Variation of List of Names and Categories of Registered Entities - Commercial Distribution Finance Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Parliament of Australia to ensure that the Australian Prudential Regulation Authority (APRA) maintains a register of entities that are required to be registered under the Act, and to establish a list of the names of these registered entities. This Act addresses the need for a comprehensive and up-to-date database of entities subject to regulatory oversight in the financial sector, facilitating effective supervision and enforcement of financial regulations. The policy objective is to enhance the stability and integrity of the financial system by ensuring that relevant entities are properly monitored and regulated. In accordance with this Act, Barton Ashcroft, a delegate of APRA, has the authority to vary the list of registered entities, as demonstrated in the 2016 Gazette variation that added Commercial Distribution Finance Pty Ltd to the list of registered entities.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are required to be registered by the Australian Prudential Regulation Authority (APRA). These entities include financial corporations that are subject to prudential regulation and other specified entities. The Act operates at the national level and mandates the collection of data from these entities to ensure the stability and efficiency of the financial sector. APRA maintains a Register of Entities and a List of Names of Registered Entities under sections 8 and 11 of the Act, respectively. The scope of this legislation extends to all financial corporations that meet the criteria for registration, with the authority to update the register and list through subordinate instruments as necessary. The Act does not specify exclusions or thresholds for registration, but entities must meet the criteria set out in the Act to be included on the register and list. The application of this legislation is comprehensive, with the authority to add or remove entities from the register and list as circumstances change.

Key Provisions

The legislation, Gazette C2016G00058, pertains to the Financial Sector (Collection of Data) Act 2001. Under section 8 of the Act, the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities. This register serves as an official record of entities subject to data collection requirements. Section 11 of the Act requires APRA to maintain a list of the names of these registered entities. Pursuant to this, the name of Commercial Distribution Finance Pty Ltd, a newly registrable corporation defined under section 7 of the Act, has been added to the register under paragraph 10(a). As a result, this corporation is now considered a registered entity under subsection 5(3) of the Act. The legislation then provides that Barton Ashcroft, a delegate of APRA, can vary the list of registered entities by adding the names of corporations such as the aforementioned. The obligations imposed by this Act primarily rest with APRA, which must ensure that the Register of Entities and the list of registered entity names are kept up-to-date and accurate. Section 8 mandates that APRA maintain the register, while section 11 requires the maintenance of the list of registered entities. The addition of Commercial Distribution Finance Pty Ltd to this list follows from their status as a registrable corporation and the subsequent actions taken under paragraph 10(a) and subsection 5(3) of the Act. These sections necessitate that APRA adds the entity's name to the register and list upon meeting the defined criteria for registration. The legislation does not explicitly outline specific offences, penalties, or civil/criminal consequences for breaches related to the addition of entities to the register or list. However, the Financial Sector (Collection of Data) Act 2001, as a broader regulatory framework, typically includes provisions that impose penalties for non-compliance. Such penalties can range from fines to more severe sanctions, depending on the nature and severity of the breach. The exact penalties are usually detailed in other sections of the Act or in related regulations, but they are not specified in this particular legislative instrument. It is important for registered entities to comply with the requirements to avoid any potential enforcement actions under the broader Act.