Variation of List of Names and Categories of Registered Entities - AF&L Dragon Leasing Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for systematic collection and regulation of financial sector data, thereby ensuring the stability and integrity of the financial system in Australia. This legislation empowers the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a List of Names of registered entities, allowing for the effective monitoring and regulation of financial institutions. The policy objective of the Act is to facilitate the regulation and supervision of financial entities, thereby contributing to the overall stability and efficiency of the financial sector. The present legislative instrument, gazetted on 12 May 2014, serves to update the List of Names of registered entities by including AF&L Dragon Leasing Pty Ltd, reflecting its status as a registrable corporation under the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are required to be registered with the Australian Prudential Regulation Authority (APRA). This legislation mandates that APRA maintains a Register of Entities and a corresponding list of these entities' names. The Act's scope includes any corporation that meets the criteria for registrability under section 7, necessitating inclusion in APRA's records. APRA's authority to update the list of registered entities, as per section 11, extends to incorporating the names and relevant details of new registrable corporations such as AF&L Dragon Leasing Pty Ltd. This legislative framework ensures that the register and list are kept up-to-date to reflect changes in the financial sector. Notably, the Act applies across the Commonwealth of Australia, providing a uniform approach to the registration and monitoring of financial entities. The Act's application is not limited by state or territory boundaries, thereby ensuring a cohesive regulatory environment. The Act itself does not specify exclusions or exemptions but relies on subordinate instruments to further define and refine its application. These instruments may include regulations that detail specific conditions or categories of entities subject to registration or those that might be exempt under certain circumstances.

Key Provisions

The primary sections relevant to this legislation are section 8, which mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities; section 11, which requires APRA to maintain a list of the names of registered entities; and section 10(a), which allows APRA to add the names of corporations to the register. According to subsection 11(2) of the Act, I, as a delegate of APRA, have the authority to vary the list by adding the names of corporations, as stipulated in this Notice. Under this Act, APRA has the obligation to keep a comprehensive register of entities as per section 8, ensuring that all entities subject to the Act are properly recorded. Section 11 further requires APRA to maintain a list of the names of these registered entities. Additionally, in accordance with section 10(a), APRA is responsible for adding the names and particulars of new registrable corporations to this register. The Act also specifies that once a corporation is added to the register, it becomes a registered entity as defined in subsection 5(3). The legislation imposes specific obligations on APRA to ensure that the register and the list of registered entities are updated and maintained accurately. APRA must ensure that any new registrable corporation, such as AF&L Dragon Leasing Pty Ltd, is added to the register and subsequently to the list of registered entities. This requires APRA to perform due diligence and verify the details of the corporation before making any additions. For breaches of the obligations outlined in the Act, there are potential civil and criminal consequences. While the specific penalties are not detailed in this Notice, breaches of similar legislative requirements typically attract fines and, in severe cases, may result in imprisonment. The exact penalties would depend on the nature and severity of the breach, as well as any relevant case law or precedents. However, it is clear that failure to comply with the obligations to maintain the register and list of registered entities can lead to serious repercussions for APRA and the affected entities.