Variation of List of Names and Categories of Registered Entities - ERGS (Australia) I, LLC

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a framework for the collection of data and information from financial sector entities by the Australian Prudential Regulation Authority (APRA). This legislation was introduced to address the need for a comprehensive and systematic approach to collecting and maintaining data from entities within the financial sector, thereby enhancing the regulatory and supervisory capabilities of APRA. The Act aims to ensure that APRA has access to accurate and up-to-date information, which is essential for effective oversight and regulation. The policy objective of the Act is to facilitate the efficient and effective supervision of financial entities, thereby contributing to the stability and integrity of the financial system. This legislative instrument, which is a variation of the list of names and categories of registered entities, was issued under the authority of John Hotham, a delegate of APRA, on 10 September 2014. The instrument records that ERGS (Australia) I, LLC has become a registrable corporation and, accordingly, its name and particulars have been added to the register maintained by APRA. Consequently, the list of registered entities has been updated to include the corporation, thereby reflecting the current status of entities subject to data collection requirements under the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector of Australia, encompassing authorised deposit-taking institutions, authorised market operators, and other designated entities. This Act mandates the collection of data and the maintenance of a register of registered entities by the Australian Prudential Regulation Authority (APRA). The Act's jurisdiction extends across the Commonwealth, ensuring a uniform approach to data collection and management within the financial sector. The Act applies to entities that are deemed registrable corporations under its provisions and mandates the inclusion of such entities in APRA’s register. The application of this Act is further refined through subordinate instruments, which detail the specific requirements for entity registration and data collection. Notably, the Act does not explicitly state exclusions or exemptions, implying that all eligible entities must comply with its provisions unless otherwise specified in regulations or guidelines issued under the Act.

Key Provisions

The primary operative sections of the legislation focus on the registration and listing of entities within the Australian Prudential Regulation Authority's (APRA) register. Under section 8 of the Financial Sector (Collection of Data) Act 2001, APRA maintains a Register of Entities, and under section 11, APRA also keeps a list of the names of these registered entities. Section 7 of the Act defines what constitutes a registrable corporation, and section 10(a) provides the authority for APRA to add the names of corporations to the register. Once a corporation is added to the register, it becomes a registered entity as defined in subsection 5(3) of the Act. In this case, ERGS (Australia) I, LLC, having met the criteria for a registrable corporation, has had its name added to the register and subsequently to the list of registered entities. The Act imposes several obligations and requirements on the parties it governs. Firstly, APRA is required to maintain and update the Register of Entities and the list of registered entities, ensuring that all relevant information is accurate and up-to-date. The addition of a corporation to the register must follow the procedures outlined in the Act, which includes verifying the corporation's status as a registrable entity. The delegate of APRA, in this case, John Hotham, has the authority under subsection 11(2) of the Act to vary the list by adding the names of corporations, ensuring that the list remains current and reflective of all registered entities. Any breach of the requirements set out in the Financial Sector (Collection of Data) Act 2001 may lead to civil or criminal consequences, depending on the nature and severity of the breach. While the specific penalties are not detailed in the excerpt provided, it is common under Australian legislation for breaches of data collection and management requirements to incur substantial fines or other penalties. The maximum penalties would depend on the specific provisions of the Act and any relevant subordinate legislation or regulations. Compliance with the Act is crucial, as failure to adhere to the requirements can result in legal repercussions for both the entities involved and the regulators overseeing their registration and data collection processes.