Variation of List of Names and Categories of Registered Entities - ANZ Rental Solutions Pty Ltd

Overview

The Variation of List of Names and Categories of Registered Entities Financial Sector (Collection of Data) Act 2001 was enacted in 2001 to provide a legislative framework for the Australian Prudential Regulation Authority (APRA) to collect and maintain data on financial sector entities. This legislation addresses the need for accurate and up-to-date information on entities that are subject to prudential regulation, thereby enhancing the regulatory oversight of the financial sector and ensuring the stability and integrity of the financial system. The Act was enacted by the Australian Parliament and aims to facilitate the efficient and effective collection and management of data regarding financial entities, thereby supporting regulatory functions and decision-making processes. This particular legislative instrument is an example of the practical application of the Act, demonstrating the process by which APRA updates its register of entities to reflect changes in the status of registrable corporations.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those required to be registered by the Australian Prudential Regulation Authority (APRA). This Act mandates that APRA maintains a Register of Entities, which includes detailed information about entities subject to its regulatory purview. Furthermore, APRA is responsible for maintaining a separate list of the names of these registered entities. In accordance with this legislative framework, the Act facilitates the removal of entities that no longer meet the criteria for registration. For instance, ANZ Rental Solutions Pty Ltd, which has ceased to be a registrable corporation as defined by the Act, has had its name and related particulars removed from APRA’s Register of Entities, consequently also being removed from the list of registered entities' names. This amendment to the list is executed by a delegate of APRA, as authorised under the provisions of the Act, thereby reflecting the current status of the entities within the financial sector.

Key Provisions

The Financial Sector (Collection of Data) Act 2001 (the Act) mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities (section 8) and a List of Names of Registered Entities (section 11). Under the authority granted by subsection 11(2), Barton Ashcroft, a delegate of APRA, has issued a notice to amend the List by removing ANZ Rental Solutions Pty Ltd, which has ceased to be a registrable corporation as defined in section 7 of the Act. This cessation has been confirmed through the removal of the corporation's name and related particulars from the register, in accordance with paragraph 10(c) of the Act. The Act imposes several obligations on APRA and registered entities. APRA is responsible for maintaining the Register of Entities and ensuring that the List of Names of Registered Entities is up-to-date and accurate. This includes removing entities that no longer meet the criteria for registration. Registered entities, in turn, are required to provide APRA with the necessary information to keep their details in the register current. Any changes in the status of an entity must be promptly reported to APRA to ensure the integrity of the register and the list. Failure to comply with the Act's provisions can result in various consequences. While the specific offences and penalties are not detailed in the notice, the Act generally provides for both civil and criminal penalties for non-compliance. For instance, section 16 of the Act allows for fines up to 120 penalty units ($22,200 as of 2023) for individuals and up to 600 penalty units ($111,000) for bodies corporate for breaches of data collection requirements. Additionally, section 17 of the Act empowers courts to impose further penalties, including fines and imprisonment for serious offences. These provisions underscore the importance of adhering to the Act's requirements to avoid legal repercussions.