking a guarantee will need to prepare the Schedule, assemble any annexed contracts and present material in a form consistent with the prescribed Forms. The Forms require the Schedule to “set out terms and conditions” and permit annexation of contract(s), so internal teams will have to collate and certify the documents to enable the Treasurer to sign (Schedule 1 Forms 1-2).

• The Victorian State budget/finance function. Although the Regulations themselves do not set budgetary procedures, the forms create contingent liabilities for the State when executed. The Endnotes also alert readers to the Statutory Rule’s sunset under the Subordinate Legislation Act 1994, which bears on forward planning (endnote 1).

• Parties handling archival and statutory records. The Interpretation of Legislation Act 1984 changes noted in the Endnotes mean headings, punctuation and examples in the Statutory Rule are part of the rule and must be preserved in records and reprints (endnote 1).

The Regulations do not create criminal penalties, new licensing obligations or specific operational duties upon private counterparties. Their effect is administrative and financial: they standardise the Governor-in-Council approved wording of Treasurer-issued guarantees and thereby shape who can claim on those guarantees and under what textual formulation.

The Regulations themselves impose a small set of duties and create a limited set of rights by prescription of text and structure. The duties are administrative and drafting-related; the rights arise from the guarantees once issued.

Duties

• Use the prescribed form. The primary duty created by the Statutory Rule is that the certificate executed by the Treasurer under s 12(2) and s 15(2) of the Borrowing and Investment Powers Act 1987 must take the prescribed wording set out in Form 1 and Form 2 respectively (reg 5; reg 6; Schedule 1 Forms 1-2). That duty is placed on the act of execution by the Treasurer; these Regulations prescribe the form for that act.

• Provide the Schedule and annexures. Both Forms require the Schedule to “set out terms and conditions” of the financial benefit, assistance or financial arrangement and permit contracts evidencing the arrangement to be annexed (Schedule 1 Forms 1-2). Authorities seeking a guarantee therefore must supply the operative terms in the Schedule and any necessary annexed contract(s).

• Record the date and have the Treasurer execute the certificate. The Forms carry a place for the date and the Treasurer’s execution and therefore impose a practical duty on the administrative process to ensure the instrument is dated and executed by the Treasurer (Schedule 1 Forms 1-2).

Rights

• Beneficiary entitlement under an executed certificate. Once the Treasurer signs a certificate in the prescribed form, the certificate is an assurance by the Government of Victoria of the “due satisfaction” (Form 1) or of “all amounts which become payable” (Form 2) by the named authority to the named counterparty, plus a guarantee of enforcement and recovery expenses. A beneficiary party named in the certificate gains the right to be paid by the State pursuant to that guarantee as stated in the Form (Schedule 1 Forms 1-2).

• Right to rely on annexed documentation. Because the Forms permit the relevant contract(s) or the contract evidencing the arrangement to be annexed, a beneficiary can rely on the annexed documentation that is specified in the Schedule and attached to the certificate (Schedule 1 Forms 1-2).

What the Regulations do not do

• They do not set procedural decision criteria for the Treasurer’s exercise of power under the parent Act. The Regulations prescribe the form to be used if and when the Treasurer executes a certificate under s 12(2) or s 15(2), but they do not themselves create thresholds, approvals, or risk-management duties for whether those sections should be invoked. Those governance duties remain in the parent Act and in any departmental policy or administrative practice.

• They do not create criminal sanctions, civil enforcement procedures for misuse of the certificate form, or separate public reporting obligations. The instrument is confined to form and associated revocation and commencement details.

Precise textual features that affect duties and rights

• “Due satisfaction” (Form 1) versus “all amounts which become payable” (Form 2). These different phrasings shape the scope of the State’s assurance as written; authorities and counterparties should note the textual distinction when drafting Schedules (Schedule 1 Forms 1-2).

• “Without limiting paragraph (a)” clause in each Form. Both Forms expressly add a clause guaranteeing payment of “expenses of enforcing or obtaining, or endeavouring to enforce or obtain, satisfaction” of the amounts referred to (Schedule 1 Forms 1-2). That clause broadens the textual guarantee beyond the principal sum to include enforcement costs and efforts to obtain payment.

• Formality of Schedule and annexure. The requirement that the Schedule set out terms and conditions and allow annexation makes the Schedule the operative place for the detailed contractual or financial terms that will be the subject of the State guarantee, and imposes a practical drafting duty on authorities that seek the guarantee.

The Regulations do not create statutory penalties, fines or criminal offences. They are prescriptive about form and revocation, and they create an enforceable guarantee right only insofar as the Treasurer executes the prescribed certificate under the parent Act. The instrument’s enforcement-relevant material is therefore indirect: it standardises a written guarantee that itself creates enforceable payment obligations against the Government of Victoria when executed.

Key enforcement-relevant points from the text

• The guarantee wording includes payment of enforcement costs. Both Form 1 and Form 2 provide that, in addition to guaranteeing amounts payable by the authority, the Government guarantees “the payment of expenses of enforcing or obtaining, or endeavouring to enforce or obtain, satisfaction of the amounts referred to” (Schedule 1 Forms 1-2). In practical terms, this text means that a beneficiary who enforces the guarantee may have a textual basis in the certificate for recovery of enforcement-related expenses as described in the Form.

• The instrument does not specify remedy procedures. The Regulations do not prescribe procedural steps for a beneficiary to enforce the guarantee once issued. The content of the Forms is limited to the State’s promise; any legal proceedings, remedies, or procedural mechanisms to enforce that promise would arise under general law or under the parent Act, not from these Regulations themselves. The Endnotes emphasise that explanatory materials printed after the Endnotes do not form part of the Statutory Rule (endnote 1), so no additional procedural obligations are embedded in these printed materials.

• No penalties for non‑conformity are specified. The Regulations require the prescribed form to be used, but they do not specify statutory consequences for failure to use the prescribed wording. Instead, the legal consequence of non-conforming documentation would be determined under the parent Act and general administrative and contract law principles outside the text of this Statutory Rule.

Practical enforcement risk and administrative implications

• Execution creates contingent State liability. When the Treasurer executes a certificate in the prescribed form, the Government of Victoria has given a written guarantee. The form’s inclusion of enforcement expenses means the potential fiscal exposure includes ancillary expenses as well as principal sums. The Regulations therefore create a legal instrument that can be enforced against the State subject to the underlying legal framework for such guarantees.

• Enforcement actions will rely on general law. Because the Regulations do not set bespoke enforcement mechanics, beneficiaries or authorities will have to rely on ordinary contractual and debt-enforcement procedures to pursue satisfaction of amounts guaranteed, and on the parent Act for any statutory mechanics that that Act provides. The Statutory Rule provides the textual promise but not the enforcement playbook.

• Administrative recordkeeping and annexation will affect evidentiary strength. The Forms expressly permit contracts evidencing the financial arrangement to be annexed. The presence or absence of annexed contracts and the clarity of the Schedule will therefore affect the practical enforceability and scope of claims for amounts and enforcement expenses.

In short, the Regulations do not create penalties. They standardise the State’s written promise and thereby shape the legal instrument that a beneficiary may enforce; enforcement processes and any legal consequences of incorrect form are determined outside the Regulations by the parent Act and general legal principles.

The Regulations are explicitly made under, and operate in the context of, the Borrowing and Investment Powers Act 1987 and interact with the Subordinate Legislation Act 1994 and the Interpretation of Legislation Act 1984 through the Endnotes.

Primary interactions

• Borrowing and Investment Powers Act 1987. The Regulations derive their authority from section 18 of the Borrowing and Investment Powers Act 1987 (reg 2). They are functionally ancillary to that Act because they prescribe the form of the certificates the Treasurer may execute under s 12(2) and s 15(2) of the parent Act (reg 1; regs 5-6; Schedule 1). The Regulations do not alter or restate the decision-making powers or limits provided in the parent Act; they supply the textual instrument to be used when the statutory power is exercised.

• Revocation of prior subordinate instrument. Regulation 4 expressly revokes the Borrowing and Investment Powers (Guarantees) Regulations 2007. That revocation means the 2017 forms supplant the 2007 standard forms for Treasurer-issued guarantees under the parent Act (reg 4).

Secondary interactions noted in the Endnotes

• Subordinate Legislation Act 1994 sunset. The Endnotes state the Regulations will sunset ten years after the day of making, on 26 April 2027, pursuant to section 5 of the Subordinate Legislation Act 1994 (endnote 1). That statutory mechanism imposes a temporal limit on the Regulations unless they are remade, amended or otherwise preserved within the statutory renewal process required by the Subordinate Legislation Act.

• Interpretation of Legislation Act 1984. The Endnotes set out how the ILA affects the interpretation and formal components of the Statutory Rule: headings, examples, punctuation, provision numbers and other formalities are part of the Statutory Rule for instruments made on or after 1 January 2001 (endnote 1). The Endnotes also note that explanatory memoranda and ancillary printed material after the Endnotes do not form part of the Statutory Rule (endnote 1). Practically, this means the exact textual layout and headings of the Forms are legally significant.

What the Regulations do not do in relation to other laws

• They do not supersede or vary the substantive statutory constraints in the parent Act. The Regulations only prescribe forms to be used under two specific subsections of the parent Act. Any substantive limits, approvals, or conditions on guarantees remain governed by the parent Act itself and any other applicable legislation.

• They do not create inconsistent obligations with federal law or other State legislation in the text of the Forms. The Regulation text does not purport to displace other legal regimes; it simply provides a uniform State guarantee instrument. Any interaction with tax law, insolvency law, public finance rules or other statutory regimes would be determined by those regimes and by how the executed certificate operates in practice.

Practical compliance intersection points

• Administrative processes that implement the parent Act must align the use of these prescribed Forms with any procedural guidelines in the parent Act or departmental policy. Because the Schedule and annexure mechanism incorporates external contracts into the certificate, those contracts may also trigger compliance obligations under other laws (for example, procurement or project-specific statutory schemes) and those interactions must be managed by the authority and the Treasurer’s office.

• Record and publication practices should respect the ILA construction rules. Because headings, punctuation and examples are formally part of the instrument (endnote 1), official reproductions, archival records and any public posting of the certificate should preserve those elements to avoid misinterpretation.

The Regulations contain explicit information about their making, operation and amendment status in the principal text and in the Endnotes.

Making and commencement

• The Regulations were made on 26 April 2017 by the Governor in Council under section 18 of the Borrowing and Investment Powers Act 1987 and came into operation on 30 April 2017 (reg 3; endnote 1). Regulation 3 sets the commencement date as 30 April 2017; the Endnotes give the making date and the statutory basis under s 18 of the parent Act (endnote 1).

Revocation of prior instrument

• Regulation 4 revokes the Borrowing and Investment Powers (Guarantees) Regulations 2007. The 2007 instrument is therefore no longer in force from the commencement of the 2017 Regulations (reg 4).

Amendments since making

• The Table of Amendments, as printed in the Endnotes, records that there are no amendments made to the Regulations by subsequent statutory rules, subordinate instruments or Acts (endnote 2). That entry indicates that, at the date of publication of this Version No. 001, no later instrument had altered these Regulations.

Amendments not in operation

• The Endnotes state there are no amendments not in operation at the date of publication (endnote 3). In other words, there are no pending or deferred amendments recorded in these Endnotes that will take effect later.

Sunset and lifecycle

• The Regulations will sunset 10 years after making on 26 April 2027 under section 5 of the Subordinate Legislation Act 1994 (endnote 1). That sunset is an automatic expiry mechanism, meaning the instrument will cease to be in force on that date unless re‑made, revived or otherwise saved pursuant to the requirements of the Subordinate Legislation Act.

Explanatory detail and historical cross-reference

• The Explanatory details (Endnote 4) include a note on Reg. 4 referencing S.R. No. 29/2007. The printed explanatory detail does not form part of the Statutory Rule, but it records the historical cross reference (endnote 4).

Practical points for practitioners

• If a practitioner is relying on the text of the Forms for drafting or enforcement, they should check the current consolidated version to confirm no subsequent amendments have been made since the publication of Version No. 001. The Endnotes indicate no amendments up to that version, but the Endnotes themselves advise consulting the legislation website for updated information (endnote 1).

• The sunset date imposes a forward-looking constraint on use and planning. If the operation of these Forms beyond 26 April 2027 is required, either a re‑making or other statutory action will be necessary prior to that date under the Subordinate Legislation Act framework.

The Regulations and their Endnotes do not record any case law or litigation arising from these specific Statutory Rules. The text includes no references to judicial decisions, and the Endnotes contain no litigation annotations or reported proceedings relating to this instrument.

Implications of the absence of recorded litigation

• No recorded judicial interpretation of the prescribed Forms in this Statutory Rule is cited in the instrument. That absence means that the precise legal effect and interpretation of phrases such as “the due satisfaction of the following is guaranteed” or “without limiting paragraph (a), the payment of expenses of enforcing or obtaining, or endeavouring to enforce or obtain” have not been authoritatively construed within the text of this instrument.

• Parties and counsel may therefore need to rely on general statutory construction principles and the parent Act’s framework when advising on the legal meaning of the Forms or when litigating disputes arising from an executed certificate. Because the Statutory Rule prescribes form but not enforcement procedure, litigation is likely to engage the parent Act and general contract and public finance law rather than any bespoke procedural rule contained in these Regulations.

Practical cautious steps in the absence of a litigation record

• Preserve and annex clear documentary evidence. Given there is no recorded case law in the instrument, the evidentiary strength of an executed certificate will depend substantially on the clarity, completeness and correct annexation of the underlying contract(s) and Schedule. Authorities and counterparties should ensure the Schedule and any annexes are prepared and attached precisely as contemplated by the Forms (Schedule 1 Forms 1-2).

• Anticipate common legal issues. In the absence of statutory precedent recorded in these Regulations, counsel should anticipate and advise on routine contract law and sovereign-immunity or public-law issues that could arise in enforcement, using the parent Act and general legal principles as the governing sources.

• Monitor for future cases. Because no litigation history is recorded here, any subsequent judicial decisions addressing these specific forms would materially affect interpretation and enforcement practices. Practitioners should monitor case law for any decisions referencing the prescribed Forms or the parent Act’s guarantee provisions.

The instrument therefore contains no internal record of litigation, and the legal community will have to draw on external sources and the parent Act when considering litigation risk and likely judicial interpretation.

The Regulations are compact but contain several drafting and operational details that commonly lead to pitfalls if overlooked. The following items are textual and procedural points to watch for, each grounded in the statutory text and Endnotes.

1. Prescribed form is mandatory for Treasurer’s certificate. Regulations 5 and 6 tie the prescribed wording directly to s 12(2) and s 15(2) of the parent Act (regs 5-6). If an executed certificate departs from the prescribed wording, questions will arise about whether the Treasurer has validly given the statutory guarantee in the parent Act or whether the certificate will be treated as non‑compliant. The Regulations themselves do not set out the legal consequences of non‑conformity; that uncertainty is a practical risk.

2. Broad wording for enforcement and ancillary costs. Both Form 1 and Form 2 include a clause that, “without limiting paragraph (a),” the State guarantees “the payment of expenses of enforcing or obtaining, or endeavouring to enforce or obtain, satisfaction of the amounts referred to” (Schedule 1 Forms 1-2). The phrase “endeavouring to enforce or obtain” is open‑textured and could be interpreted to encompass a wide range of costs, including pre‑litigation collection activities. Counterparties and authorities should be clear on what types of costs will be reimbursed and how they will be calculated and documented.

3. Distinct scope words between Form 1 and Form 2. Form 1 guarantees “the due satisfaction of the following is guaranteed… 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” (Schedule 1 Form 1). Form 2 guarantees “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…” (Schedule 1 Form 2). Practitioners must not conflate the forms; the different phrasings may have different legal consequences for scope and timing of guaranteed obligations.

4. The Schedule is the operative place for terms and may incorporate contracts. Both Forms require the Schedule to set out the terms and conditions and expressly allow annexation of contract(s) where necessary (Schedule 1 Forms 1-2). If the Schedule is incomplete, ambiguous, or fails to annex the relevant contract, establishing the entitlement to payment under the guarantee could become contentious. Prepare and attach the operative documentation carefully.

5. Headings, punctuation and examples matter. The Endnotes confirm that, under the Interpretation of Legislation Act 1984, headings, examples, punctuation and provision numbers in a Statutory Rule made on or after 1 January 2001 form part of the Statutory Rule (endnote 1). That means even what might appear to be typographical or formatting detail could affect legal interpretation. Reproductions that alter punctuation or headings risk introducing uncertainty.

6. Sunset date. The Endnotes state the Regulations will sunset ten years after making, on 26 April 2027, under the Subordinate Legislation Act 1994 (endnote 1). If parties expect long-term reliance on the Forms, note the automatic expiry date and plan for re‑making or transitional arrangements.

7. No procedural mechanics for enforcement are included. The Forms give a textual guarantee but do not lay out procedural steps, notice requirements or dispute processes for press claims on the guarantee. Parties should anticipate needing to rely on general law or separate procedural arrangements.

8. Revocation of 2007 Regulations is absolute. Reg 4 revokes the 2007 Regulations. If historic guarantees or templates rest on the 2007 package, confirm whether previously issued certificates remain effective or require re‑issuance under the 2017 Forms. The instrument itself does not state transitional provisions; those considerations must be dealt with in administrative practice.

9. The instrument does not itself define key terms. Words used in the forms such as “financial benefit,” “assistance,” or “financial arrangement” are not defined in this Statutory Rule; their meaning must be sourced from the parent Act or the Schedule. Practitioners should ensure consistent term definition across the Schedule and the underlying contract.

10. Explanatory materials are not part of the Rule. The Endnotes remind users that explanatory memoranda and other printed material after the Endnotes do not form part of the Statutory Rule (endnote 1). Do not rely on those materials as interpretative anchors in legal argumentation.

Being alert to these textual and administrative specifics will reduce operational problems and evidentiary risk when preparing, executing or enforcing a Treasurer’s certificate under the prescribed forms.

Compliance with these Regulations is primarily an administrative drafting and execution task anchored to the parent Act. The following steps, grounded in the text of the Regulations and Schedule, outline a practical compliance checklist for an authority seeking a guarantee, and for the Treasurer’s office processing such a request. Each step references the relevant provision(s) in the instrument.

1. Confirm statutory authorisation. Before seeking or executing a certificate, confirm that the Treasurer’s power to give a guarantee is available under the Borrowing and Investment Powers Act 1987 (reg 1 indicates the Regulations prescribe forms for certificates under s 12(2) and s 15(2) of that Act). The Regulations do not alter the underlying statutory entitlement or limits. Ensure the proposed guarantee falls within the parent Act’s operative powers.

2. Use the prescribed Form. Prepare the certificate using the exact wording of Form 1 or Form 2 in Schedule 1 as applicable (reg 5; reg 6; Schedule 1 Forms 1-2). Do not alter the prescribed text absent prior legal advice about the consequences of deviation. The Statutory Rule makes these forms the prescribed forms for the Treasurer’s certificate under the specified subsections.

3. Complete the Schedule precisely. Both Forms require the Schedule to “set out terms and conditions of financial benefit or the assistance” (Form 1) or “set out terms and conditions of financial arrangement” (Form 2) and allow annexation of contract(s) if necessary (Schedule 1 Forms 1-2). The Schedule must therefore concisely and accurately incorporate the operative financial and contractual terms that the guarantee is intended to cover. Ensure definitions used in the Schedule match definitions used in the underlying contracts.

4. Annex contracts where appropriate. If the guarantee relates to a contractual financial arrangement, attach the contract evidencing that arrangement as an annex to the certificate as permitted by the Forms (Schedule 1 Forms 1-2). Proper annexation strengthens evidentiary support for entitlement to payment and clarifies the scope of the guarantee.

5. Address enforcement costs and documentation. The Forms guarantee enforcement expenses as well as principal amounts (Schedule 1 Forms 1-2). Set out in the Schedule how such expenses will be documented and claimed. Retain invoices, legal bills and records of collection steps to demonstrate the nature and reasonableness of enforcement expenses in the event of a claim.

6. Ensure Treasurer execution and dating. The executed certificate must be dated and executed by the Treasurer as the Form contemplates (Schedule 1 Forms 1-2). Coordinate with the Treasurer’s office to confirm signing protocols and recordkeeping requirements.

7. Preserve formatting and headings. Because the Endnotes note that headings, punctuation and other formalities are part of the Statutory Rule under the Interpretation of Legislation Act 1984 (endnote 1), maintain the prescribed layout and punctuation when reproducing or publishing the certificate.

8. Maintain fiscal and contingent liability records. Treat any executed certificate as creating a contingent liability for the Government of Victoria. Ensure the State’s accounting and budget units are informed and that the certificate and any annexed contracts are recorded in the appropriate contingent liability registers.

9. Check revocation history and sunset risk. The 2017 Regulations revoke the 2007 Regulations (reg 4). Also note the sunset date under the Subordinate Legislation Act 1994 (endnote 1). Where long-term arrangements are contemplated, plan for the possibility of re‑making or renewal of the prescribed forms before 26 April 2027.

10. Legal review and alignment with parent Act requirements. Because these Regulations only prescribe the form, legal counsel should review the proposed Schedule, annexures and the fit between the proposed guarantee and the parent Act’s substantive requirements. Ensure the conditions and approvals required by the parent Act are satisfied prior to the Treasurer’s execution.

11. Record retention and publication. Keep a complete, dated, executed copy of the certificate with its Schedule and annexures. If the certificate is to be published or made available externally, ensure the published copy preserves the exact text and formal elements required by the Statutory Rule.

12. Anticipate dispute management. Because the Regulations do not provide enforcement procedures, draft the Schedule and any side letters to clarify dispute resolution mechanics, notice requirements and steps to be taken before a beneficiary seeks enforcement of the guarantee. Where available, align such procedural details with civil enforcement norms to reduce litigation risk.

Following this checklist will align the administrative process with the text of the Regulations and the structural obligations the Forms impose. The Regulations are limited in scope; familiarity with the Borrowing and Investment Powers Act 1987 and standard public‑sector contracting and contingent‑liability practices is necessary to implement the guarantee in a legally coherent and financially prudent manner.