Variation of List of Names and Categories of Registered Entities - EREF Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to ensure the collection of accurate and relevant data from entities within the financial sector, facilitating effective supervision and regulation by the Australian Prudential Regulation Authority (APRA). This Act was introduced to address the need for a streamlined and comprehensive framework for collecting data from entities that could impact the financial stability of Australia. The Act is administered by the Parliament of Australia, and its primary policy objective is to enable APRA to maintain a register of entities and a list of their names, thereby ensuring that the regulator has access to the necessary information to perform its oversight functions effectively. In accordance with the Act, APRA has the authority to update and maintain these records, as demonstrated in the legislative instrument which pertains to the removal of EREF Pty Ltd from the register due to its cessation as a registrable corporation. This amendment reflects APRA’s ongoing efforts to ensure the register accurately reflects the current status of registered entities.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector and specifically those registered with the Australian Prudential Regulation Authority (APRA). This Act governs the collection of data and the maintenance of a register of these entities, including their names and categories, as outlined in sections 8 and 11 of the Act. The Act applies to all registrable corporations under the definition provided in section 7, and the jurisdiction of the Act is national, extending across the Commonwealth of Australia. In the case of EREF Pty Ltd, which has ceased to be a registrable corporation, the Act mandates the removal of its name and related particulars from APRA's register. This amendment is carried out through a notice issued under subsection 11(2) of the Act by a delegate of APRA, in this instance, John Hotham, Senior Manager of Data Collection. The removal from the register signifies that EREF Pty Ltd is no longer a registered entity under the Act. The Act may be further extended or restricted through subordinate instruments, though the primary legislation itself outlines the specific scope and application to registered financial entities.

Key Provisions

The key operative sections of the Gazette C2014G00933 under the Financial Sector (Collection of Data) Act 2001 pertain to the maintenance and updating of the Register of Entities and the List of Names of Registered Entities. Specifically, section 8 of the Act establishes that the Australian Prudential Regulation Authority (APRA) is responsible for maintaining a Register of Entities, while section 11 mandates that APRA also keeps a List of Names of Registered Entities. The gazetted notice, dated 5 June 2014, focuses on the removal of EREF Pty Ltd (ABN: 86 050 205 091) from both the register and the list. This action is authorised under subsection 11(2) of the Act and was carried out by John Hotham, a delegate of APRA, in accordance with the provisions of the Act. The obligations imposed by the Act on APRA include the accurate and timely maintenance of the Register of Entities and the List of Names of Registered Entities. This involves not only the addition of new entities that meet the criteria for registration but also the removal of entities that no longer qualify. In the case of EREF Pty Ltd, APRA's responsibility was to ensure that the corporation's details were removed from both the register and the list once it ceased to be a registrable corporation under section 7 of the Act. The requirement to update these records accurately and promptly is crucial for compliance with the regulatory framework governing financial sector entities. The Act also outlines the consequences for non-compliance or failure to update the register and list correctly. While the specific offences, penalties, or civil/criminal consequences are not detailed in the gazetted notice, the Financial Sector (Collection of Data) Act 2001 provides a broader framework that could apply. Generally, failure to maintain accurate records or provide the required information can result in enforcement actions by APRA, which may include fines or other penalties. The Act empowers APRA to take such measures to ensure that entities are properly registered and that the data collected is reliable and up-to-date, thereby supporting effective regulation of the financial sector.