Variation of List of Names and Categories of Registered Entities - Agrium Asia Pacific Commercial Funding Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Parliament of Australia to streamline the collection of data from entities within the financial sector, thereby enhancing the capacity of the Australian Prudential Regulation Authority (APRA) to monitor and regulate the sector effectively. The Act was introduced to address the need for a unified and comprehensive framework for the collection and management of financial data from entities that are critical to the stability and integrity of the financial system. The primary policy objective of the Act is to ensure that APRA can access accurate and timely information, thereby facilitating informed decision-making and regulatory oversight. This legislative instrument, which varies the list of names and categories of registered entities, exemplifies the Act's purpose by adjusting the register to reflect the cessation of a specific entity, Agrium Asia Pacific Commercial Funding Ltd, from its list of registered entities. The variation, authorised by a delegate of APRA under the Act, ensures the register remains current and reflective of the current status of entities within the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to the Australian Prudential Regulation Authority (APRA) and the entities it regulates, which include authorised deposit-taking institutions, authorised credit unions, market operators, and certain other entities that are defined as 'registrable corporations' under the Act. This legislation mandates APRA to maintain a register of these entities and a separate list of their names. The Act has a national jurisdictional reach, affecting entities across Australia. The recent Gazette notice, C2014G01998, pertains to the removal of Agrium Asia Pacific Commercial Funding Ltd from APRA's register and the list of registered entities due to its cessation as a registrable corporation. This removal follows the requirements under the Act, ensuring that the register and list are kept up to date. The Act’s application can be extended or restricted through subordinate instruments, allowing for flexibility in its implementation and enforcement.

Key Provisions

Under section 8 of the Financial Sector (Collection of Data) Act 2001, the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities, which includes comprehensive details about registered entities relevant to the financial sector. Section 11 of the Act mandates that APRA also maintains a list of names of these registered entities. The Act now requires the removal of Agrium Asia Pacific Commercial Funding Ltd (ABN 21 105 470 700) from this list and register due to the corporation no longer meeting the criteria for registration. This action is formalised under subsection 11(2) of the Act, where John Hotham, as a delegate of APRA, has varied the list by removing the corporation's name. The Act imposes several obligations on APRA, including the maintenance and updating of the Register of Entities and the list of registered entities' names. APRA must ensure that any entity that ceases to meet the registrable criteria is promptly removed from these records. This is demonstrated in the case of Agrium Asia Pacific Commercial Funding Ltd, which has been duly removed from both the register and the list following its cessation as a registrable corporation. These obligations are critical to maintaining accurate and current information about entities within the financial sector. Failure to comply with the requirements of the Act can lead to various consequences. While the specific section of the Act pertaining to penalties for non-compliance is not detailed in the provided text, breaches of similar Acts typically result in penalties that can include fines and, in severe cases, criminal charges. The severity of these penalties can vary depending on the nature and extent of the breach. It is essential for entities governed by the Act to adhere strictly to its provisions to avoid any adverse legal ramifications.