Variation of List of Names and Categories of Registered Entities - DVI Financial Services (Australia) Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of data by the Australian Prudential Regulation Authority (APRA) for the purposes of regulating financial institutions. This Act was introduced to address the need for a comprehensive and coordinated approach to data collection, ensuring that APRA has the necessary information to effectively monitor and regulate entities within the financial sector. The policy objective of the Act is to enhance the stability and efficiency of the financial system by providing APRA with the requisite data to carry out its regulatory functions. The 2014 Gazette variation of the List of Names and Categories of Registered Entities was enacted by John Hotham, a delegate of APRA, in accordance with subsection 11(2) of the Act. This specific variation involved the removal of DVI Financial Services (Australia) Limited from the list of registered entities due to its cessation as a registrable corporation, as defined in section 7 of the Act. This change reflects the ongoing management of the register to ensure its accuracy and relevance in reflecting the current status of entities within the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that fall within the scope of data collection for the purposes of prudential supervision in the financial sector, administered by the Australian Prudential Regulation Authority (APRA). This Act mandates APRA to maintain a Register of Entities and a list of the names of registered entities, ensuring that entities subject to the Act, such as banks, authorised deposit-taking institutions, and certain insurance companies, are properly identified and monitored. The Act has a broad jurisdictional reach, covering the entire Commonwealth of Australia and its territories, thereby applying nationally to all entities falling under its purview. The specific exclusion in this case is the removal of DVI Financial Services (Australia) Limited from the list of registered entities, effective from the date of this Notice, due to its cessation as a registrable corporation. The Act also allows for the extension or restriction of its application through subordinate instruments, which may further define the scope of entities or categories subject to registration or other specific requirements.

Key Provisions

The main operative sections of the gazetted document, C2014G00934, pertain to the Financial Sector (Collection of Data) Act 2001, specifically detailing the process of removing a corporation from the list of registered entities. Section 8 of the Act outlines the Australian Prudential Regulation Authority’s (APRA) responsibility to maintain a Register of Entities, which is essentially a comprehensive record of all entities subject to the Act. Section 11 of the Act details the list of names of these registered entities, a public record that includes specific information about each entity. The document states that DVI Financial Services (Australia) Limited, with the Australian Business Number (ABN) 98 076 174 215, has ceased to be a registrable corporation as per section 7 of the Act. Under section 10(c) of the Act, APRA has removed the corporation’s name and related particulars from the Register, and under section 5(3), the corporation is no longer considered a registered entity. This removal from the Register and the list is formally executed by a delegate of APRA, as per subsection 11(2) of the Act. The obligations and requirements imposed by the Act on APRA and the entities it governs include the maintenance of an accurate and up-to-date Register of Entities and a corresponding list of registered entities. APRA is mandated to ensure that any changes in the status of entities, such as cessation of registrable status, are promptly reflected in these records. This involves removing the entity's details from the Register and the list of names, ensuring that public and regulatory records are accurate and reflect the current state of financial sector entities. The Act requires APRA to act under the authority granted by section 11(2) to make such changes, which involves a formal process of updating these records to reflect the entity's status. The gazetted document outlines specific consequences and penalties for non-compliance with the Financial Sector (Collection of Data) Act 2001. While the primary focus of this particular gazette is on the administrative process of updating the Register and list, the Act does provide for penalties in cases of non-compliance. Offences under the Act can result in substantial fines and, in severe cases, criminal charges. For instance, providing false or misleading information to APRA can lead to penalties that may include fines of up to $1.1 million for corporations and $220,000 for individuals, as per the general penalty provisions under the Act. Additionally, there are potential civil and criminal consequences for those who fail to comply with data collection and reporting requirements, emphasizing the importance of adherence to the statutory obligations.