Variation of List of Names and Categories of Registered Entities - DNB Bank ASA

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a framework for the collection, analysis, and dissemination of data related to the financial sector in Australia. This legislation addresses the need for accurate and timely financial data to support regulatory and supervisory activities, thereby ensuring the stability and integrity of the financial system. The Act is administered by the Australian Prudential Regulation Authority (APRA), which is responsible for maintaining a register of entities and a list of their names. The policy objective of the Act is to facilitate the efficient and effective collection of financial data, which is essential for informed decision-making and the maintenance of financial stability. In line with its mandate under the Financial Sector (Collection of Data) Act 2001, APRA has added the names of certain corporations to the register and the associated list. This particular legislative instrument, known as the Variation of List of Names and Categories of Registered Entities, was introduced to reflect the inclusion of DNB Bank ASA as a registrable corporation. This update ensures that the register accurately reflects the current entities subject to data collection obligations under the Act. The legislative instrument was issued on 2 October 2015 by Barton Ashcroft, a delegate of APRA, in accordance with the powers conferred by 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 banks, credit unions, insurance companies, and other financial institutions as defined under the Act. The Act mandates the collection of data from these entities to ensure the stability and integrity of the financial system. The geographic reach of the Act extends nationally, applying to all financial entities operating within Australia, regardless of their size or the specific nature of their operations within the financial sector. The Act does not specify exclusions or exemptions for particular entities, thus generally applying to all financial entities that meet the criteria of being a registrable corporation under section 7 of the Act. Subordinate instruments may further extend or clarify the application of the Act, but the primary legislation sets out the overarching framework for data collection and registration. This legislative instrument, as evidenced by the Variation of List of Names and Categories of Registered Entities, ensures that the register maintained by APRA is kept up-to-date with the inclusion of new entities as they meet the registrable criteria.

Key Provisions

The primary operative sections of the gazetted instrument are contained within sections 8, 11, and 10 of the Financial Sector (Collection of Data) Act 2001. Section 8(1) mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities, which includes detailed information about entities subject to the Act. Section 11(1) requires APRA to keep a list of the names of registered entities, while section 10(a) allows APRA to add a new entity to the register if it meets the criteria for registration as specified in section 7. Under this Act, APRA has specific obligations to ensure the Register of Entities and the list of registered entities' names are accurately maintained. APRA must ensure that any new registrable corporation, such as DNB Bank ASA, is added to the Register of Entities under section 8. Once added, the entity must be included in the list of names of registered entities under section 11. This process is overseen by a delegate of APRA, who must act under subsection 11(2) to vary the list by adding the new entity’s name. Breaching the requirements of this Act can lead to serious consequences. While the gazetted instrument itself does not explicitly outline penalties, the broader Act contains provisions for offences and penalties. For example, section 18 of the Act imposes civil penalties for failure to comply with the Act's requirements, with maximum penalties varying based on the severity and nature of the breach. Additionally, criminal penalties may apply for more serious violations, as outlined in section 19. These include fines and imprisonment, depending on the specific breach and its impact. In summary, the gazetted instrument updates the list of registered entities by adding DNB Bank ASA, in accordance with the requirements set out in sections 8, 11, and 10 of the Financial Sector (Collection of Data) Act 2001. APRA has the responsibility to maintain accurate records and lists of registered entities, with potential civil and criminal penalties for non-compliance with the Act.