Banking (Foreign Exchange) Regulations 1959 - Revocation of Variations of Exemption and Direction Relating to Foreign Currency Transactions - Syria (22/02/2012)

Link to law: https://www.comlaw.gov.au/Details/F2012L00432

BANKING (FOREIGN EXCHANGE) REGULATIONS 1959
REVOCATION OF VARIATIONS OF EXEMPTION AND DIRECTION RELATING TO FOREIGN CURRENCY TRANSACTIONS – SYRIA
In accordance with a direction from the Treasurer, the Reserve Bank of Australia revokes the following instruments.
The Reserve Bank of Australia, pursuant to sub‑regulation 38(2) of the Banking (Foreign Exchange) Regulations 1959 (the “Regulations”), hereby revokes:
1.      the Variation of Exemption dated 16 June 2011, as published in the Commonwealth of Australia Gazette No. GN 24, 22 June 2011 (and as subsequently amended), relating to sub‑regulation 6(1) of the Regulations and to certain persons and entities in or associated with Syria; and
 
2.      the Variation of Exemption dated 16 June 2011, as published in the Commonwealth of Australia Gazette No. GN 24, 22 June 2011 (and as subsequently amended), relating to sub‑regulation 8(1)(a) of the Regulations and to certain persons and entities in or associated with Syria.
Further, the Reserve Bank of Australia, pursuant to section 33(3) of the Acts Interpretation Act 1901, hereby revokes the Direction Relating To Foreign Currency Transactions And To Syria issued under regulation 5 of the Regulations dated 16 June 2011, as published in the Commonwealth of Australia Gazette No. GN 24, 22 June 2011 (and as subsequently amended), relating to foreign currency transactions involving certain persons and entities in or associated with Syria.
This instrument commences, and the revocations in it take effect, upon the commencement of the Autonomous Sanctions (Designated and Declared Persons - Syria) List 2012, made pursuant to subregulation 6(1) of the Autonomous Sanctions Regulations 2011.
Dated at Sydney this 22nd of February 2012.
For and on behalf of the Reserve Bank of Australia,
 
 
Glenn Stevens
Governor
Read Entire Law on www.comlaw.gov.au