Variation of List of Names and Categories of Registered Entities - ACM Group Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Parliament of Australia to streamline the collection, analysis, and dissemination of financial sector data, thus ensuring a robust and efficient regulatory framework. This legislation was introduced to address the need for a coordinated and comprehensive approach to data collection across the financial sector, enabling better monitoring and regulation of financial entities to safeguard the stability and integrity of the financial system. The Australian Prudential Regulation Authority (APRA) is responsible for maintaining the Register of Entities and the list of names of registered entities, as outlined in sections 8 and 11 of the Act, respectively. This variation of the list of names of registered entities, as specified in the Notice dated 26 May 2015, demonstrates APRA’s ongoing commitment to accurately and timely updating the list to reflect changes in the financial sector landscape, thereby achieving the policy objective of effective data management and regulation.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector in Australia, specifically those required to be registered with the Australian Prudential Regulation Authority (APRA). This Act governs the collection of data from these entities, ensuring that they maintain a register of registered entities and a list of their names as stipulated in sections 8 and 11 of the Act respectively. The Act encompasses various financial entities, including banks, insurance companies, and other corporations that fall under the definition of a registrable entity as per section 7. Its application is national, affecting entities across all states and territories of Australia. However, the Act does not specify any exclusions, exemptions, or thresholds, thereby applying broadly to the financial sector. The application of the Act can be extended or restricted through subordinate instruments, which may provide further details or modifications to the registration and data collection requirements. This particular variation notice updates the list by adding ACM Group Limited to the register and list of registered entities.

Key Provisions

The primary operative sections of this legislation pertain to the variation of the list of names and categories of registered entities, as maintained by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001. Specifically, section 8 of the Act establishes the Register of Entities, while section 11 requires APRA to maintain a list of the names of registered entities. This Notice, dated 26 May 2015, executed by Barton Ashcroft, a delegate of APRA, modifies the list by adding the name of ACM Group Limited, a newly recognised registrable corporation as defined in section 7 of the Act. This addition is made pursuant to paragraph 10(a) of the Act, which mandates that APRA must include the name and particulars of the corporation in the register, thereby making it a registered entity under subsection 5(3) of the Act. The obligations imposed by the Act on the parties and entities it governs primarily revolve around the accurate and timely maintenance of the Register of Entities and the list of registered entities' names. Section 11, in particular, places a statutory duty on APRA to keep this list up to date, ensuring that all entities meeting the criteria for registration are included. This requirement ensures transparency and effective oversight within the financial sector. Additionally, section 10(a) necessitates that APRA records the names and particulars of any new entities that meet the criteria for registration, thereby extending the scope of regulatory oversight to encompass all relevant financial sector participants. The Act delineates specific consequences and penalties for non-compliance with its provisions. Although the Notice does not explicitly enumerate the penalties for breaches, the broader Act might impose both civil and criminal penalties for failure to comply with its requirements. Under Australian law, breaches of statutory duties can result in substantial fines and, in more severe cases, imprisonment. For example, section 13 of the Act, while not directly addressing penalties, suggests that serious non-compliance could lead to enforcement actions, including fines up to the maximum statutory limits or, in the case of wilful or negligent breaches, even criminal charges. The precise penalties would depend on the nature and severity of the breach, as well as any additional statutory or regulatory provisions that may apply.