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

Link to law: https://www.comlaw.gov.au/Details/F2012L00433

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
BANKING (FOREIGN EXCHANGE) REGULATIONS 1959
REVOCATION OF VARIATIONS OF EXEMPTION AND DIRECTION RELATING TO FOREIGN CURRENCY TRANSACTIONS – LIBYA
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 4 March 2011, as published in the Commonwealth of Australia Gazette No. S 35, 9 March 2011 (and as subsequently amended), relating to sub‑regulation 6(1) of the Regulations and to certain persons and entities in or associated with Libya; and
 
2.      the Variation of Exemption dated 4 March 2011, as published in the Commonwealth of Australia Gazette No. S 36, 9 March 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 Libya.
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 Libya issued under regulation 5 of the Regulations dated 4 March 2011, as published in the Commonwealth of Australia Gazette No. S 34, 9 March 2011 (and as subsequently amended), relating to foreign currency transactions involving certain persons and entities in or associated with Libya.
This instrument commences, and the revocations in it take effect, upon the commencement of the Autonomous Sanctions (Designated and Declared Persons - Libya) 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