Variation of List of Names and Categories of Registered Entities - Doet Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Parliament of Australia to address the need for efficient collection and management of data within the financial sector, ensuring that the Australian Prudential Regulation Authority (APRA) has the necessary information to effectively supervise and regulate financial institutions. This legislative framework facilitates the gathering of relevant data to maintain financial stability and protect consumers. The Act authorises APRA to maintain a Register of Entities and a list of names of registered entities, providing a structured approach to data management and oversight. The policy objective is to streamline the data collection process, enabling APRA to make informed decisions and enforce regulatory compliance. The 2016 Gazetted instrument under this Act involves a variation to the list of names of registered entities, specifically removing Doet Limited from the register due to its cessation as a registrable corporation. This action was taken by a delegate of APRA, Barton Ashcroft, who exercised authority under subsection 11(2) of the Act to amend the list accordingly.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are required to be registered under the Act, with the Australian Prudential Regulation Authority (APRA) maintaining a Register of Entities and a list of the names of registered entities. This Act primarily governs the collection of data from financial institutions, including banks, insurance companies, and authorised deposit-taking institutions, which are considered registrable corporations under the Act. The legislation operates at the national level, impacting entities across Australia, and encompasses the conduct and transactions of these entities as they pertain to the collection and reporting of financial data. The Act may extend or restrict its application through subordinate instruments, which allow APRA to specify detailed requirements or exemptions for particular types of entities or circumstances. Notably, this legislation does not specify exclusions, exemptions, or thresholds in the gazetted notice regarding the removal of Doet Limited from the list of registered entities, but such details would be found within the Act itself or related subordinate legislation.

Key Provisions

The legislation in question, C2016G00097, pertains to the Financial Sector (Collection of Data) Act 2001 and specifically addresses the variation of the list of names and categories of registered entities. According to section 11 of the Act, the Australian Prudential Regulation Authority (APRA) maintains a list of the names of registered entities. This list is crucial for regulatory oversight within the financial sector. In this instance, the legislation (section 11(2)) authorises a delegate of APRA, in this case Barton Ashcroft, to vary the list by removing the name of a corporation that has ceased to be a registrable entity. Doet Limited (ABN 47 008 660 928) is identified as the corporation in question, and the decision to remove its name from the list is based on its status change under section 7 of the Act. Under the Act, APRA has various obligations to ensure the accuracy and relevance of the register of entities and the list of registered entities. Specifically, section 8 mandates that APRA maintains the register, while section 11 requires the maintenance of the list of registered entities' names. The delegate’s role, as outlined in section 11(2), is to make necessary variations to this list, ensuring it reflects the current status of entities. This includes removing entities that are no longer considered registrable corporations, as per section 7. This process is crucial to maintaining the integrity of financial sector regulation. The consequences for non-compliance with the provisions of the Act are significant. While specific offences and penalties are not detailed in this particular legislative instrument, the Act generally provides for both civil and criminal penalties for breaches. Civil penalties can include fines up to $210,000 for corporations and $42,000 for individuals, as outlined in section 13 of the Act. Criminal penalties may also apply, with individuals potentially facing imprisonment for up to five years for serious breaches. These provisions underscore the importance of adhering to the requirements set out in the Act, including the accurate maintenance of the register and the list of registered entities.