Variation of List of Names and Categories of Registered Entities - Brindalane Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Australian Parliament to establish a framework for the collection and management of data in the financial sector. This legislation was introduced to address the need for effective and efficient data collection and management systems within the financial industry, ensuring that appropriate authorities can access necessary information to monitor and regulate the sector effectively. The Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of names of registered entities, ensuring transparency and accountability. In accordance with subsection 11(2) of the Act, Barton Ashcroft, a delegate of APRA, has varied the list by removing the name of Brindalane Pty Limited from the list of registered entities, as the corporation has ceased to be a registrable entity under the Act. This change reflects the corporation's exit from the regulatory framework and ensures that the list remains accurate and up to date.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within Australia's financial sector, requiring them to provide data to the Australian Prudential Regulation Authority (APRA). The Act encompasses a wide range of entities, including banks, authorised deposit-taking institutions, credit unions, insurance companies, and superannuation funds. It governs the collection and management of data by APRA to ensure the stability and soundness of the financial sector. The Act applies on a national level, with its provisions extending to the entire Commonwealth of Australia, including all states and territories. Notably, the Act does not specify exclusions or exemptions within the primary legislation itself but allows for modifications through subordinate instruments. This Notice, dated 8 January 2014, pertains specifically to the removal of Brindalane Pty Limited from the list of registered entities maintained by APRA, reflecting its cessation as a registrable corporation under the Act. This administrative action demonstrates the regulatory framework's capacity to adapt to changes in the financial sector landscape.

Key Provisions

The main operative sections of this legislation pertain to the removal of a corporation's name from the list of registered entities, as outlined in sections 8, 11, and 5(3) of the Financial Sector (Collection of Data) Act 2001. Section 8 of the Act requires the Australian Prudential Regulation Authority (APRA) to maintain a register of entities. Under section 11, APRA is responsible for keeping a list of the names of these registered entities. Section 5(3) clarifies that once a corporation ceases to be a registrable corporation as defined in section 7, it also ceases to be a registered entity. The legislation stipulates that Brindalane Pty Limited, with the Australian Business Number (ABN) 20 096 876 336, has ceased to be a registrable corporation, and thus its name is removed from both the register and the list. The Act imposes specific obligations on APRA regarding the management and maintenance of the register and list of registered entities. APRA is tasked with ensuring that the register and list are accurate and up-to-date. This includes removing entities from the register and list when they no longer meet the criteria for registration. The delegate of APRA, in this case, Barton Ashcroft, has exercised their authority under section 11(2) to make the necessary variation by removing Brindalane Pty Limited's name from the list. This action reflects the ongoing responsibility of APRA to manage the register and list in accordance with the provisions of the Act. There are no direct offences, penalties, or consequences mentioned for the failure to comply with the Act's requirements in this particular legislation. However, the Act generally provides for enforcement mechanisms where non-compliance with its provisions may lead to penalties or other consequences. These could include fines, corrective actions, or further regulatory scrutiny, depending on the nature and severity of the non-compliance. While the specific penalties are not detailed in this Notice, the overarching framework of the Financial Sector (Collection of Data) Act 2001 ensures that there are measures in place to address and penalise non-compliance appropriately.