Variation of List of Names and Categories of Registered Entities - Cheung Kong Infrastructure Holdings (Australia) Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of data from entities within the financial sector, ensuring that the Australian Prudential Regulation Authority (APRA) has the necessary information to effectively regulate and supervise the sector. The Act provides a framework for the registration of entities and the collection of data that is essential for the performance of APRA's functions. This legislative instrument, a Gazette notice issued under the Act, addresses the need to maintain an accurate and up-to-date register of entities by removing the name of a corporation that has ceased to be a registrable entity. The policy objective of the Act is to enable APRA to collect and maintain data that supports the prudential regulation and supervision of financial sector entities. In this specific instance, the notice by John Hotham, a delegate of APRA, removes the name of Cheung Kong Infrastructure Holdings (Australia) Pty Ltd from the list of registered entities, reflecting the corporation's status change as per the requirements of the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are subject to registration under the Act, specifically those entities that fall within the definition of a registrable corporation as set out in section 7 of the Act. The Act is a Commonwealth statute and therefore has a national jurisdictional reach, governing entities across Australia. The Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of the names of these registered entities. The legislative instrument in question pertains to the removal of Cheung Kong Infrastructure Holdings (Australia) Pty Ltd from this list, following its cessation as a registrable corporation. This action is taken under the authority conferred by APRA, as a delegate of the Act, and involves amending the list as per subsection 11(2) of the Act. No exclusions, exemptions, or thresholds are specifically noted in this instrument, although the Act may provide for such provisions elsewhere or through subordinate legislation. The scope and application of the Act can be further extended or restricted through regulations and other instruments made under the authority of the Act.

Key Provisions

The main provisions of this legislation involve the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. Specifically, section 11 of the Act pertains to the list that APRA maintains, detailing the names of registered entities. In this instance, the list is being amended to remove the name of Cheung Kong Infrastructure Holdings (Australia) Pty Ltd (ACN: 088730081) due to its cessation as a registrable corporation (section 7 of the Act). This amendment is carried out under the authority granted by subsection 11(2) of the Act, executed by John Hotham, a delegate of APRA, as indicated in the Notice. The obligations and requirements imposed by this Act primarily focus on the maintenance and accurate updating of the Register of Entities and the list of registered entities' names. Under section 8, APRA is responsible for maintaining the Register of Entities, which includes details about all entities required to be registered. Section 11 further specifies that APRA must maintain a list of these entities' names. The statutory duty here is to ensure that this list is current and reflects the true status of each entity. The removal of Cheung Kong Infrastructure Holdings (Australia) Pty Ltd from the register and the list, as per paragraph 10(c) of the Act, is a direct response to the corporation's cessation as a registrable entity, ensuring the register remains accurate and reflective of the current legal status of all entities. The legislation also delineates the consequences for non-compliance with the Act's provisions. While the Notice itself does not specify particular offences or penalties, the Financial Sector (Collection of Data) Act 2001 likely includes provisions for breaches of its requirements. Such breaches could potentially lead to civil or criminal penalties, depending on the severity and intent of the non-compliance. Penalties may include fines or other sanctions as prescribed by the relevant sections of the Act. The specific maximum penalties, however, are not detailed in the Notice but would be referenced in the Act itself.