Variation of List of Names and Categories of Registered Entities - ANZ Leasing (BWC Financing) Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Australian Parliament, was introduced to ensure that the Australian Prudential Regulation Authority (APRA) can effectively collect and manage data from entities within the financial sector. The Act establishes the framework for APRA to maintain a Register of Entities and a list of the names of these entities, which is crucial for regulatory oversight and compliance. This legislative measure aims to enhance the regulatory capabilities of APRA by ensuring that it has up-to-date and accurate information about entities it oversees, thereby improving the stability and efficiency of the financial sector. The policy objective is to empower APRA to efficiently monitor and regulate financial entities, ensuring that they adhere to the necessary standards and regulations, thus contributing to the overall financial stability of Australia.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those that are required to be registered under the Act. This legislation mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a List of Names of Registered Entities. The scope of this legislation includes any entity that meets the criteria of being a registrable corporation as defined in section 7 of the Act. The Act's jurisdiction is national, applying across Australia, and it encompasses entities engaged in financial transactions and conduct within the Commonwealth. While the Act broadly applies to all eligible entities, specific exclusions or exemptions are not detailed in the provided text. The Act's application can be extended or restricted through subordinate instruments, allowing for flexibility in its implementation and enforcement. The recent variation of the list of names and categories of registered entities demonstrates the ongoing administrative process of updating the register to include newly registrable corporations, ensuring that the regulatory framework remains current and effective.

Key Provisions

The main operative sections of the gazetted instrument C2013G00138 relate to the amendment of the list of names of registered entities under the Financial Sector (Collection of Data) Act 2001 (the Act). Specifically, section 11 of the Act provides for the keeping of a list of the names of registered entities, and subsection 11(2) grants the authority to vary this list. In this instance, Barton Ashcroft, a delegate of the Australian Prudential Regulation Authority (APRA), is exercising this power under subsection 11(2) to add the name of ANZ Leasing (BWC Financing) Pty Ltd to the list. The obligations imposed by this Act on the parties it governs are primarily administrative and regulatory. APRA, as the regulating body, is required to maintain a Register of Entities (section 8) and a list of registered entities (section 11). Additionally, when a corporation becomes registrable under section 7 of the Act, APRA must ensure that the entity's name and particulars are added to the register under paragraph 10(a) of the Act. Once this is done, the corporation becomes a registered entity under subsection 5(3) of the Act. The gazetted instrument also outlines potential consequences for non-compliance with the Act. While the document does not detail specific offences, the Act generally provides for both civil and criminal penalties for breaches. Under the Financial Sector (Collection of Data) Act 2001, breaches of the Act can lead to civil penalties, which may include fines, and criminal penalties, which can include imprisonment. The maximum penalties depend on the specific nature of the breach but are stipulated within the Act itself. For instance, section 18 of the Act outlines penalties for misleading or deceptive conduct, while section 19 details penalties for failure to comply with a direction from APRA.