Variation of List of Names and Categories of Registered Entities - Fair Go Finance Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for a systematic collection of data concerning financial entities within Australia, ensuring that the Australian Prudential Regulation Authority (APRA) can effectively regulate and supervise the financial sector. The Act establishes a framework for the collection of data from financial entities, which is crucial for maintaining the stability and integrity of the financial system. The policy objective of the Act is to provide APRA with the necessary information to monitor and regulate financial entities efficiently. The Australian Parliament introduced this legislation to fill a critical gap in the oversight and regulation of the financial sector, aiming to prevent systemic risks and protect consumers and investors. This legislative instrument, Gazette C2015G00766, issued on 16 March 2015, amends the list of names of registered entities under the Financial Sector (Collection of Data) Act 2001. It was enacted to update the list maintained by APRA, which is crucial for the regulatory oversight of financial entities. The variation to the list involves the addition of Fair Go Finance Pty Ltd, a new registrable corporation. This amendment ensures that APRA's records remain current and reflective of all entities subject to the regulatory requirements of the Act. The enactment of this variation by Barton Ashcroft, a delegate of APRA, under the authority granted by the Act, maintains the integrity and effectiveness of APRA's data collection and regulatory processes.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 is a Commonwealth statute that pertains to the collection of data within the financial sector, with a specific focus on the registration and monitoring of entities that fall within its scope. This Act applies to entities that are defined as registrable corporations, including financial institutions and other entities that are subject to regulation by the Australian Prudential Regulation Authority (APRA). The geographic reach of the Act is national, as it applies across Australia and is enforced by a Commonwealth authority, APRA. The Act does not specify exclusions or exemptions, but it does establish thresholds for entities that must be registered based on their size, nature, and potential systemic risk. The Act allows for the addition of new entities to the list of registered entities through subordinate instruments, such as the gazette notice described, which extends the application of the Act by including new entities within its purview. The notice in question updates the list of registered entities by adding Fair Go Finance Pty Ltd, ensuring that the register maintained by APRA accurately reflects the current entities subject to the provisions of the Act.

Key Provisions

The main operative sections of this legislation pertain to the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. Specifically, section 8 of the Act pertains to the maintenance of the Register of Entities by the Australian Prudential Regulation Authority (APRA), while section 11 refers to the list of names of registered entities. Under section 10(a), APRA has the authority to add the name of a corporation and its particulars to the register, thereby making it a registered entity as defined in subsection 5(3) of the Act. Pursuant to subsection 11(2), Barton Ashcroft, a delegate of APRA, varies the list by adding the names of corporations to it. The obligations and requirements imposed by this legislation on the parties or entities it governs are primarily administrative in nature. APRA is required to maintain the Register of Entities and the list of names of registered entities, and to update these as necessary. In this case, APRA has added the name of Fair Go Finance Pty Ltd to the register and the list, as the corporation has become a registrable entity under section 7 of the Act. This addition is made pursuant to paragraph 10(a) of the Act, which allows APRA to add the name of a corporation and its particulars to the register. Breach of any of the provisions of the Financial Sector (Collection of Data) Act 2001 may result in civil or criminal consequences. However, the specific offences, penalties, or consequences for breach are not outlined in this legislation. It is worth noting that the maximum penalties for offences under the Act can vary depending on the nature and severity of the offence, and may include fines or imprisonment. It is important for parties or entities governed by this legislation to ensure compliance with its provisions to avoid any potential consequences.