Variation of List of Names and Categories of Registered Entities - BA Securities Australia Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of data necessary for the Australian Prudential Regulation Authority (APRA) to perform its regulatory functions effectively. This Act was introduced to address the need for a structured and comprehensive framework for collecting and maintaining data related to entities in the financial sector, ensuring that APRA can monitor and regulate these entities to maintain financial stability and protect consumers. The policy objective of the Act is to ensure that APRA has access to timely and accurate information about entities subject to its regulatory oversight. The Act empowers APRA to maintain a Register of Entities and a list of the names of these entities, enabling the authority to effectively track and manage the entities within its purview. This legislative instrument, dated 15 May 2013, serves as a notice to vary the list of names and categories of registered entities by removing BA Securities Australia Limited from the register, reflecting its cessation as a registrable corporation. This action was authorised under the Act by Barton Ashcroft, a delegate of APRA, who exercised the power to remove the corporation's name and related particulars from both the register and the list. The decision to remove the entity from the list aligns with the Act's objective of maintaining an accurate and up-to-date record of entities subject to APRA's oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within Australia’s financial sector that are required to be registered with the Australian Prudential Regulation Authority (APRA). This includes a range of entities such as authorised deposit-taking institutions, authorised financial market operators, and certain insurance companies. The Act ensures that APRA maintains a comprehensive register of these entities and updates this register as necessary. The Act also applies to individuals who are involved in the registration and management of these entities within their capacity as officers or employees of APRA. Geographically, the Act has a Commonwealth reach, as it is an Act of the Australian Parliament. The scope of the Act is such that it mandates the collection and management of data from registered entities to maintain financial stability and protect consumers. However, the Act does not extend its application to all financial entities, only those explicitly defined as registrable corporations under section 7 of the Act. Furthermore, the Act allows for the exclusion of certain types of data and entities through subordinate instruments, ensuring flexibility and precision in its application. In this specific instance, the Act’s application is demonstrated through a variation to the list of registered entities. APRA, exercising its powers under section 11 of the Act, has removed the name of BA Securities Australia Limited from the Register of Entities and the corresponding list due to its cessation as a registrable corporation. This removal follows the cessation of the corporation’s status as a registrable entity under subsection 5(3) of the Act and aligns with the regulatory mandate to keep the register accurate and up-to-date. This action is taken pursuant to the authority granted under subsection 11(2) of the Act, showcasing the practical implementation of the legislative framework designed to regulate and monitor the financial sector.

Key Provisions

The primary operative sections of this legislation, referenced under the Financial Sector (Collection of Data) Act 2001, detail the process by which the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities and a list of the names of registered entities (sections 8 and 11 respectively). Specifically, section 8 pertains to the creation and maintenance of the register, while section 11 outlines the list of registered entities. The Gazetted Notice dated 15 May 2013, signed by Barton Ashcroft, a delegate of APRA, includes a variation to this list by removing the name of BA Securities Australia Limited (ABN 25 005 395 719), which has ceased to be a registrable corporation under section 7 of the Act. The Act imposes specific obligations on APRA regarding the maintenance of the register and the list of registered entities. Under section 11, APRA must keep the list of registered entities and ensure it is up-to-date. Section 10(c) further mandates that APRA must remove the names of entities that are no longer registrable corporations from the register. This requirement is demonstrated in the Notice, where the corporation's name and particulars have been removed from the register, and its name subsequently removed from the list. The Notice details that BA Securities Australia Limited has ceased to be a registrable corporation, leading to its removal from the register and the list. This cessation means that the corporation is no longer a registered entity under subsection 5(3) of the Act. The legislative authority for this variation is derived from subsection 11(2) of the Act, which allows a delegate of APRA to make such changes. The removal of the corporation's name from the list is a formal process reflecting its change in status. Regarding the consequences of non-compliance, the Act does not explicitly outline specific offences, penalties, or civil/criminal consequences for breaches in this context. However, failure to maintain an accurate register and list could potentially lead to regulatory scrutiny or enforcement actions by APRA. The primary focus of the Notice is administrative, ensuring that the list accurately reflects the current status of registered entities. The Notice itself does not detail any penalties for non-compliance but serves as a formal record of the entity's removal from the register and the list.