Variation of List of Names and Categories of Registered Entities - FATO Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to streamline and enhance the process by which the Australian Prudential Regulation Authority (APRA) collects data on financial institutions. The Act aims to provide a robust framework for the collection and management of information necessary for effective prudential regulation. This was achieved by empowering APRA to maintain a register of entities and a list of registered entities, ensuring that regulatory oversight is both comprehensive and up-to-date. The policy objective is to ensure that APRA has access to accurate and timely information, thereby facilitating informed decision-making and effective supervision of financial institutions. The variation of the list of names and categories of registered entities under this Act, as evidenced by the legislative instrument C2013G01130, demonstrates the dynamic nature of the regulatory process and the authority's commitment to maintaining an accurate and relevant register of entities subject to its oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to various entities within the financial sector in Australia, ensuring that the Australian Prudential Regulation Authority (APRA) maintains a comprehensive register of registered entities and a corresponding list of their names. This Act regulates the collection of data from these entities to ensure adequate supervision and regulation of financial institutions. The Act applies to entities that fall within its purview, including but not limited to financial institutions, insurance companies, and other entities that APRA deems necessary to regulate for the stability and integrity of the financial sector. The geographic reach of this Act is national, as it operates under the Commonwealth of Australia to oversee entities across all states and territories. Notably, this legislation does not specify any exclusions or exemptions in this particular gazette; however, entities may be excluded or exempted based on other provisions within the broader Act or through subordinate instruments. The Act allows for the extension or restriction of its application through regulations and other instruments, ensuring flexibility in its implementation and enforcement.

Key Provisions

The Gazetted Notice (C2013G01130) issued under the Financial Sector (Collection of Data) Act 2001 (the Act) includes several key provisions. Firstly, section 8 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities. This register includes all entities that are subject to the requirements of the Act. Secondly, section 11 of the Act requires APRA to maintain a list of the names of these registered entities. This list serves as a public record of all entities currently registered under the Act. The Notice imposes specific obligations on APRA in relation to the Register and the list of registered entities. Under section 11(2), APRA has the authority to vary the list of registered entities. This authority includes the power to remove the names of entities that no longer meet the criteria for registration. In this case, APRA has exercised this power to remove FATO Limited (ABN: 96 062 445 505) from both the register and the public list, following the entity's cessation as a registrable corporation as defined in section 7 of the Act. This action is consistent with the requirements of subsection 5(3) of the Act, which specifies the conditions under which an entity ceases to be registered. Failure to comply with the requirements of the Act or to accurately maintain the Register and the list of registered entities could result in legal consequences. However, the Notice does not explicitly detail any specific offences, penalties, or consequences for non-compliance in this context. It is important to note that while the Notice itself does not prescribe penalties, the overarching Act may contain provisions that address breaches of its requirements. For example, under section 19 of the Act, a person who contravenes a provision of the Act may be subject to a civil penalty of up to $10,000 for each contravention, and in the case of continuing non-compliance, an additional penalty of up to $5,000 for each day the contravention continues. Additionally, section 20 of the Act provides for criminal penalties, including fines and imprisonment, for more serious breaches. While the Notice does not detail these penalties, they are integral to ensuring compliance with the Act’s objectives.