Variation of List of Names and Categories of Registered Entities - ANZ GPSC No.2 Pty Ltd

Overview

The Variation of List of Names and Categories of Registered Entities under the Financial Sector (Collection of Data) Act 2001 was enacted to address the need for updating the register and list of entities that are subject to data collection requirements as specified by the Australian Prudential Regulation Authority (APRA). The Act was introduced by the Australian Parliament to streamline and ensure that the financial sector’s data collection processes are up-to-date and accurate. This legislative instrument allows APRA to maintain and update the register and list of registered entities, ensuring that all relevant entities are captured and subject to the regulatory oversight and data collection requirements as stipulated by the Act. The policy objective is to enhance the efficiency and effectiveness of financial regulation by ensuring that all entities subject to the Act are correctly identified and monitored.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 (the Act) applies to entities within the financial sector that are required to be registered under the Act. Specifically, the Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of the names of these registered entities. This includes any entity that has become a registrable corporation, as defined in section 7 of the Act. The Act's jurisdiction extends across the Commonwealth of Australia, with APRA being the regulatory body responsible for the administration and enforcement of the Act. The scope of the Act includes the collection, storage, and dissemination of data from these registered entities to ensure financial stability and compliance. The Act allows for variations to the list of registered entities through subordinate instruments, as demonstrated by this specific notice which adds ANZ GPSC No.2 Pty Ltd to the list. The Act does not explicitly outline exclusions or exemptions but operates under a framework that permits certain entities to be excluded based on specific criteria or thresholds as determined by APRA.

Key Provisions

This variation of the List of Names and Categories of Registered Entities under the Financial Sector (Collection of Data) Act 2001 (the Act) (section 11(2)) involves the Australian Prudential Regulation Authority (APRA) updating the list of registered entities by adding the name of ANZ GPSC No.2 Pty Ltd (ABN: 39 128 457 036). This action is taken as the corporation has become a registrable entity under section 7 of the Act and has been added to the Register of Entities under section 8 of the Act (paragraph 10(a)). The variation to the list is executed by Barton Ashcroft, a delegate of APRA, and is dated 7 January 2013. The Act imposes specific obligations on APRA to maintain the Register of Entities and the List of Names of Registered Entities, ensuring that all entities that meet the criteria for registration are included. Section 8 requires APRA to maintain the Register, which includes comprehensive details about each registered entity, while section 11 mandates the maintenance of the List, which contains the names of these entities. When a new entity meets the criteria for registration, APRA must update the Register and List to reflect this change. This is precisely what has occurred with ANZ GPSC No.2 Pty Ltd, which has now been included in the List as per section 11(2). Under the Act, failure to comply with the requirements to maintain accurate and updated records can result in civil and criminal consequences. The specific offences and penalties are not detailed within this variation notice but can be found in the Act itself, where general provisions for non-compliance with data collection and reporting obligations are outlined. Typically, penalties may include fines and, in more severe cases, imprisonment. The exact penalties depend on the nature and extent of the breach, as well as any aggravating factors. This legislative instrument is a formal notification under the Act that ANZ GPSC No.2 Pty Ltd has been added to the list of registered entities. It ensures that the financial regulatory framework accurately reflects the current landscape of entities subject to regulatory oversight. By updating the List, APRA maintains transparency and compliance within the financial sector, enabling it to effectively supervise and regulate the entities it governs.