Variation of List of Names and Categories of Registered Entities - Austra Australia Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for the Australian Prudential Regulation Authority (APRA) to maintain accurate and up-to-date information regarding entities in the financial sector. This Act empowers APRA to collect, analyse, and disseminate data to ensure the stability and efficiency of the financial sector. The Australian Parliament enacted this legislation to provide APRA with the necessary tools to effectively monitor and regulate financial entities. The policy objective is to enhance the regulatory framework for financial institutions by ensuring that APRA has access to comprehensive and current information about the entities it oversees. The 2014 gazetted instrument is a variation notice under the Act, issued by a delegate of APRA to remove the name of a specific corporation, Austra Australia Limited, from the list of registered entities, reflecting its cessation as a registrable entity. This action aligns with the overarching goal of maintaining an accurate and relevant register of entities subject to APRA’s oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, requiring them to provide data to the Australian Prudential Regulation Authority (APRA). This Act encompasses a range of entities including banks, credit unions, insurance companies, and other financial institutions that are considered registrable corporations. The Act mandates the collection and maintenance of data on these entities, which are listed in a Register of Entities maintained by APRA. The geographic reach of the Act is national, applying across all states and territories of Australia. The Act includes exclusions and exemptions, such as for non-profit organisations and certain small entities, and may extend or restrict its application through subordinate instruments. The gazetted notice indicates that Austra Australia Limited has ceased to be a registrable corporation and has therefore been removed from the Register of Entities and the associated list of names of registered entities, reflecting its status as a non-registrable entity under the Act. This change was authorised by a delegate of APRA and was executed in accordance with the statutory provisions.

Key Provisions

The main operative sections of the Gazette C2014G00917 detail the procedures and requirements for updating the Register of Entities and the List of Names of Registered Entities under the Financial Sector (Collection of Data) Act 2001. Section 8 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities. This register is a comprehensive database of entities that are required to be registered under the Act. Section 11 specifies that APRA also keeps a List of Names of Registered Entities, which is a more accessible list of the names of these entities. The Gazette notices, such as C2014G00917, serve to formally update these lists when entities cease to be registrable, ensuring that the information remains current and accurate. The obligations imposed on the parties by the Act include maintaining accurate and up-to-date records of registered entities. APRA is required to ensure that the Register and List are kept current and reflect the current status of all registered entities. In the case of Austra Australia Limited, which has ceased to be a registrable corporation, section 7 defines what constitutes a registrable corporation. Once it is determined that Austra Australia Limited no longer meets these criteria, APRA must remove its name and particulars from the Register under paragraph 10(c) of the Act. Following this, the List must be updated by removing the corporation's name under section 11. Failure to comply with the requirements of the Act can result in various consequences. While the Gazette does not specify particular offences, breaches of the Act could potentially lead to civil or criminal penalties, depending on the nature and severity of the breach. For instance, providing false or misleading information to APRA could be seen as an offence under section 314 of the Act, which carries a maximum penalty of 12 months imprisonment or a fine of up to 10,000 penalty units, or both, for individuals. For corporations, the penalties can be significantly higher, potentially reaching up to 50,000 penalty units. Additionally, ongoing non-compliance could result in further regulatory actions, such as fines or other sanctions imposed by APRA.