Variation of List of Names and Categories of Registered Entities - Alliance Holdings Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Australian Parliament to facilitate the collection, analysis, and dissemination of data concerning the financial sector, thereby enhancing regulatory oversight and promoting stability within the financial industry. The Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of names of registered entities. This legislative framework was introduced to address the need for comprehensive and up-to-date information on entities subject to prudential regulation, enabling APRA to effectively monitor and regulate these entities to safeguard the financial system. The policy objective of the Act is to ensure that APRA has the necessary tools and mechanisms to collect and manage data efficiently, thereby contributing to the overall stability and integrity of the financial sector. The legislative instrument referenced in the gazette, issued by a delegate of APRA, demonstrates the ongoing application and administration of the Act by removing the name of a corporation that has ceased to be a registrable entity.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within Australia’s financial sector, including banks, credit unions, and other institutions that require prudential regulation. Under this Act, the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities and a list of names of registered entities, ensuring that all relevant financial institutions are accounted for and subject to regulatory oversight. The Act provides APRA with the authority to collect data necessary for the effective supervision and regulation of these entities. The geographic reach of the Act is national, as it applies across all states and territories in Australia. The scope of the Act can be extended or restricted through subordinate instruments, allowing for adjustments in response to changes in the financial sector or regulatory requirements. However, the Act does not specify explicit exclusions, exemptions, or thresholds; rather, it relies on the definition of "registrable corporation" within section 7 of the Act to determine applicable entities. The notice provided here pertains specifically to the removal of Alliance Holdings Pty Ltd from the list of registered entities, reflecting the cessation of its status as a registrable corporation under the Act.

Key Provisions

The primary operative sections of this legislation are sections 8, 11, 7, and 10(c) of the Financial Sector (Collection of Data) Act 2001, which mandate the keeping of a Register of Entities and a list of names of registered entities by the Australian Prudential Regulation Authority (APRA). Section 8 requires APRA to maintain the register, while section 11 mandates the maintenance of a list of registered entities' names. Section 7 defines 'registrable corporation', and section 10(c) allows APRA to remove a corporation's name and related particulars from the register when it ceases to be a registrable corporation. The legislative instrument specifies that Alliance Holdings Pty Ltd has ceased to be a registrable corporation and, as such, its name and details have been removed from the register. The Act imposes several obligations on APRA, including the maintenance and updating of the register and the list of registered entities. APRA must ensure that the register and the list accurately reflect the current status of entities subject to the Act. When a corporation ceases to be a registrable corporation, APRA is required to remove that corporation's name and related details from the register. Furthermore, the Act mandates that APRA must vary the list of registered entities' names to reflect these changes, as demonstrated by the removal of Alliance Holdings Pty Ltd from the list. There are no explicit offences, penalties, or consequences detailed in this particular legislative instrument for failing to comply with the Act's requirements. However, the Act generally implies that non-compliance with its provisions could lead to administrative or legal consequences. For instance, failing to maintain accurate records or to update the register and the list of registered entities could result in regulatory scrutiny or enforcement actions. Although the specific penalties for breaches are not outlined in this notice, they may be found in other sections of the Act or in related legislation, which could include fines or other civil or criminal sanctions depending on the nature and severity of the breach.