Variation of List of Names and Categories of Registered Entities - Assemblies of God Loan Fund

Overview

The Variation of List of Names and Categories of Registered Entities instrument, issued on 12 March 2015 under the Financial Sector (Collection of Data) Act 2001 (C2015G00762), addresses the need to update the list of registered entities maintained by the Australian Prudential Regulation Authority (APRA). This Act, enacted in 2001, was introduced to facilitate the collection of data from financial sector entities to ensure the stability and integrity of the financial system. The policy objective of the Act, as indicated in the instrument, is to maintain an up-to-date list of registered entities, which is critical for regulatory oversight and enforcement. The instrument, signed by Barton Ashcroft, a delegate of APRA, involves amending the list of names of registered entities to include the Assemblies of God Loan Fund, which has recently become a registrable corporation under the Act. This legislative instrument ensures that APRA’s records reflect current financial entities subject to regulatory data collection.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are subject to the regulatory oversight of the Australian Prudential Regulation Authority (APRA). The Act mandates APRA to maintain a Register of Entities and a list of the names of these registered entities. These entities include financial institutions and corporations that are deemed registrable under the Act. The scope of the Act is national, applying across the Commonwealth of Australia and affecting all entities within its jurisdiction that fall under the definition of a registrable corporation. This includes financial institutions, insurance companies, and other entities whose operations are regulated by APRA. The Act's reach is extensive, covering all entities subject to APRA's regulatory purview, and it facilitates the collection and management of essential data related to these entities. There are no specific exclusions or exemptions mentioned in the Act, although the application may be extended or restricted through subordinate instruments, such as regulations or notices issued by APRA. The Act provides a comprehensive framework for ensuring that APRA has up-to-date and accurate information about the entities it regulates, thereby supporting effective financial sector oversight.

Key Provisions

The gazetted instrument C2015G00762 under the Financial Sector (Collection of Data) Act 2001 (the Act) contains provisions that relate to the updating and maintenance of a list of registered entities. Specifically, section 8 of the Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a register of entities, while section 11 requires APRA to maintain a list of the names of these registered entities. The instrument notes that Assemblies of God Loan Fund has become a registrable corporation as per section 7 of the Act and has had its details added to the register under section 10(a). Consequently, the corporation is now a registered entity under subsection 5(3) of the Act. Pursuant to subsection 11(2) of the Act, the instrument authorises Barton Ashcroft, a delegate of APRA, to update the list by adding the names of such corporations. The Act imposes several obligations on APRA in managing the register and list of registered entities. Under section 8, APRA is responsible for maintaining a comprehensive and up-to-date register of entities subject to the Act. Section 11 extends this responsibility to include maintaining a list of the names of these entities, ensuring that all registered entities are accurately documented. Additionally, section 10(a) mandates that APRA records the particulars of any new registrable corporation, such as Assemblies of God Loan Fund, in the register. This administrative task is crucial for regulatory oversight and compliance monitoring. Failure to comply with the requirements of the Financial Sector (Collection of Data) Act 2001 may result in legal consequences. The Act does not specify particular offences or penalties for non-compliance with the maintenance of the register or list. However, general provisions within the Act suggest that non-compliance could lead to enforcement actions, which may include civil or criminal penalties. The severity of these penalties would depend on the nature and extent of the non-compliance, but the Act provides a framework for APRA to take necessary actions to ensure regulatory compliance.