Variation of List of Names and Categories of Registered Entities - DNB Asia Ltd

Overview

The Variation of List of Names and Categories of Registered Entities instrument, dated 16 October 2015, was enacted under the Financial Sector (Collection of Data) Act 2001, a Commonwealth Act which aims to ensure that sufficient information is collected from authorised entities to enable the Australian Prudential Regulation Authority (APRA) to perform its functions effectively. The instrument was introduced to address the inclusion of new entities into the register and list maintained by APRA, thereby ensuring that all relevant entities are appropriately recorded and monitored. This legislative instrument was issued by Barton Ashcroft, a delegate of APRA, acting under the authority granted by subsection 11(2) of the Act. The policy objective of the Act is to provide APRA with the necessary data to effectively regulate and supervise financial sector entities, ultimately contributing to the stability and integrity of the financial system.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those required to be registered with the Australian Prudential Regulation Authority (APRA). This Act mandates the collection of data from these entities, ensuring that APRA maintains a comprehensive and up-to-date register of registered entities. The Act applies to the Commonwealth of Australia, regulating the financial sector nationwide. The Act allows for the inclusion of new entities by updating the list of registered entities through subordinate instruments, such as the gazetted variation notice issued by a delegate of APRA, ensuring that the register reflects the current state of registrable corporations. Notably, the Act does not specify exclusions, exemptions, or thresholds beyond the definitions and categories of entities as provided within its text. The recent addition of DNB Asia Ltd. to the register exemplifies the Act's ongoing application in registering new entities as they meet the criteria set forth in the Act.

Key Provisions

The main sections of the legislation (C2015G01748) are concerned with the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. Section 8 of the Act requires the Australian Prudential Regulation Authority (APRA) to maintain a register of entities, while section 11 mandates that APRA also keep a list of the names of these registered entities. Pursuant to this mandate, subsection 11(2) allows a delegate of APRA to vary this list by adding the names of corporations that meet the criteria for registration. The addition of DNB Asia Ltd. to the register under paragraph 10(a) of the Act, and its subsequent inclusion in the list of registered entities, is explicitly detailed in the document. The obligations and requirements imposed by the Act on the parties it governs are primarily administrative. APRA is tasked with maintaining and updating the register of entities and the list of registered entities. This involves not only the initial registration of entities that meet the criteria, as specified in section 7, but also the ongoing maintenance of accurate and up-to-date information. The delegate of APRA, in this case Barton Ashcroft, has the authority under subsection 11(2) to add the names of entities to the list, ensuring that the list reflects the current status of registered entities. In terms of legal consequences, the Act does not explicitly outline specific offences, penalties, or consequences for breach in this particular notice. However, the Act generally empowers APRA to enforce compliance with its requirements, which may include the imposition of penalties for non-compliance. The Financial Sector (Collection of Data) Act 2001, from which this notice derives its authority, provides a framework for such enforcement actions, although the specific penalties are not detailed within this notice. It is understood that non-compliance could lead to administrative or legal action by APRA, but the exact nature and severity of these consequences would depend on the specific circumstances and the broader legislative context.