Variation of List of Names and Categories of Registered Entities - ABC Fleet Leasing Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Parliament of Australia to facilitate the collection of financial data by the Australian Prudential Regulation Authority (APRA) to ensure the stability and integrity of the financial sector. This Act allows APRA to maintain a register of entities and a list of their names, which is essential for regulatory oversight and monitoring. The problem or gap this legislation addresses includes the need for accurate and up-to-date information about entities within the financial sector to effectively manage risks and ensure compliance with regulatory standards. The policy objective of the Act is to provide APRA with the necessary tools to collect and manage data efficiently, thereby protecting consumers and maintaining the stability of the financial system. The provided Gazette, C2014G00912, outlines a specific instance where APRA has removed the name of ABC Fleet Leasing Pty Ltd from its register and list of registered entities due to the corporation ceasing to be a registrable entity under the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector in Australia, specifically those that are required to be registered with the Australian Prudential Regulation Authority (APRA). The Act mandates APRA to maintain a Register of Entities, which includes detailed information about each registered entity, and a separate list of the names of these entities. This legislation is pivotal for ensuring that financial institutions are properly supervised and regulated, thereby maintaining stability within the financial sector. The Act extends its jurisdiction across the Commonwealth of Australia, thereby applying uniformly regardless of state or territory boundaries. However, the Act excludes certain entities from registration requirements if they do not meet the criteria set out in section 7, such as being a registrable corporation. Additionally, APRA has the authority to extend or restrict the application of the Act through subordinate instruments, ensuring flexibility in its implementation. In this particular instance, ABC Fleet Leasing Pty Ltd has been removed from both the register and the list of names due to its cessation as a registrable corporation, as authorised by the Act. This administrative action was undertaken by a delegate of APRA, in compliance with the statutory provisions outlined in the legislation.

Key Provisions

The gazette C2014G00912 details a variation to the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. According to section 8 of the Act, the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities. Additionally, section 11 of the Act requires APRA to keep a list of the names of registered entities. The gazette specifically addresses the removal of ABC Fleet Leasing Pty Ltd from this list due to its cessation as a registrable corporation, as defined in section 7 of the Act. The variation is executed under subsection 11(2) of the Act by a delegate of APRA, in this case, John Hotham, who removes the corporation's name from the list. Under the Act, APRA has the responsibility of maintaining an updated list of registered entities, ensuring that it reflects the current status of entities subject to the Act's provisions. This includes the obligation to remove entities that are no longer registrable corporations. Section 10(c) of the Act allows APRA to remove the name and particulars of such entities from the register. Consequently, when a corporation ceases to be registrable, APRA is mandated to update the list accordingly, as seen in this gazette. The gazette outlines that ABC Fleet Leasing Pty Ltd has ceased to be a registrable corporation, and thus, its name and particulars have been removed from both the register and the list of registered entities under the Act. This reflects the operation of section 5(3) of the Act, which states that the corporation is no longer considered a registered entity. The variation is formalised through the signature of John Hotham, who acts as a delegate of APRA, ensuring compliance with the legislative requirements. In terms of consequences, the Act does not explicitly state penalties for failing to update the list of registered entities. However, the omission of a registrable corporation from the list could potentially lead to non-compliance with regulatory oversight, which may attract scrutiny or further action from APRA. The removal of the corporation from the list ensures that the regulatory framework remains accurate and reflects the current status of entities under the Act.