Variation of List of Names and Categories of Registered Entities - Carnbrea Holdings Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection and dissemination of financial sector data, ensuring that the Australian Prudential Regulation Authority (APRA) has the necessary information to perform its regulatory functions effectively. The Act establishes the framework for APRA to maintain a register of entities and a list of names of registered entities, thereby ensuring that it has the up-to-date information needed for supervision and regulatory purposes. The legislation was introduced by the Commonwealth Parliament to address the need for a comprehensive and coordinated approach to collecting and managing financial sector data. The policy objective of the Act is to support the stability and integrity of the financial sector by ensuring that relevant authorities have access to accurate and timely information. This legislative instrument, Gazetted as C2014G01996, pertains to the variation of the list of names and categories of registered entities under the Act. Specifically, it addresses the removal of Carnbrea Holdings Limited from the register and the corresponding list of registered entities, following the cessation of its status as a registrable corporation. This amendment is authorised under the Act, which empowers APRA to update its records to reflect changes in the status of entities subject to its oversight. The variation is executed by a delegate of APRA, as permitted by the Act, ensuring that the list remains accurate and reflective of current regulatory requirements.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector of Australia, including corporations, associations, or other entities regulated by the Australian Prudential Regulation Authority (APRA). This Act is pivotal in governing the collection, retention, and disclosure of financial data by APRA, and it extends its application across the Commonwealth of Australia. The Act mandates the creation and maintenance of a Register of Entities by APRA, which includes details of registered entities subject to regulatory oversight. The legislative provision allows APRA to maintain a list of the names of these registered entities, as specified in section 11 of the Act. This list is subject to variation, as evidenced by the legislative instrument which removes the name of a specific entity, Carnbrea Holdings Limited, following its cessation as a registrable corporation under section 7 of the Act. The instrument demonstrates APRA's authority to adjust the list under subsection 11(2) of the Act, thereby reflecting changes in the status of entities within its purview.

Key Provisions

The Financial Sector (Collection of Data) Act 2001 (the Act) mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities (section 8) and a List of Names of Registered Entities (section 11). The legislative instrument in question involves the removal of Carnbrea Holdings Limited (ABN 42 088 306 165) from this list due to its cessation as a registrable corporation under section 7 of the Act. The removal of the corporation’s name from the register was executed under paragraph 10(c) of the Act, and this change is reflected in the List of Names of Registered Entities under subsection 11(2). The Act imposes specific obligations on APRA, including the maintenance and updating of the Register of Entities and the List of Names of Registered Entities. In this instance, APRA has fulfilled its duty by removing Carnbrea Holdings Limited from both the register and the list, as mandated by the cessation of the corporation’s status as a registrable entity. The legislative instrument ensures that the list accurately reflects the current state of registered entities under the Act. In terms of enforcement, the Act does not explicitly detail offences, penalties, or consequences for failing to comply with the requirements to update the Register of Entities or the List of Names of Registered Entities. However, breaches of the Act or non-compliance with APRA’s obligations could potentially lead to administrative or judicial actions under broader provisions of the Act or other relevant legislation. The specific consequences would depend on the nature and severity of the non-compliance.