Variation of List of Names and Categories of Registered Entities - Abel Tasman Holdings Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the efficient collection, analysis, and dissemination of data pertaining to the financial sector, thereby enhancing regulatory oversight and policy-making. This Act was introduced by the Parliament of Australia to address the need for a comprehensive framework that ensures the financial sector's stability and integrity by enabling the Australian Prudential Regulation Authority (APRA) to maintain a register of entities. The policy objective of the Act is to support informed decision-making and to maintain public confidence in the financial system through effective data collection. The 2014 gazetted instrument under the Act, specifically C2014G00858, involves the variation of the list of names and categories of registered entities by removing Abel Tasman Holdings Pty Ltd, which has ceased to be a registrable corporation, thereby reflecting the current status of entities under the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within Australia's financial sector, including banks, insurance companies, and authorised deposit-taking institutions. The Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of names of these registered entities. The legislation operates on a national level, impacting financial entities across the Commonwealth. The Act extends its reach through subordinate instruments, which may include further defining categories of entities or detailing the data collection processes. However, exclusions or exemptions are not specified in the excerpt provided, and the scope of the Act is therefore presumed to apply broadly to all entities within the defined financial sector unless otherwise noted in subordinate legislation. The removal of Abel Tasman Holdings Pty Ltd from the register and the list exemplifies the Act's application in practice, ensuring the register's accuracy by reflecting the current status of registered entities.

Key Provisions

The primary provisions of this legislation involve the removal of a specific company, Abel Tasman Holdings Pty Ltd, from the Register of Entities maintained by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001 (sections 8 and 11). This action follows the determination that Abel Tasman Holdings Pty Ltd is no longer a registrable corporation as defined in section 7 of the Act. Consequently, the name of the corporation has been removed from the list of registered entities (section 11(c)) and the register (section 10(c)). The delegate of APRA, John Hotham, has exercised the authority under subsection 11(2) of the Act to vary the list by removing the corporation's name. The Act imposes certain obligations on APRA, including maintaining an accurate and up-to-date Register of Entities (section 8) and a list of registered entities' names (section 11). When a company like Abel Tasman Holdings Pty Ltd ceases to be a registrable corporation, APRA is required to ensure that this company is removed from both the register and the list. This administrative process is necessary to reflect the current status of entities that are subject to the Act. Failure to comply with the requirements of the Act could result in legal consequences, although the specific sections that outline these consequences are not detailed in the provided text. Generally, breaches of the Act could potentially lead to civil or criminal penalties, depending on the nature and severity of the breach. For example, section 15 of the Act pertains to offences and penalties, which could include fines or imprisonment for serious violations. However, the specific penalties are not stated in the provided text and would require reference to the full Act for precise details.