Variation of List of Names and Categories of Registered Entities - CNOOC Finance (2015) Australia Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a comprehensive framework for the collection, analysis, and dissemination of data within the Australian financial sector. This legislation was introduced to address the need for robust data collection mechanisms that support the regulatory and supervisory functions of the Australian Prudential Regulation Authority (APRA). The Act aims to ensure that APRA, as the relevant legislative body, has access to accurate and timely data to effectively monitor and regulate entities within the financial sector. By empowering APRA to maintain a register of entities and a list of their names, the Act seeks to enhance the oversight of financial institutions, thereby contributing to the stability and integrity of the financial system. The purpose of this particular legislative instrument, C2015G01359, is to update the list of registered entities under the Act by including the name of CNOOC Finance (2015) Australia Pty Ltd, which has become a registrable corporation. This amendment ensures that the list of registered entities is current and reflective of all entities subject to the Act's requirements. The instrument was issued by Barton Ashcroft, a delegate of APRA, in accordance with the provisions of the Act, thereby formalising the inclusion of the new entity within the regulatory framework.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those that are subject to regulation by the Australian Prudential Regulation Authority (APRA). This legislation mandates the maintenance of a register of entities and a list of names of registered entities, which are overseen by APRA. The Act applies to entities that meet the criteria of being registrable corporations as defined in section 7, and once registered, these entities are subject to data collection requirements under the Act. The geographic reach of the Act is national, applying across Australia, and it extends its requirements to all relevant financial entities, irrespective of state or territory boundaries. The Act may have exclusions or exemptions for certain entities based on their size or nature, but these are not detailed in the specific legislative text provided. The application and scope of the Act can be further extended or restricted through subordinate instruments, which allow for detailed regulations and specific operational guidelines to be established by APRA. The authority to vary the list of registered entities, as demonstrated in the 2015 Gazette variation, ensures the register remains current and reflective of all entities subject to the Act.

Key Provisions

The main operative sections of this legislative instrument revolve around the updating and maintenance of the list of registered entities, as outlined in section 11 of the Financial Sector (Collection of Data) Act 2001. Under this section, the Australian Prudential Regulation Authority (APRA) is tasked with maintaining a register of entities, and a list of the names of these registered entities. In this instance, the list is being varied to include the name of CNOOC Finance (2015) Australia Pty Ltd (ABN 98 604 822 335), as the corporation has now become a registrable entity under section 7 of the Act. The addition of this entity to the register, as stated under paragraph 10(a) of the Act, signifies that the corporation has met the criteria to be considered a registered entity under subsection 5(3) of the Act. The obligations and requirements imposed on the parties and entities governed by this Act include the duty of APRA to maintain an accurate and up-to-date register of entities, as well as the list of registered entity names. This is further emphasised by the authority given to APRA under subsection 11(2) of the Act to vary the list by adding the names of corporations that meet the criteria for registration. The Act also places an obligation on the newly registered entity, CNOOC Finance (2015) Australia Pty Ltd, to comply with all applicable laws and regulations pertaining to its registration and status as a registered entity. In terms of offences, penalties, or civil/criminal consequences for breach, the Act itself does not explicitly outline specific sanctions for non-compliance with the registration requirements. However, the Financial Sector (Collection of Data) Act 2001 is part of a broader legislative framework that may impose penalties or sanctions for non-compliance with related financial sector regulations. For instance, entities may face fines, legal action, or other regulatory measures if they fail to comply with the data collection and reporting requirements imposed by the Act or related legislation. It is important to note that the specific penalties for non-compliance will depend on the nature and severity of the breach, as well as any applicable provisions within the broader financial sector legislative framework.