Variation of List of Names and Categories of Registered Entities - ABN AMRO Clearing Bank N.V.

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Parliament of Australia to address the need for a systematic approach to the collection of financial sector data, ensuring that the Australian Prudential Regulation Authority (APRA) can effectively monitor and regulate entities within the financial sector. This legislation established a framework for APRA to maintain a Register of Entities and a corresponding list of names of registered entities, facilitating the regulatory oversight of financial institutions. The policy objective of this Act is to enhance financial stability by providing APRA with the necessary data to monitor and regulate entities, thereby protecting consumers and maintaining confidence in the financial system. The Act allows APRA to collect and update information about entities subject to its oversight, ensuring that the register remains current and comprehensive.

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 under the Act. The Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of names of these entities. In this context, the Act extends its application to ABN AMRO Clearing Bank N.V., which has become a registrable corporation. Pursuant to the authority granted under the Act, APRA has added the particulars of ABN AMRO Clearing Bank N.V. to the register, thereby including it in the list of registered entities. This legislative variation, effective from 2 September 2015, was executed by Barton Ashcroft, a delegate of APRA, in accordance with the powers granted under subsection 11(2) of the Act. This amendment ensures that the list accurately reflects the current status of registered entities within the financial sector.

Key Provisions

The Financial Sector (Collection of Data) Act 2001 is central to the regulation of financial sector entities in Australia, particularly in terms of data collection and management. Under section 8 of the Act, the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities, while section 11 requires APRA to maintain a list of the names of registered entities. The recent variation, as indicated in the gazette, pertains to the addition of ABN AMRO Clearing Bank N.V. to this list. This addition is consequential upon the corporation becoming a registrable entity under section 7 of the Act, and its particulars being added to the register under paragraph 10(a). This change is executed under the authority vested in APRA by subsection 11(2) of the Act, which allows designated delegates to vary the list of registered entities. The Act imposes specific obligations on APRA and the entities it regulates. APRA is mandated to keep accurate and up-to-date records of all registered entities. This includes not only maintaining the list of names but also ensuring that all pertinent information about these entities is recorded and accessible. For the entities themselves, the Act necessitates compliance with any data collection requirements imposed by APRA, which may include submitting financial data, operational details, and other relevant information that APRA deems necessary for regulatory oversight. These obligations are crucial for maintaining the integrity and stability of the financial sector. Failure to comply with the provisions of the Financial Sector (Collection of Data) Act 2001 can lead to significant legal consequences. The Act does not explicitly detail specific offences or penalties within the gazetted variation, but breaches of the Act can generally result in civil or criminal penalties. Civil penalties may include fines, while criminal penalties could involve imprisonment, depending on the nature and severity of the breach. It is essential for both APRA and the entities it regulates to adhere strictly to the requirements set forth by the Act to avoid these repercussions.