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

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for the Australian Prudential Regulation Authority (APRA) to maintain comprehensive and accurate data on entities that are subject to prudential standards. The Act empowers APRA to collect, assess and maintain data on registered entities, ensuring the stability and integrity of the financial sector. This legislative framework was established by the Parliament of Australia to provide a robust mechanism for APRA to monitor and regulate entities that fall under its purview. The policy objective of the Act is to enhance the prudential oversight of financial institutions, thereby protecting consumers and maintaining the stability of the financial system. The 2014 variation of the list of names and categories of registered entities under this Act reflects the dynamic nature of the financial sector, where entities may enter or exit the market. The Australian Prudential Regulation Authority, as a delegate of the Commonwealth, exercises its powers under the Act to update the register of entities and the list of registered entities accordingly. This particular variation, gazetted on 4 June 2014, involved the removal of AgfaPhoto Finance Australia Pty Ltd from both the register and the list, as it had ceased to be a registrable corporation as defined in the Act. The variation was executed by John Hotham, a delegate of APRA, pursuant to the authority granted under the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those that are designated as registrable corporations under the Act. The Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a corresponding list of names of these registered entities. The scope of the Act is primarily concerned with the collection and management of data pertinent to these entities. The legislation operates at the national level, ensuring consistent regulation across the Commonwealth. In the case of AgfaPhoto Finance Australia Pty Ltd, the corporation has been removed from the register and the list due to its cessation as a registrable corporation. This removal is pursuant to the authority granted under section 11(2) of the Act, which empowers APRA to update the list of registered entities as necessary. The Act allows for further specification and application through subordinate instruments, ensuring its provisions can be tailored to changes in the financial sector.

Key Provisions

The key operative sections of this legislation are section 8, which pertains to the keeping of a Register of Entities, and section 11, which relates to the list of names of registered entities. Section 8 requires the Australian Prudential Regulation Authority (APRA) to maintain a comprehensive register of entities, while section 11 mandates the creation and upkeep of a list of names of these registered entities. In this case, section 11(2) empowers a delegate of APRA to modify the list of names by removing the name of a specific corporation, as has been done here with AgfaPhoto Finance Australia Pty Ltd. The Act imposes several obligations and requirements on the parties and entities it governs. APRA, as the authority responsible for maintaining the register and list, must ensure that all registrable entities are correctly identified and listed. This includes the obligation to update the register and list promptly whenever an entity ceases to be a registrable corporation. In this instance, once it was determined that AgfaPhoto Finance Australia Pty Ltd was no longer a registrable corporation, APRA was required to remove its name from both the register and the list. This action is detailed in the Notice issued by John Hotham, a delegate of APRA, under subsection 11(2) of the Act. The legislation also outlines potential consequences for breaches of the Act's requirements. While specific offences and penalties are not detailed in the Notice, the Financial Sector (Collection of Data) Act 2001 likely includes provisions for civil and criminal penalties for non-compliance. Such penalties could include fines or other monetary sanctions for entities that fail to register correctly or for APRA's failure to maintain accurate records. Although the exact maximum penalties are not specified in this Notice, they can generally be found in the relevant sections of the Act itself, where detailed provisions about enforcement and sanctions are usually outlined. In conclusion, the Notice serves to formally remove the name of AgfaPhoto Finance Australia Pty Ltd from APRA's register and list of registered entities, in accordance with the requirements of the Financial Sector (Collection of Data) Act 2001. This action ensures that the records maintained by APRA remain accurate and up-to-date, reflecting the current status of registered entities. Any failure to comply with these statutory obligations could result in significant civil or criminal penalties, as stipulated in the Act.