Variation of List of Names and Categories of Registered Entities - DaimlerChrysler Capital Services (Debis) Australia Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a legislative framework for the collection, analysis, and dissemination of data related to financial sector entities in Australia, thereby addressing the need for robust regulatory oversight and risk management within the financial sector. This Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a register of financial entities and to collect data necessary for effective supervision and regulation. The 2014 Gazette notice concerning the removal of DaimlerChrysler Capital Services (Debis) Australia Pty Ltd from APRA's register exemplifies the application of the Act's provisions to ensure that the list of registered entities remains current and reflective of the entities subject to regulatory oversight. As a delegate of APRA, John Hotham's decision to vary the list by removing the specified corporation aligns with the policy objective of maintaining an accurate and up-to-date register of financial entities under the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are subject to regulation by the Australian Prudential Regulation Authority (APRA). This includes registered entities whose names and details are maintained in a register under section 8 of the Act, and a list of these entities under section 11. The Act applies to all entities across Australia, as it is a Commonwealth Act. The Act's purpose is to facilitate the collection of data necessary for the regulation and supervision of financial institutions. The scope of the Act extends to entities such as banks, insurance companies, and other financial corporations, as defined under the Act. The Act allows for the exclusion of certain entities that do not meet the criteria for being a registrable corporation. The application of the Act can be extended or restricted through subordinate instruments, such as the removal of entities from the register and list as demonstrated in the gazetted variation. In this specific instance, the removal of DaimlerChrysler Capital Services (Debis) Australia Pty Ltd from the register and list is an application of the Act's provisions, reflecting its dynamic nature in adapting to changes in the financial sector.

Key Provisions

The main operative sections 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 allows the Australian Prudential Regulation Authority (APRA) to maintain a list of registered entities, while section 11(2) empowers a delegate of APRA, such as John Hotham, to make changes to this list. In this instance, the name of DaimlerChrysler Capital Services (Debis) Australia Pty Ltd has been removed from both the register and the list, as per section 8 and section 11, respectively. This action follows the corporation's cessation of being a registrable entity as defined in section 7 of the Act. The Act imposes certain obligations and requirements on APRA in maintaining the register and list of registered entities. Under section 8, APRA is responsible for keeping the register, which includes information about entities subject to data collection requirements. Section 11 mandates that APRA also maintains a list of the names of these registered entities. The authority to vary this list, as exercised by John Hotham under section 11(2), ensures that the list remains accurate and up-to-date, reflecting the current status of entities subject to the Act's data collection provisions. Breach of the provisions of the Financial Sector (Collection of Data) Act 2001 can lead to various consequences. While the specific offences, penalties, or civil/criminal consequences for breach are not detailed in this particular legislative instrument, the Act generally provides for enforcement measures. Typically, breaches of financial sector legislation may result in fines, corrective actions, or other penalties as prescribed by the relevant laws. The exact penalties would depend on the nature and severity of the breach, as outlined in the broader legislative framework governing financial sector regulation in Australia.