Variation of List of Names and Categories of Registered Entities - Asset Collateralized Entity Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the efficient collection and dissemination of financial data within Australia's financial sector, thereby aiding in the supervision and regulation of financial institutions. The Act was introduced to address the need for a comprehensive framework that ensures relevant authorities have access to necessary data to perform their regulatory duties effectively. The Australian Prudential Regulation Authority (APRA), as the enacting body, is tasked with maintaining a Register of Entities and a list of the names of registered entities under this Act. The policy objective is to ensure that the data collection process is streamlined and that the register is kept up-to-date, reflecting the current status of entities subject to APRA's oversight. This legislative framework thus enables APRA to perform its regulatory functions more effectively by providing accurate and current information on registered entities.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, including banks, insurance companies, and other financial institutions, as well as any entities prescribed by the Australian Prudential Regulation Authority (APRA). The Act mandates the collection and maintenance of data concerning these entities to ensure the stability and integrity of the financial sector. The geographic reach of the Act is national, encompassing the entire Commonwealth of Australia, including its states and territories. APRA, as the regulator, maintains a Register of Entities and a list of names of registered entities under sections 8 and 11 of the Act respectively. The Act includes provisions for exclusions and exemptions, which are subject to the terms of subordinate instruments, allowing for flexibility in its application across various entities and circumstances. This legislative framework enables APRA to manage the registration and data collection processes effectively, ensuring compliance and oversight within the financial sector.

Key Provisions

The gazetted instrument C2015G00996 pertains to the Financial Sector (Collection of Data) Act 2001, specifically addressing the variation of the list of names and categories of registered entities. Under this instrument, the Australian Prudential Regulation Authority (APRA) has exercised its authority to modify the register it maintains, which includes the names of entities registered under the Act (section 8 and section 11). The primary change made in this instance involves the removal of Asset Collateralized Entity Limited, which is identified by its Australian Business Number (ABN) 58 055 874 274, from both the register and the list of registered entities. This action has been taken because the corporation in question has ceased to be a registrable entity, as defined in section 7 of the Act, due to its status change. The authority to remove the corporation's details from the register is granted under paragraph 10(c) of the Act, and this removal is reflected in the updated list as per subsection 11(2). The Act imposes several obligations on APRA, the primary one being the maintenance of a comprehensive register of entities that are subject to the Act's requirements (section 8). APRA must also ensure that the list of registered entities, including their names and relevant categories, is accurate and up-to-date (section 11). When a corporation ceases to meet the criteria for registration, APRA is required to promptly remove that corporation's details from both the register and the list. This obligation ensures that the information APRA collects and maintains is relevant and reflective of the current status of entities within the financial sector. Failure to comply with the provisions of the Financial Sector (Collection of Data) Act 2001 can result in various legal consequences. Although the specific instrument does not detail offences or penalties for non-compliance with the register or list variations, the overarching Act provides a framework within which such actions are taken. Generally, breaches of the Act can lead to civil or criminal penalties, depending on the nature and severity of the breach. The Act empowers APRA to enforce its provisions, and significant non-compliance could potentially result in fines or other legal repercussions as stipulated in the Act. It is essential for entities to ensure their registration status is maintained correctly to avoid any legal issues.