Variation of List of Names and Categories of Registered Entities - Auto Securitisations Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Parliament of Australia, addresses the need for a regulatory framework to ensure the efficient collection and management of data within the financial sector. This Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a register of entities, including a list of names of registered entities, to facilitate oversight and regulation. The problem this Act aims to solve is the effective monitoring and regulation of financial entities, ensuring that they comply with the necessary standards and requirements. The policy objective is to provide a structured and comprehensive approach to data collection, enabling APRA to discharge its responsibilities effectively. The Variation of List of Names and Categories of Registered Entities Notice, gazetted on 28 May 2014, reflects the dynamic nature of the financial sector, where entities may cease operations or change their status. In this instance, the notice, issued by a delegate of APRA, removes the name of Auto Securitisations Pty Limited from the list of registered entities following its cessation as a registrable corporation. This action ensures that the register is up-to-date and accurately reflects the current status of entities within the financial sector, thereby supporting the overarching objectives of the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities regulated by the Australian Prudential Regulation Authority (APRA), which maintains a Register of Entities and a list of registered entities under sections 8 and 11 of the Act, respectively. This Act governs the collection, analysis, and dissemination of financial sector data to ensure the stability and efficiency of the financial system. The Act applies to entities such as banks, authorised deposit-taking institutions, and other financial corporations that meet the criteria for registration under the Act. The jurisdiction of the Act is national, encompassing the entire Commonwealth of Australia. The Act does not specify exclusions or exemptions but allows for the variation of the list of registered entities through subordinate instruments. In this specific case, Auto Securitisations Pty Limited has ceased to be a registrable corporation, and its name has been removed from the register and list of registered entities by a delegate of APRA, pursuant to the provisions of the Act. This variation ensures the accuracy and relevance of the information held by APRA concerning registered entities.

Key Provisions

The main operative sections of this legislation concern the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. Specifically, section 11(2) allows for the modification of the list of registered entities by a delegate of the Australian Prudential Regulation Authority (APRA). In this instance, the list has been varied to remove the name of Auto Securitisations Pty Limited (ABN 42 098 367 634) (section 11). This variation follows the corporation ceasing to be a registrable entity as defined in section 7 of the Act and being removed from the register under paragraph 10(c) (section 8). The corporation's cessation as a registered entity is confirmed under subsection 5(3) of the Act. The Act imposes specific obligations on APRA to maintain an up-to-date register of entities (section 8) and a list of the names of these entities (section 11). The authority to modify the list lies with a delegate of APRA, who must act under subsection 11(2). In this case, the delegate, John Hotham, has exercised this authority to remove the corporation's name from the list, reflecting its cessation as a registered entity. The requirements include ensuring that the register and list are accurate and current, reflecting the status of each entity as defined by the Act. There are no specific offences, penalties, or civil/criminal consequences outlined in this piece of legislation for the failure to comply with the variation of the list. However, the importance of maintaining accurate records and lists under the Act cannot be understated. The Act’s overarching purpose is to ensure that APRA has the necessary data to regulate the financial sector effectively. Any failure to maintain accurate records could potentially lead to broader regulatory issues, although such consequences are not detailed in this particular legislative instrument. The primary focus here is on the administrative process of updating the register and list in accordance with the cessation of the corporation's status as a registered entity.