Variation of List of Names and Categories of Registered Entities - Alleasing Finance Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to ensure that the Australian Prudential Regulation Authority (APRA) has access to sufficient and reliable data to effectively supervise financial institutions. This legislation was introduced to address the need for a comprehensive and up-to-date record of registered entities in the financial sector, facilitating better regulation and risk management. The Australian Parliament passed the Act, aiming to provide a legal framework for the collection, analysis, and dissemination of financial sector data. This specific legislative instrument, Gazetted on 6 May 2015, is a gazetted instrument made by a delegate of APRA to amend the list of registered entities by removing the name of Alleasing Finance Limited, reflecting its cessation as a registrable corporation under the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 governs the collection, analysis, and dissemination of data within the Australian financial sector, with the Australian Prudential Regulation Authority (APRA) as the key regulatory body. This Act applies to entities involved in the financial sector, including banks, credit unions, insurance companies, and other financial institutions. The Act mandates the maintenance of a register of registered entities and a list of their names, which APRA administers under sections 8 and 11 of the Act, respectively. The legislative framework extends across the Commonwealth of Australia, ensuring uniform regulation and data collection practices. The Act may have exclusions or exemptions for certain entities, as specified under its provisions, and APRA can extend or restrict its application through subordinate instruments. In the context of the gazetted notice, the Act facilitates the removal of a specific entity, Alleasing Finance Limited, from its register and the associated list of names upon the cessation of its status as a registrable corporation. This administrative action, executed by a delegate of APRA, underscores the Act’s function in maintaining accurate and current records of financial sector entities.

Key Provisions

The Financial Sector (Collection of Data) Act 2001 (the Act) includes provisions for the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities (section 8) and a list of names of registered entities (section 11). This Notice, dated 6 May 2015, specifically addresses the removal of a corporation from this list. The corporation in question, Alleasing Finance Limited, has ceased to be a registrable corporation as defined in section 7 of the Act, and as such, has also ceased to be a registered entity under subsection 5(3) of the Act. Under subsection 11(2) of the Act, Barton Ashcroft, a delegate of APRA, has exercised the authority to vary the list of names of registered entities. This action has been taken because Alleasing Finance Limited is no longer a registrable corporation, as defined in section 7 of the Act. Consequently, APRA has removed the name of Alleasing Finance Limited and related particulars from the Register of Entities in accordance with paragraph 10(c) of the Act. This amendment ensures that the list of registered entities accurately reflects the current status of all entities under the Act. The Act imposes specific obligations on APRA to maintain accurate and up-to-date records of registered entities. This includes the responsibility to update the Register of Entities and the list of names of registered entities whenever a corporation ceases to be registrable. By removing Alleasing Finance Limited from both the Register of Entities and the list of names, APRA fulfils its duty to ensure that these records are precise and current. This process is crucial for maintaining the integrity of the financial sector data collection and regulation framework. Breaches of the obligations imposed by the Act could lead to civil or criminal consequences. However, the specific Notice does not detail the penalties for such breaches. The Act itself provides for a range of penalties, including fines and imprisonment, depending on the nature and severity of the offence. The exact penalties are determined by other provisions within the Act and relevant legislation. The primary focus of this Notice is the administrative action taken to update the list of registered entities, ensuring compliance with the statutory requirements.