Variation of List of Names and Categories of Registered Entities - ANZ Commodity Trading Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Parliament of Australia, addresses the need for the collection and management of financial data from entities within the financial sector to ensure prudential regulation and oversight. This Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a register of entities and a list of their names, ensuring that entities such as ANZ Commodity Trading Pty Ltd, upon meeting specific criteria, are appropriately categorised and monitored within the financial sector. The policy objective is to facilitate effective regulatory oversight by ensuring comprehensive and accurate data collection, thereby contributing to the stability and integrity of the financial system. This legislation enables APRA to update the list of registered entities as new entities become eligible for registration, as seen in the case of ANZ Commodity Trading Pty Ltd, which has been added to the register and subsequently to the list of names. This ongoing process is critical for maintaining an up-to-date and accurate database that supports APRA's mandate to supervise and regulate financial institutions, ensuring they comply with relevant prudential standards. The inclusion of new entities in the register and list is a direct outcome of the statutory authority granted under the Act, enabling APRA to carry out its regulatory functions efficiently.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those subject to regulation by the Australian Prudential Regulation Authority (APRA). This Act mandates the creation and maintenance of a register of entities that are required to be registered under the Act, as well as a list of the names of these registered entities. The Act applies to a wide range of financial sector entities including banks, insurance companies, and other financial institutions that fall within the jurisdiction of APRA. The geographic and jurisdictional reach of the Act extends across the Commonwealth of Australia, thereby ensuring uniform data collection and regulation across the nation. The Act's application may be extended or restricted through subordinate instruments such as regulations and legislative instruments made under the Act. This particular variation notice, dated 11 December 2013, pertains to ANZ Commodity Trading Pty Ltd, which has been added to the list of registered entities following its classification as a registrable corporation under the Act. The variation does not specify any exclusions or exemptions but serves to update the list to reflect the current status of registered entities.

Key Provisions

The primary operative sections of the legislation are sections 8, 11, 7, and 10 of the Financial Sector (Collection of Data) Act 2001. Section 8(a) requires the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities, while section 11(a) mandates that APRA also maintains a List of Names of these registered entities. Section 7 defines a registrable corporation, and section 10(a) authorises APRA to add the names of such corporations to the register, making them registered entities under subsection 5(3) of the Act. The obligations and requirements imposed by the Act on the parties and entities it governs include the maintenance of accurate and up-to-date records by APRA. APRA must ensure that any entity that meets the criteria outlined in section 7 of the Act is promptly added to both the Register of Entities and the List of Names. This is essential for compliance and regulatory oversight within the financial sector. Furthermore, any entity that becomes a registrable corporation must be informed of its registration status and any associated obligations under the Act. Any breach of the obligations and requirements set out in the Act may result in civil or criminal consequences. Although the specific penalties are not detailed in this particular legislation, the Act generally provides for enforcement actions that can include fines and other penalties for non-compliance. The Financial Sector (Collection of Data) Act 2001 includes provisions for imposing financial penalties for failure to comply with data collection and reporting requirements, with the exact amount of the penalty potentially varying based on the severity and nature of the breach. Additionally, more serious breaches may result in criminal charges, with the potential for imprisonment in extreme cases.