Variation of List of Names and Categories of Registered Entities - A.C.N 001 231 027 Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of data from entities within the financial sector, primarily to support the regulatory functions of the Australian Prudential Regulation Authority (APRA). This legislation was introduced to address the need for a comprehensive and consistent framework for data collection, ensuring that APRA could effectively monitor and regulate entities to maintain financial stability and protect consumers. The Act empowers APRA to maintain a register of entities and a list of their names, which is critical for regulatory oversight. The policy objective of the Act is to enhance the transparency and accountability of financial institutions by requiring the collection and maintenance of accurate and up-to-date information. This instrument, dated 4 June 2014, demonstrates the practical application of the Act by adjusting the list of registered entities to reflect changes in the status of particular corporations, thereby maintaining the integrity and relevance of the data held by APRA.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector and is administered by the Australian Prudential Regulation Authority (APRA). This particular legislation concerns the maintenance and variation of the register of registered entities and the list of their names, as overseen by APRA. The Act applies to entities that are required to be registered under its provisions, and in this instance, the specific exclusion pertains to a company, A.C.N. 001 231 027 Pty Limited (ACN: 001231027), which has ceased to be a registrable corporation and has been removed from both the register and the list of names. The application of the Act is national in scope, impacting entities across Australia. The exclusion of this particular corporation from the register and the list is a direct consequence of its cessation as a registrable entity, as stipulated in the Act. The Act allows for the extension and restriction of its application through subordinate instruments, ensuring that the register and list accurately reflect the current status of registered entities within the financial sector.

Key Provisions

The gazette C2014G00906 under the Financial Sector (Collection of Data) Act 2001 (the Act) concerns the variation of the list of names and categories of registered entities. This variation is specifically about the removal of a particular corporation from the Register of Entities maintained by the Australian Prudential Regulation Authority (APRA) (sections 8 and 11). The corporation in question, identified by its Australian Company Number (ACN) 001 231 027 Pty Limited (ACN: 001231027), has ceased to be a registrable corporation as defined in section 7 of the Act. Consequently, it has also ceased to be a registered entity within the meaning of subsection 5(3) of the Act. As a delegate of APRA, John Hotham has officially varied the list by removing the name of this corporation under subsection 11(2) of the Act. Under the Act, APRA is required to maintain a Register of Entities (section 8) and a list of the names of registered entities (section 11). These sections outline the comprehensive framework within which APRA operates to ensure that all entities subject to registration under the Act are properly identified and managed. By removing the corporation's name and particulars from both the register and the list, APRA is complying with these requirements. This action ensures that the records are accurate and up-to-date, reflecting the current status of entities subject to the Act. The obligations imposed on the parties governed by the Act include ensuring that all registrable entities are properly registered with APRA and that the Register of Entities is kept current. This involves notifying APRA of any changes in the status of these entities, such as when a corporation ceases to be registrable. APRA, in turn, is responsible for maintaining accurate records and lists of registered entities, updating them as necessary to reflect the current status of these entities. This process is critical for effective regulatory oversight and enforcement within the financial sector. Breaching the requirements of the Act can have serious consequences. While specific offences and penalties are not detailed in this gazette, the Act generally provides for both civil and criminal penalties for non-compliance. Civil penalties can include fines, while criminal penalties can include imprisonment, depending on the severity and nature of the breach. The precise penalties are determined by the courts based on the specific circumstances of each case, but they serve to enforce compliance and maintain the integrity of the financial sector regulatory framework.