Variation of List of Names and Categories of Registered Entities - Camerons Secured Investments Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to provide a legislative framework for the collection of data by the Australian Prudential Regulation Authority (APRA) concerning entities in the financial sector. This Act was introduced to ensure that APRA, as the prudential regulator, has access to the necessary information to perform its regulatory functions effectively. The Act facilitates the registration of entities and the maintenance of a comprehensive list of these entities, enabling APRA to monitor and regulate the financial sector efficiently. The Australian Government, through the Parliament, established this legislative framework to address the need for systematic and organised data collection and management within the financial sector, thereby ensuring the stability and integrity of the financial system. In line with the policy objective of maintaining an accurate and up-to-date list of registered entities, the Australian Prudential Regulation Authority, acting under the authority granted by the Act, has the power to vary the list of registered entities. This power is exercised through instruments such as the one presented, which removes the name of a corporation that has ceased to be a registrable entity, thereby ensuring the list remains current and reflective of the actual status of entities within the financial sector. The variation in this case pertains to the removal of Camerons Secured Investments Pty Ltd from the register, thereby reflecting the cessation of its status as a registered entity under the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities involved in the financial sector in Australia, specifically those regulated by the Australian Prudential Regulation Authority (APRA). This Act mandates the maintenance of a Register of Entities and a list of names of registered entities, which includes financial institutions and other entities deemed necessary for the regulation and supervision of the financial sector. The scope of this Act extends to ensuring that APRA has up-to-date and accurate information on registered entities to effectively monitor and regulate the financial sector. The Act applies Commonwealth-wide and includes all entities that fall within the definition of "registrable corporation" as outlined in section 7 of the Act. The geographic reach of the Act is national, covering all states and territories within Australia. There are no specific exclusions mentioned in this variation of the list, but the Act may provide for exemptions or thresholds in other sections not detailed here. The application and scope of the Act can be extended or restricted through subordinate instruments issued by APRA under the authority granted by the Act.

Key Provisions

The main operative sections of this legislation, specifically subsection 11(2) of the Financial Sector (Collection of Data) Act 2001, empower a delegate of the Australian Prudential Regulation Authority (APRA) to vary the list of names of registered entities. This authority arises because the corporation, Camerons Secured Investments Pty Ltd, has ceased to be a registrable corporation under section 7 of the Act. This cessation is evidenced by the removal of the corporation's name and particulars from the register, as per paragraph 10(c) of the Act. Consequently, the corporation is no longer a registered entity within the meaning of subsection 5(3) of the Act, leading to its removal from the list of registered entities. The obligations and requirements imposed by the Act on APRA are substantial. APRA must maintain a Register of Entities, as stipulated in section 8, and a list of the names of registered entities, as outlined in section 11. These sections mandate that APRA keep these records up to date, ensuring they accurately reflect the current status of entities subject to registration. When an entity, such as Camerons Secured Investments Pty Ltd, ceases to meet the criteria for registration, APRA is required to promptly remove the entity’s details from both the register and the list. This reflects a duty of diligence and accuracy in the administration of financial sector data. The legislation outlines clear consequences for non-compliance with the requirements of the Act. Any failure by APRA to update the register or the list of names of registered entities would be a breach of its statutory obligations. While specific offences, penalties, or civil/criminal consequences are not detailed in this particular gazette, general breaches of the Act can lead to significant legal ramifications. Typically, breaches of financial sector regulations can result in penalties that may include fines and, in severe cases, criminal charges. These penalties serve as deterrents to ensure compliance with the Act’s mandates and protect the integrity of the financial sector data collection process.