Variation of List of Names and Categories of Registered Entities - AMS Investment Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Australian Parliament, serves to regulate the collection of data within the financial sector. The Act was introduced to address the need for systematic and comprehensive data collection on entities operating within the financial sector, ensuring that the Australian Prudential Regulation Authority (APRA) has the necessary information to maintain financial stability and protect consumers. The Act allows APRA to maintain a Register of Entities and a list of registered entities, enabling the authority to monitor and regulate the sector effectively. This legislative instrument, represented by the Gazette notice C2014G00888, details a specific instance where a company, AMS Investment Pty Ltd, has ceased to be a registrable entity, leading to its removal from the register and the list of registered entities. This amendment aligns with the policy objective of the Act to ensure the register remains accurate and up-to-date, reflecting the current status of entities within the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are subject to registration under the authority of the Australian Prudential Regulation Authority (APRA). The Act mandates the creation and maintenance of a Register of Entities by APRA, which includes comprehensive details of registered entities, and a separate list of names of these entities. This legislation operates on a national level, impacting a broad range of entities within the financial sector, including banks, insurance companies, and other financial institutions. The Act provides APRA with the power to collect and manage data necessary for the regulation and oversight of these entities. The scope of the Act is further extended through subordinate instruments, which can include regulations and guidelines that specify the types of data to be collected and the processes for updating the register and list. The Act includes provisions for exclusions and exemptions, which are determined by APRA in accordance with its statutory powers and the specific circumstances of individual entities. In this case, AMS Investment Pty Ltd has been removed from the register and the list as it has ceased to be a registrable corporation under the Act, resulting in its removal from the list of registered entities.

Key Provisions

The gazetted notice C2014G00888, under the Financial Sector (Collection of Data) Act 2001, outlines the variation of the list of names and categories of registered entities. The key sections involved in this variation include section 8, which governs the maintenance of the Register of Entities by the Australian Prudential Regulation Authority (APRA), and section 11, which pertains to the list of names of registered entities. The notice specifies that AMS Investment Pty Ltd, a previously registrable corporation, has ceased to be a registrable entity under the Act. The corporation’s removal from the register and the list of names is pursuant to section 10(c) of the Act, which allows APRA to remove the name and particulars of a corporation that has ceased to be a registrable entity. This action results in the corporation no longer being considered a registered entity under subsection 5(3) of the Act. The obligations and requirements imposed by this Act on APRA include the maintenance of a register of entities and a list of names of registered entities. APRA must ensure that the register accurately reflects the current status of entities, including removing entities that no longer meet the criteria for registration. The notice indicates that APRA has fulfilled its obligation to update the register by removing the name and particulars of AMS Investment Pty Ltd, as it has ceased to be a registrable corporation. This process is authorised under subsection 11(2) of the Act, allowing a delegate of APRA to vary the list by removing the name of the corporation. In terms of potential breaches and consequences, the notice does not explicitly detail any offences or penalties related to the variation of the list. However, under the broader framework of the Financial Sector (Collection of Data) Act 2001, failure to comply with the requirements to maintain accurate records and lists can result in enforcement actions. These may include administrative penalties, fines, or other sanctions as determined by relevant authorities. The maximum penalties for breaches of the Act could vary, depending on the specific nature and severity of the non-compliance. It is important for entities to adhere to the obligations set out in the Act to avoid any potential legal repercussions.