Variation of List of Names and Categories of Registered Entities - 1925 (Industrial) Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of data concerning entities within the financial sector, enabling better regulation and supervision by the Australian Prudential Regulation Authority (APRA). This legislation addresses the need for comprehensive and timely data to ensure the stability and integrity of Australia’s financial system. The Act was enacted by the Parliament of Australia, reflecting a policy objective to enhance the regulatory framework for financial institutions, thereby protecting consumers and maintaining financial stability. The 2014 Gazette entry (C2014G01143) represents a specific instance of the Act in operation, where the Australian Prudential Regulation Authority, as a delegate of the relevant authority under the Act, has exercised its powers to update the list of registered entities by removing the name of a company that has ceased to be a registrable corporation. This administrative action ensures the accuracy and currency of the register, aligning with the overarching policy objectives of the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, requiring the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a List of Names and Categories of Registered Entities. This legislation pertains to entities that fall under the purview of APRA’s regulatory oversight, including banks, credit unions, authorised deposit-taking institutions, and other financial sector entities defined in the Act. The Act operates on a national level, applying across Australia, as it is a Commonwealth Act. The primary purpose of the Act is to facilitate the collection of data necessary for effective regulatory supervision and monitoring of entities within the financial sector. The Act’s scope is further extended or restricted through subordinate instruments, which allow APRA to specify additional details regarding the data collection process and the entities subject to the Act. In this instance, the Act has been used to remove the name of a specific entity, 1925 (Industrial) Pty Limited, from both the Register and the List of Names and Categories of Registered Entities, following its cessation as a registrable corporation under the Act.

Key Provisions

The main operative sections of the legislation concern the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. Section 8 of the Act establishes that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities, while section 11 mandates that APRA also maintains a list of the names of these registered entities. The list is updated as entities cease to be registered, as per section 5(3) of the Act. The Notice, dated 26 June 2014, pertains to the removal of 1925 (Industrial) Pty Limited from this list following its cessation as a registrable corporation under section 7 of the Act. The Act imposes several obligations on APRA and registered entities. APRA must ensure that the Register of Entities (section 8) and the list of registered entity names (section 11) are accurate and up-to-date. When a corporation ceases to be a registrable entity, APRA must remove its name and particulars from the Register (section 10(c)) and update the list accordingly (section 11). The Notice, signed by John Hotham, a delegate of APRA, demonstrates compliance with these obligations by removing the corporation's name from the list. The legislation does not explicitly state offences, penalties, or civil/criminal consequences for breaches. However, the Financial Sector (Collection of Data) Act 2001 may include such provisions elsewhere in the Act. The Notice itself focuses on the administrative task of updating the list of registered entities and does not address enforcement or penalties directly. The omission of specific penalties in this Notice suggests that any related enforcement actions would be governed by the broader provisions of the Act.