Variation of List of Names and Categories of Registered Entities - Exelerate Funding Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Parliament of Australia, addresses the need for the Australian Prudential Regulation Authority (APRA) to maintain a comprehensive and accurate register of entities within the financial sector. This legislation enables APRA to collect and manage data related to entities that are subject to prudential supervision, ensuring that it has the necessary information to effectively regulate and monitor these entities. The Act aims to enhance the stability and integrity of the financial sector by allowing for the systematic collection and analysis of data from relevant entities. The accompanying legislative instrument, the Variation of List of Names and Categories of Registered Entities, serves to update the list of registered entities by removing those that no longer meet the criteria for registration, thereby maintaining the accuracy and relevance of the data held by APRA.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities regulated by the Australian Prudential Regulation Authority (APRA), particularly those that are required to be registered under the Act. This Act mandates the collection of data from entities such as banks, credit unions, insurance companies, and other financial institutions to ensure the stability and soundness of the financial sector. The Act is applicable across Australia, encompassing both Commonwealth and state jurisdictions, and it extends to entities that are engaged in financial services, including the provision of credit facilities, insurance, and superannuation. The Act allows for the exclusion of certain entities through specified exemptions and thresholds, and it authorises the creation of subordinate instruments to further refine or extend its application. The named exclusion in this specific case pertains to Exelerate Funding Pty Limited, a company that has ceased to be a registrable corporation under the Act and has had its details removed from APRA's Register of Entities. This variation, executed under the authority of a delegate of APRA, is a formal amendment to the list of registered entities maintained under the Act.

Key Provisions

The Financial Sector (Collection of Data) Act 2001 (the Act) encompasses several key provisions that govern the management of financial sector data. Section 8 of the Act establishes that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities. This register is crucial for ensuring that entities within the financial sector are properly monitored and regulated. Section 11 of the Act mandates that APRA maintains a list of the names of these registered entities. This list serves as a public record and is instrumental in identifying entities subject to regulatory oversight. Under this legislative framework, APRA has specific obligations to manage and update the register and the list of names accordingly. Section 11(2) of the Act grants APRA the authority to vary the list, ensuring it reflects the current status of registered entities. In this instance, Exelerate Funding Pty Limited has ceased to be a registrable corporation, as defined in section 7 of the Act. Consequently, APRA has removed the corporation’s name and particulars from the register under paragraph 10(c) of the Act. This action aligns with the requirement in subsection 5(3) of the Act, which clarifies that Exelerate Funding Pty Limited is no longer considered a registered entity. The legislation also outlines consequences for non-compliance with its provisions. While the specific Act does not detail offences, penalties, or civil/criminal consequences within the provided text, it is common in such regulatory contexts for breaches to incur significant penalties. Typically, non-compliance with data collection and entity registration provisions can result in fines and, in severe cases, criminal charges. These penalties are intended to enforce the importance of accurate and timely data management within the financial sector, ensuring that entities are properly regulated and monitored to protect the financial system's integrity.