Variation of List of Names and Categories of Registered Entities - Cash Resources Australia Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a framework for the collection of data from entities in the financial sector, ensuring effective regulation and oversight by the Australian Prudential Regulation Authority (APRA). This Act allows APRA to maintain a register of entities and a list of their names, which is crucial for the identification and monitoring of entities subject to regulatory requirements. The legislative instrument, C2014G01967, addresses the problem of updating the list of registered entities by authorising APRA to add the names of new entities as they become registrable. This was necessitated by the addition of Cash Resources Australia Pty Ltd to the register, reflecting its status as a registrable corporation under the Act. The policy objective, as stated in the text, is to ensure that the register and list accurately reflect the current status of entities within the financial sector, facilitating effective regulatory oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector in Australia, specifically those required to be registered under the Act, such as Cash Resources Australia Pty Ltd, which has become a registrable corporation. The Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a register of these entities and a list of their names. This legislation ensures that APRA, acting through a delegate such as John Hotham, can update and maintain this list as entities' statuses change. The Act's scope includes entities regulated by APRA, and its application is primarily within the Commonwealth jurisdiction. There are no specific exclusions or exemptions mentioned in this context, though the Act may extend or restrict application through subordinate instruments. The addition of Cash Resources Australia Pty Ltd to the list of registered entities under the Act reflects the dynamic nature of the financial sector and the need for APRA to keep accurate records of all entities it regulates.

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). Recently, Cash Resources Australia Pty Ltd (ABN 48 784 573 234) has met the criteria to be considered a registrable corporation under section 7 of the Act. Consequently, APRA has added the name of this corporation and relevant particulars to the register under paragraph 10(a) of the Act. As a result, the corporation is now recognised as a registered entity under subsection 5(3) of the Act. Under the authority vested in subsection 11(2) of the Act, I, John Hotham, acting as a delegate of APRA, have officially varied the list by incorporating the name of Cash Resources Australia Pty Ltd. This variation ensures that the list accurately reflects the current status of registered entities and maintains the integrity of the data collection process overseen by APRA. Entities governed by the Act are required to meet specific criteria to be considered registrable corporations. These entities must comply with the Act's stipulations, which include providing necessary information and maintaining records as per the requirements outlined in the Act. Furthermore, registered entities must adhere to the data collection and reporting obligations imposed by APRA. The Act also delineates the consequences for non-compliance. Breaches of the Act may lead to various civil and criminal penalties, including fines and potential imprisonment, depending on the severity of the violation. The maximum penalties are prescribed within the Act and may vary based on the specific nature of the breach. It is imperative for registered entities to comply with all obligations to avoid these repercussions.