Variation of List of Names and Categories of Registered Entities - ANZCAP Leasing (VIC.) Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a framework for the collection of data relating to the financial sector in Australia, with the objective of ensuring the financial soundness and stability of the sector. This Act provides the Australian Prudential Regulation Authority (APRA) with the authority to collect and maintain data about financial entities, including insurance companies, authorised deposit-taking institutions, and other financial institutions. The 2013 variation gazette, C2013G00134, pertains to an amendment made to the list of registered entities maintained by APRA under the Act. The gazette was issued to reflect the cessation of ANZCAP Leasing (VIC.) Pty Ltd as a registrable corporation, as it no longer met the criteria for registration under section 7 of the Act. Consequently, the corporation’s name and relevant details were removed from APRA’s register and the list of registered entities, as authorised by the provisions of the Act. This legislative action ensures the register remains accurate and up to date with the current status of financial entities.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, which includes banks, credit unions, building societies, general insurers, life insurers, friendly societies, and other entities prescribed by the Act. It mandates the collection of data from these entities to enable the Australian Prudential Regulation Authority (APRA) to carry out its regulatory functions. The Act applies across Australia, providing a consistent regulatory framework that spans the Commonwealth, states, and territories. However, it is important to note that the Act does not apply to all entities in the financial sector; it specifically targets those designated as "registrable corporations" as defined in section 7 of the Act. This Notice serves to remove ANZCAP Leasing (VIC.) Pty Ltd from the list of registered entities maintained by APRA, reflecting its cessation as a registrable corporation. The Act also provides for the use of subordinate instruments to extend or restrict the application of certain provisions, thereby allowing for flexibility and adaptability in the regulatory environment.

Key Provisions

The gazetted notice (C2013G00134) outlines the variation of the list of names and categories of registered entities, as governed under the Financial Sector (Collection of Data) Act 2001 (the Act). Specifically, section 8 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities (the register), and section 11 requires APRA to keep a list of the names of registered entities (the list). The notice addresses the cessation of ANZCAP Leasing (VIC.) Pty Ltd as a registrable corporation under section 7 of the Act, and the subsequent removal of its name and related particulars from the register by APRA under paragraph 10(c) of the Act. Under the provisions of the Act, APRA is responsible for managing and updating the register and the list of registered entities. The authority to vary the list is vested in a delegate of APRA, such as Barton Ashcroft, who, in this instance, has exercised this authority under subsection 11(2) of the Act. The removal of ANZCAP Leasing (VIC.) Pty Ltd from both the register and the list signifies that the corporation has ceased to be a registered entity as defined in subsection 5(3) of the Act. This process ensures that the register and list remain accurate and current, reflecting the changing status of entities subject to the Act. In terms of obligations and requirements, the Act imposes duties on APRA to maintain and update the register and list of registered entities. APRA must ensure that the register includes all entities subject to registration and that the list accurately reflects the names of these entities. The delegate’s role in varying the list, as seen in the gazetted notice, is to make necessary adjustments when entities cease to meet the criteria for registration. This procedural compliance ensures that the regulatory framework remains effective and responsive to changes in the financial sector. Failure to comply with the Act’s requirements or to accurately maintain the register and list could lead to various civil or criminal consequences. While the specific penalties are not detailed in the gazetted notice, breaches of the Act may generally result in penalties as prescribed by the Act or related legislation. Such penalties may include fines or other sanctions, reflecting the importance of adherence to the regulatory framework in maintaining financial sector stability.