Variation of List of Names and Categories of Registered Entities - CBA Investments Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Australian Parliament to facilitate the collection and management of financial data by the Australian Prudential Regulation Authority (APRA). This legislation addresses the need for comprehensive and accurate financial data to ensure the stability and reliability of the financial sector. The Act empowers APRA to maintain a register of entities and a list of registered entities, enabling it to effectively monitor and regulate the financial sector. This instrument is a variation notice issued under the Act, demonstrating the dynamic nature of the legislative framework and the authority of APRA to update the list of registered entities as circumstances change. This particular variation notice, issued by Barton Ashcroft, a delegate of APRA, removes the name of CBA Investments Pty Limited from the list of registered entities. The policy objective is to ensure that the list accurately reflects the current status of entities subject to registration, thereby maintaining the integrity and effectiveness of APRA's regulatory oversight. This amendment is in accordance with the provisions of the Act, which empower APRA to manage the register and list as necessary to meet its regulatory objectives.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 governs the collection and management of data within Australia's financial sector, specifically targeting entities that are subject to regulation by the Australian Prudential Regulation Authority (APRA). This Act applies to entities that are designated as registrable corporations under the definition provided in section 7, which includes banks, authorised deposit-taking institutions, credit unions, friendly societies, insurance companies, and authorised deposit-taking institutions. These entities are subject to mandatory registration and data collection requirements under the Act. The geographic and jurisdictional reach of this Act is national, as it pertains to financial entities across Australia, overseen by APRA as the regulatory body. The Act includes provisions for exemptions and exclusions, which may be detailed in subordinate instruments. In this instance, the legislative instrument specifically addresses the removal of CBA Investments Pty Limited from the list of registered entities due to its cessation as a registrable corporation, illustrating how the Act's application can be varied to reflect changes in the status of entities within the financial sector.

Key Provisions

The primary operative sections of the Variation of List of Names and Categories of Registered Entities Notice (C2015G01662) pertain to the removal of a specific corporation from the Register of Entities maintained by the Australian Prudential Regulation Authority (APRA) under section 8 of the Financial Sector (Collection of Data) Act 2001. The Notice explicitly states that CBA Investments Pty Limited (ABN 45 000 835 423) has ceased to be a registrable corporation, as defined in section 7 of the Act, and that APRA has removed the corporation's name and particulars from the Register under section 10(c) of the Act (paragraph C). The list of registered entities, maintained under section 11 of the Act, is then varied by subsection 11(2) of the Act, resulting in the removal of the corporation's name from the list (paragraph D and E). The Act imposes specific obligations on APRA, including the maintenance of the Register of Entities and the list of registered entities. These obligations entail ensuring that the Register and the list accurately reflect the current status of entities subject to the Act. In the case of CBA Investments Pty Limited, APRA's duty involves the timely and accurate removal of the corporation's details from both the Register and the list once it is determined that the corporation is no longer a registrable entity. This process is governed by the procedures outlined in section 10 and section 11 of the Act. The Notice does not explicitly detail offences, penalties, or consequences for non-compliance with the Act. However, the Act generally provides for enforcement mechanisms that could include civil or criminal penalties for breaches. Section 18 of the Act, for example, allows for the imposition of financial penalties for non-compliance with data collection requirements, while section 21 provides for the imposition of criminal penalties for more serious breaches, including fines and imprisonment. The specific consequences for failing to comply with the obligations under sections 10 and 11 would depend on the nature and severity of the breach.