Variation of List of Names and Categories of Registered Entities - Cash Converters Personal Finance Pty Ltd

Overview

The Variation of List of Names and Categories of Registered Entities (No. 1) 2015 is a legislative instrument made under the Financial Sector (Collection of Data) Act 2001. This Act, enacted in 2001, was introduced to establish a framework for the collection of financial sector data by the Australian Prudential Regulation Authority (APRA). The problem it addresses is the need for comprehensive and accurate data on entities subject to prudential regulation, which is essential for effective financial oversight and stability. The policy objective of the Act is to ensure that APRA has the necessary data to monitor and regulate financial institutions and other entities within its purview. The instrument itself, issued on 14 April 2015 by Barton Ashcroft, a delegate of APRA, serves to update the list of registered entities by including Cash Converters Personal Finance Pty Ltd, reflecting its status as a registrable corporation under the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those that APRA determines to be registrable corporations. These entities are required to be listed on a Register maintained by APRA, which includes their names and other relevant particulars. The Act’s jurisdiction extends across the Commonwealth of Australia, ensuring that the regulatory framework applies uniformly regardless of the state or territory. Cash Converters Personal Finance Pty Ltd, identified by its ABN, has been recognised as a registrable corporation under the Act, necessitating its inclusion in the Register and the associated list of names of registered entities. The variation of the list, as evidenced in the gazetted notice dated 14 April 2015, is executed by a delegate of APRA, who is authorised under the Act to make such amendments. The Act may extend or restrict its application through subordinate instruments, which are subject to the same jurisdictional scope and regulatory oversight.

Key Provisions

The Gazette C2015G00764 pertains to the Financial Sector (Collection of Data) Act 2001 (the Act) and outlines the addition of Cash Converters Personal Finance Pty Ltd (ABN 42 110 275 762) to the list of registered entities. Under section 11 of the Act, the Australian Prudential Regulation Authority (APRA) maintains a list of names of registered entities. In accordance with subsection 11(2) of the Act, Barton Ashcroft, a delegate of APRA, has updated the list to include the new entity. This variation is necessary because the corporation has become a registrable entity as defined in section 7 of the Act, and its details have already been added to the register under paragraph 10(a) of the Act. The Act imposes certain obligations and requirements on APRA and registered entities. Under section 8, APRA is mandated to maintain a register of entities. Section 11 further specifies that APRA must keep a list of the names of these registered entities. This ensures transparency and proper oversight within the financial sector. The inclusion of new entities, such as Cash Converters Personal Finance Pty Ltd, involves ensuring that all relevant particulars of the corporation are accurately recorded in the register and subsequently in the list of registered entities. The Act also delineates consequences for non-compliance. While the gazette does not explicitly outline offences or penalties, the Financial Sector (Collection of Data) Act 2001 provides a framework for potential penalties. Non-compliance with the Act's requirements can result in civil or criminal penalties, including fines and imprisonment, depending on the severity of the breach. The specific penalties are not detailed in this particular gazette but can be found in the broader provisions of the Act, ensuring that entities adhere to the regulatory requirements to maintain the integrity of financial oversight in Australia.