Commonwealth Numbered Regulations

BANKING (FOREIGN EXCHANGE) AMENDMENT REGULATIONS 2002 (NO. 1) 2002 NO. 40 - SCHEDULE 1

(regulation 3)

[1] Regulation 1

substitute

1 Name of Regulations

These Regulations are the Banking (Foreign Exchange) Regulations 1959 .

[2] Subregulations 5 (1), (2), (3) and (4)

substitute

(1) The Bank may, in writing, direct a person:

(a)

not to buy, borrow, sell, lend or exchange foreign currency in Australia (on the person's own behalf or on behalf of another person); or

(b)

not to deal with foreign currency in any other way in Australia.

(2) The Bank may, in writing, direct a resident, or a person acting on behalf of a resident:

(a)

not to buy, borrow, sell, lend or exchange foreign currency outside Australia; or

(b)

not to deal with foreign currency in any other way outside Australia.

(3) The Bank may, in writing, direct a person not to be a party to a transaction if:
(a) either:

(i)

the transaction takes place in whole or in part in Australia; or

(ii)

a resident is a party to the transaction; and

(b) the transaction:

(i)

has the effect of, or involves, a purchase, borrowing, sale, loan or exchange of foreign currency; or

(ii)

otherwise relates to foreign currency.

(4)

The Bank must act under subregulations (1), (2) and (3) in accordance with any written directions given by the Treasurer under this subregulation.

(4A) If the Bank gives a direction under subregulation (1), (2) or (3), the Bank must:

(a)

give a copy of the direction to the person to whom the direction relates; or

(b)

publish a copy of the direction in the Gazette .