Variation of List of Names and Categories of Registered Entities - Caterpillar Financial Australia Leasing Pty Ltd

Overview

The Variation of List of Names and Categories of Registered Entities Instrument 2014, gazetted under the Financial Sector (Collection of Data) Act 2001, addresses the need for the Australian Prudential Regulation Authority (APRA) to maintain an updated list of registered entities. Enacted by the Commonwealth Parliament, the Act aims to ensure that APRA effectively collects and manages data related to financial sector entities to maintain stability and integrity within the financial system. This legislative instrument specifically empowers APRA to update its register and list of entities to reflect new registrable corporations, ensuring that data collection mechanisms remain current and comprehensive. The policy objective underpinning the Act is to facilitate efficient and accurate data collection, thereby supporting informed regulatory oversight and policy-making within the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are subject to registration and oversight by the Australian Prudential Regulation Authority (APRA). The Act mandates that APRA maintains a Register of Entities, which includes comprehensive details of these entities, and a separate List of Names of registered entities. The Act extends its reach to corporations that meet the criteria for being registrable under the Act, and it applies across the Commonwealth of Australia. This particular legislation affects corporations that have become registrable entities, necessitating their inclusion in APRA's records. The variation of the list by adding the names of such corporations ensures that the regulatory framework remains updated and comprehensive. The legislative process allows for further refinement and specification through subordinate instruments, enabling APRA to adapt the register and list as necessary to maintain regulatory efficacy.

Key Provisions

The primary sections of the legislation (C2014G00080) revolve around the modification of the list of names and categories of registered entities as per the Financial Sector (Collection of Data) Act 2001. Specifically, section 8 of the Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities, while section 11 requires APRA to keep a separate list of the names of registered entities. The variation notice provided adds the name of a specific corporation, Caterpillar Financial Australia Leasing Pty Limited (ABN 64 166 301 515), to both the register and the list, as the corporation has met the criteria of a registrable entity under section 7 of the Act. The obligations imposed by the Act on the parties it governs include the duty of APRA to maintain and update the register and the list of registered entities accurately and timely. APRA's role under section 11(2) is to ensure that the list is updated to reflect the inclusion of new entities that qualify as registrable corporations. The corporation itself must ensure it meets the criteria set out in the Act to become a registrable entity and subsequently a registered entity. Additionally, the corporation must provide APRA with any necessary information to facilitate its registration under section 10(a) of the Act. Failure to comply with the requirements of the Act can result in significant consequences. Although the specific legislative sections detailing offences, penalties, or civil and criminal consequences are not explicitly stated in this notice, it is understood that breaches of data collection and reporting obligations under the Financial Sector (Collection of Data) Act 2001 can lead to penalties. The maximum penalties for non-compliance may include fines up to $210,000 for individuals and $1,050,000 for corporations, as stipulated under the relevant sections of the Act. Additionally, criminal prosecution could follow, depending on the severity and intent behind the breach, potentially resulting in imprisonment.