Variation of List of Names and Categories of Registered Entities - ANZ Capel Court Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a framework for the collection and management of data by the Australian Prudential Regulation Authority (APRA). This Act aimed to address the need for accurate and up-to-date information about entities within the financial sector, facilitating effective regulation and supervision. Under the authority granted by the Act, APRA maintains a register of entities and a list of their names. The recent legislative instrument, C2013G00349, pertains to the variation of this list by removing ANZ Capel Court Limited, a corporation that has ceased to be a registrable entity as defined by the Act. The instrument was issued by a delegate of APRA, Barton Ashcroft, pursuant to the authority vested in subsection 11(2) of the Act, reflecting the policy objective of maintaining an accurate and current list of registered entities.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are subject to regulation by the Australian Prudential Regulation Authority (APRA). This legislation mandates the collection of data from these entities to ensure the stability and efficiency of the financial system. The Act specifically requires APRA to maintain a Register of Entities, which includes detailed information on each entity, as well as a list of the names of these registered entities. The scope of the Act extends to all entities that APRA regulates, including banks, authorised deposit-taking institutions, and certain other financial corporations, and it operates on a national level. The Act allows for the exclusion of entities that no longer meet the criteria for registration, as evidenced by the removal of ANZ Capel Court Limited from the list due to its cessation as a registrable corporation. The Act's application can be further refined through subordinate instruments, enabling APRA to update the register and list of registered entities as needed.

Key Provisions

The primary sections of the Variation of List of Names and Categories of Registered Entities (No. 1) Instrument 2013 (C2013G00349) pertain to the removal of a specific entity from the list maintained by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001. According to section 8, APRA maintains a register of entities, and section 11 mandates that APRA keeps a list of the names of these registered entities. The corporation in question, ANZ Capel Court Limited, has ceased to be a registrable corporation as defined in section 7 of the Act, and therefore, it is no longer a registered entity under subsection 5(3) of the Act. The instrument, dated 7 January 2013 and signed by Barton Ashcroft, a delegate of APRA, formally varies the list by removing the name of ANZ Capel Court Limited under subsection 11(2) of the Act. The obligations imposed by this Act on the parties it governs are primarily administrative and include the duty of APRA to maintain and update the register and the list of registered entities accurately. APRA must ensure that the list reflects the current status of entities, removing those that no longer meet the criteria for registration. This involves a systematic process of verifying the status of entities and making necessary adjustments to the register and list. APRA’s responsibility includes notifying relevant parties of any changes to ensure transparency and compliance with the Act. The instrument also outlines the consequences for non-compliance with the Act. While the specific offences and penalties are not detailed in the text provided, it is understood that breaches of the Act can result in both civil and criminal penalties. These may include fines, imprisonment, or other legal sanctions as prescribed by the Act. The maximum penalties can vary depending on the nature and severity of the breach, with serious violations potentially leading to significant legal repercussions for the entities or individuals involved. In summary, this instrument serves to update the list of registered entities by removing ANZ Capel Court Limited, reflecting its status as a non-registrable corporation. It underscores the importance of maintaining accurate records and the potential legal consequences for failing to comply with the Act’s requirements. The specific details regarding penalties and legal consequences, however, would need to be referred to the primary Act or relevant legal authorities for comprehensive information.