Variation of List of Names and Categories of Registered Entities - CB-CLA Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for comprehensive data collection and management within the financial sector, ensuring effective regulation and oversight by the Australian Prudential Regulation Authority (APRA). This Act empowers APRA to maintain a register of entities and a list of registered entities, facilitating the monitoring and regulation of financial institutions. The 2013 gazette, C2013G01549, outlines a specific amendment to the list of registered entities by removing the name of CB-CLA Limited, an entity that has ceased to be a registrable corporation under the Act. This amendment was executed by Barton Ashcroft, a delegate of APRA, pursuant to the authority granted under the Act. The policy objective remains to ensure that the list of registered entities accurately reflects the current status of entities within the financial sector, maintaining the integrity and effectiveness of APRA’s regulatory functions.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are subject to the regulatory oversight of the Australian Prudential Regulation Authority (APRA). These entities include banks, credit unions, authorised deposit-taking institutions, insurers, and other financial entities as defined by the Act. The Act provides a legislative framework for the collection, analysis, and dissemination of financial data necessary for the regulation and supervision of the financial sector in Australia. The Act’s jurisdiction extends across the Commonwealth of Australia, ensuring a uniform approach to the regulation of financial entities nationwide. The Act’s scope is comprehensive, covering all entities that APRA deems necessary for its regulatory purposes. APRA maintains a Register of Entities and a list of names of registered entities, which includes details necessary for oversight and supervision. The list is subject to changes, as evidenced by the removal of CB-CLA Limited, an entity that has ceased to be a registrable corporation under the Act. The Act allows for the extension and restriction of its application through subordinate instruments, enabling APRA to adapt the regulatory framework to changing financial landscapes.

Key Provisions

The legislation, which is a Notice under the Financial Sector (Collection of Data) Act 2001, pertains to the removal of a specific entity from the Register of Entities and the associated list of registered entities. According to section 8 of the Act, the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities. The list of names of these entities is kept under section 11 of the Act. In this instance, the name of CB-CLA Limited, which had an Australian Business Number (ABN) of 43 003 069 458, is to be removed from this list due to the corporation ceasing to be a registrable entity as per section 7 of the Act. This cessation is confirmed by the removal of the corporation's name and particulars from the register under paragraph 10(c) of the Act, and the corporation is no longer considered a registered entity under subsection 5(3) of the Act. The Notice imposes the obligation on APRA, through its delegate Barton Ashcroft, to update the list of registered entities by removing the name of the specified corporation. This action is taken pursuant to subsection 11(2) of the Act, which provides the authority to vary the list of names. The purpose of this variation is to ensure that the list accurately reflects the current status of entities that are subject to the data collection requirements under the Act. There are no offences, penalties, or civil/criminal consequences specified in this Notice for the removal of the corporation's name from the list. The Notice simply formalises the administrative process of updating the register and the list of registered entities in accordance with the legislative framework. The Act itself does not outline specific penalties for the failure to comply with the requirement to update the register and list; however, any non-compliance with the Act's provisions could potentially result in enforcement actions under other sections of the Act, which may include fines or other penalties as prescribed by law.