Variation of List of Names and Categories of Registered Entities - ANZ Leasing (Vic) Pty. Ltd.

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to provide a legal framework for the collection of data by the Australian Prudential Regulation Authority (APRA) from financial sector entities. The Act facilitates the regulation of the financial services industry, ensuring that sufficient information is available to APRA to effectively oversee and supervise the entities it regulates. The problem the Act addresses is the need for accurate and up-to-date information on financial sector entities to maintain stability and consumer protection within the financial services sector. The Act was introduced by the Parliament of Australia and its policy objective is to enable APRA to efficiently collect, manage and use data from financial entities to inform its regulatory decisions. This particular legislation, gazetted as C2013G00135, involves the variation of the list of names and categories of registered entities maintained by APRA under the Act. This variation was necessitated by the registration of ANZ Leasing (Vic) Pty. Ltd. as a registrable corporation, making it subject to the data collection requirements of the Act. The amendment to the list ensures that APRA's records are current and reflect the correct entities subject to its regulatory oversight. This change was made by Barton Ashcroft, a delegate of APRA, in accordance with the provisions of the Act, specifically under subsection 11(2). This action ensures that the data collection process remains effective and that APRA can continue to fulfil its mandate of financial sector oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 governs the collection, analysis, and dissemination of data related to the financial sector in Australia. This Act applies to entities regulated by the Australian Prudential Regulation Authority (APRA), including authorised deposit-taking institutions, authorised market operators, and certain other financial entities. The Act mandates APRA to maintain a register of these entities and a list of their names, which serves to ensure transparency and regulatory oversight within the financial sector. The geographic and jurisdictional reach of the Act is national, extending to all entities subject to APRA's regulatory purview across Australia. The Act does not specify exclusions or thresholds; however, it allows for the extension or restriction of its application through subordinate instruments, which provide further detail on the specific requirements and procedures for data collection and reporting. This ensures that APRA can adapt to changes in the financial landscape while maintaining effective oversight of the entities within its jurisdiction.

Key Provisions

The gazetted variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001 primarily involves the addition of ANZ Leasing (Vic) Pty. Ltd. (ABN: 39 006 362 474) to the Register of Entities and the corresponding list of names of registered entities. The Australian Prudential Regulation Authority (APRA) is responsible for maintaining these records, with the Register of Entities under section 8 of the Act and the list of names under section 11 of the Act. The addition of ANZ Leasing (Vic) Pty. Ltd. to these records follows its classification as a registrable corporation as defined in section 7 of the Act, and the inclusion of its name and relevant particulars in the Register under paragraph 10(a) of the Act. The obligations and requirements imposed by the Act on APRA and registered entities include the maintenance and updating of the Register of Entities and the list of names. APRA must ensure that any new entities that meet the criteria for registration under section 7 are added to the Register and that the list of names is updated accordingly. For registered entities, the Act mandates compliance with the data collection requirements set forth by APRA, which may include providing specific information and reports as required. The authority to vary the list of names by adding the corporations is exercised by a delegate of APRA, such as Barton Ashcroft, who signed the gazetted notice on 7 January 2013 under subsection 11(2) of the Act. Failure to comply with the obligations and requirements of the Act can lead to various consequences. While the specific offences and penalties are not detailed in the gazetted variation, the Act generally provides for both civil and criminal penalties for breaches. Civil penalties can include fines, while criminal penalties may involve imprisonment, depending on the severity of the breach. The maximum penalties are not specified in the gazetted notice but would typically be found in the relevant sections of the Act itself. It is crucial for both APRA and registered entities to adhere to the provisions of the Act to avoid these potential consequences.