Variation of List of Names and Categories of Registered Entities - AGFA Finance Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of data on financial sector entities in Australia, thereby enabling the Australian Prudential Regulation Authority (APRA) to effectively monitor and regulate these entities. This Act addresses the need for accurate and up-to-date information on financial institutions to ensure stability and integrity within the financial sector. The Act provides APRA with the authority to maintain a Register of Entities and a list of names of these registered entities, allowing for efficient oversight and regulation. The policy objective of the Act is to enhance the regulatory framework for financial institutions by ensuring that APRA has comprehensive and current data on entities subject to its regulation. This legislative instrument is a variation notice issued under subsection 11(2) of the Act, which pertains to the removal of a specific entity's name from the list maintained by APRA, reflecting the entity's cessation as a registrable corporation.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are subject to data collection requirements under the Act, with the Australian Prudential Regulation Authority (APRA) maintaining a register of such entities and a corresponding list of their names. This legislation is a Commonwealth Act, extending its reach across the entire nation, and it primarily concerns financial sector entities, including those involved in the collection of data pertinent to the financial services industry. The Act facilitates the regulation and oversight of these entities to ensure compliance with financial standards and data reporting obligations. The scope of the Act includes any entity that falls within the definition of a registrable corporation as per section 7, necessitating their inclusion in APRA's register. The geographic jurisdiction of the Act is national, affecting entities regardless of their location within Australia. The Act does not specify exclusions or exemptions, except for entities that cease to be registrable corporations, which are then removed from both the register and the list as per the provisions outlined in the Act. This Notice, dated 4 June 2014, demonstrates the application of the Act by detailing the removal of AGFA Finance Pty Ltd from the register and the list, reflecting its status as a non-registrable corporation under section 5(3) of the Act.

Key Provisions

The primary sections of the Financial Sector (Collection of Data) Act 2001 (the Act) relevant to this legislation involve the maintenance of a register of entities (section 8) and a list of the names of these registered entities (section 11). Section 8 outlines the process by which the Australian Prudential Regulation Authority (APRA) maintains the register, while section 11 details the compilation of the list of names of registered entities. Section 7 of the Act defines the term "registrable corporation," which is integral to understanding the scope of entities subject to data collection and reporting requirements under the Act. Under the Act, APRA has a statutory obligation to maintain a comprehensive and accurate register of entities that are subject to the Act's data collection provisions. This includes entities that must be registered because they meet the criteria of a "registrable corporation" as defined in section 7 of the Act. The list of registered entities' names, maintained under section 11, serves as a public record and is subject to updates as entities are added to or removed from the register. The removal of AGFA Finance Pty Ltd from the register and list is a direct consequence of its cessation as a registrable corporation. In accordance with the Act, APRA is required to ensure that any changes to the register are promptly reflected in the list of names. The removal of AGFA Finance Pty Ltd from both the register and the list of names is a formal acknowledgment of its status change, which is carried out under the authority provided by subsection 11(2) of the Act. This process ensures that the public record accurately reflects the current status of entities that are subject to the Act's data collection and reporting obligations. Breach of the requirements outlined in the Act may lead to civil or criminal penalties. While the specific offences, penalties, or consequences for non-compliance are not detailed in this particular legislation, the Act generally empowers APRA to take enforcement actions against entities that fail to comply with their obligations. Such actions may include fines, legal proceedings, or other regulatory sanctions as deemed appropriate by APRA. The precise nature and extent of these penalties would be determined in accordance with the broader provisions of the Act and other relevant legislation.