Variation of List of Names and Categories of Registered Entities - Abaz Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to provide a framework for the collection of data by the Australian Prudential Regulation Authority (APRA) and other financial sector regulators, ensuring that the necessary information is gathered to monitor and regulate the financial sector effectively. This Act addresses the problem of ensuring that financial entities, including banks, insurance companies, and other financial institutions, provide accurate and timely data to APRA. The Australian Parliament enacted this legislation to establish a robust data collection regime that supports regulatory oversight and protects consumers. This legislative instrument, C2015G01073, issued under the authority of the Financial Sector (Collection of Data) Act 2001, varies the list of names of registered entities by adding the name of Abaz Pty Ltd to the register maintained by APRA. This addition is in response to Abaz Pty Ltd becoming a registrable corporation as defined in the Act. The policy objective underpinning this variation is to ensure that the register maintained by APRA is comprehensive and up-to-date, thereby supporting effective regulatory oversight and compliance monitoring of all entities within the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the Australian financial sector that are required to be registered with the Australian Prudential Regulation Authority (APRA). This Act mandates the collection of specific data from entities to facilitate effective supervision and regulation of the financial sector. The Act applies to entities such as banks, credit unions, authorised deposit-taking institutions, and other financial entities as defined under the Act. The geographic and jurisdictional reach of the Act is national, as it is a Commonwealth Act that applies across Australia. The Act extends its application through subordinate instruments, which may include regulations and notices issued by APRA to provide further detail on data collection requirements and specific categories of entities. Exclusions or exemptions from registration are outlined within the Act, generally based on the nature and scale of the entity's operations. The Act does not specify any thresholds for registration, but rather defines registrable entities based on their function and activities within the financial sector.

Key Provisions

The key operative sections of this legislation concern the maintenance and variation of the Register of Entities and the List of Names of Registered Entities under the Financial Sector (Collection of Data) Act 2001 (sections 8 and 11). Specifically, the legislation empowers APRA to add new entities to the Register and List when an entity becomes registrable, as outlined in section 7. This variation to the List is formalised by a delegate of APRA, in this case Barton Ashcroft, who has the authority under subsection 11(2) to make such changes. The addition of Abaz Pty Ltd to the List of Names and the Register is a direct result of the corporation meeting the criteria for a registrable entity. The Act imposes several obligations on APRA, primarily the duty to maintain an accurate and up-to-date Register of Entities and List of Names of Registered Entities. This involves not only the inclusion of new entities but also the regular review and updating of the List as entities change their status or cease to be registrable. The obligation extends to ensuring that all relevant information, such as the corporation's name and particulars, is accurately recorded and reflected in the Register. Breaches of the requirements set out in the Act may lead to significant legal consequences. Although the specific penalties for non-compliance are not detailed in this excerpt, the Act generally allows for both civil and criminal penalties for breaches of its provisions. For instance, failure to comply with the data collection and reporting requirements could result in substantial fines or other enforcement actions. The exact penalties may vary depending on the nature and severity of the breach, but they are intended to ensure strict adherence to the regulatory framework governing financial entities in Australia.