Section 65 of the FMA Act  provides for the Governor-General to make regulations prescribing matters necessary or convenient for carrying out or giving effect to the Act. The regulations are made on the recommendation of the Government.
The principal matters covered by the Financial Management and Accountability Regulations 1997  (FMA Regulations) are:
- a list of prescribed Agencies and Chief Executives
- Chief Executive's Instructions
- Commonwealth Procurement Rules (issued by the Finance Minister)
- Commonwealth Grant Guidelines (issued by the Finance Minister)
- Commonwealth Grant Guidelines (Second Edition, June 2013) (Approved for release in 2013)
- approval of spending proposals and entering into contracts, agreements or arrangements
- entering into loan guarantees
- Fraud Control Guidelines  (issued by the Minister for Justice)
- other types of authorised investment (under section 39 of the FMA Act)
- preparation of annual financial statements of the Commonwealth and the audit of those statements by the Auditor-General
- delegation of powers or functions of the Finance Minister, the Treasurer and Chief Executives.
The Regulations are tabled in Parliament and are subject to disallowance by Parliament.
The Finance Chief Executive made a Determination on 7 February 2012, under FMA Regulation 5A:
- Determination of Business Operations under the FMA Regulations PDF version [ 833 KB ]
- Determination of Business Operations under the FMA Regulations RTF version [ 24 KB ]
The Determination ceases the classification of the Australian Quarantine and Inspection Service and the National Residue Survey as business operations within the Department of Agriculture, Fisheries and Forestry, on 29 February 2012; and specifies the Therapeutic Goods Administration as a business operation.