Variation of List of Names and Categories of Registered Entities - Cymbis Finance Australia Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to provide a legal framework for the collection, analysis and dissemination of financial sector data. This Act was introduced to address the need for a comprehensive system to gather and monitor data pertinent to the financial stability and performance of entities within the Australian financial sector. The enacting body of this Act is the Parliament of Australia, with the overarching policy objective of ensuring the financial system's stability and integrity by enabling effective regulatory oversight. This legislative instrument, C2013G00348, pertains to a variation of the list of names and categories of registered entities, specifically addressing the cessation of Cymbis Finance Australia Limited as a registrable corporation. This variation, signed by Barton Ashcroft, a delegate of the Australian Prudential Regulation Authority, involves the removal of the corporation's name from the list maintained under the Act, reflecting its status as a deregistered entity.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are considered registrable corporations as defined under section 7 of the Act. The Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of names of these registered entities. In this particular legislative variation, the scope is narrowed to a specific entity, Cymbis Finance Australia Limited, which has ceased to be a registrable corporation under the Act. The decision to remove the corporation from the register and the list of names is pursuant to section 11(2) of the Act, reflecting the entity's cessation as a registered entity under subsection 5(3) of the Act. The removal was authorised by Barton Ashcroft, a delegate of APRA, under paragraph 10(c) of the Act, thereby ensuring that the register and the list accurately reflect the current status of registered entities. The Act's jurisdiction spans the Commonwealth, and while the primary application is to financial entities, its reach can extend through subordinate instruments to encompass additional sectors or criteria as necessary.

Key Provisions

The Financial Sector (Collection of Data) Act 2001 provides a framework for the collection and management of data related to the financial sector, with specific emphasis on the registration of entities. Section 8 of the Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities, while section 11 requires APRA to keep a list of the names of registered entities. The latest gazette, C2013G00348, informs that APRA has removed Cymbis Finance Australia Limited from this list, as stipulated in section 11(2). This amendment follows the cessation of Cymbis Finance Australia Limited's status as a registrable corporation, as defined in section 7 of the Act. Consequently, the corporation is no longer considered a registered entity under subsection 5(3) of the Act, and its particulars have been expunged from the register under paragraph 10(c). The obligations imposed by the Financial Sector (Collection of Data) Act 2001 on APRA include maintaining an up-to-date register of entities and a corresponding list of registered entities' names. These obligations are crucial for ensuring that the data collected and managed by APRA accurately reflects the current status of entities within the financial sector. APRA is also tasked with the responsibility of updating these records whenever an entity ceases to meet the criteria for registration. This involves not only the removal of the entity's name from the list but also ensuring that all related particulars are accurately and promptly expunged from the register. Breaches of the provisions outlined in the Financial Sector (Collection of Data) Act 2001 can result in significant consequences. While the specific section does not detail offences or penalties, the Act generally provides for both civil and criminal penalties for non-compliance. Civil penalties can include fines and orders for rectification, while criminal penalties might involve imprisonment, reflecting the seriousness with which the Act treats compliance with its provisions. The exact penalties would depend on the nature and severity of the breach, as well as any relevant case law or additional statutory provisions. It is imperative for entities governed by the Act to adhere strictly to its requirements to avoid these potential repercussions.