Variation of List of Names and Categories of Registered Entities - FCA Holdings Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to provide a legislative framework for the collection, use, and disclosure of data relating to the financial sector, and to establish the Australian Prudential Regulation Authority (APRA) as the regulator. This Act aims to ensure that APRA has the necessary data to effectively monitor and regulate financial institutions and entities, thereby maintaining the stability and integrity of the financial system. The policy objective of the Act is to facilitate informed decision-making by regulators, which in turn supports the protection of consumers and the maintenance of financial stability. Pursuant to this Act, APRA maintains a register of entities and a list of their names, and has the authority to update this information as necessary. This particular legislative instrument, dated 2 April 2013, is a variation of the list of names and categories of registered entities, specifically removing FCA Holdings Limited from the list following its cessation as a registrable corporation.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are subject to registration by the Australian Prudential Regulation Authority (APRA), which includes financial institutions such as banks, insurance companies, and authorised deposit-taking institutions. The Act mandates the maintenance of a Register of Entities and a corresponding list of registered entities' names, overseen by APRA. This legislation is applicable at the Commonwealth level and regulates the collection, storage, and dissemination of data by financial sector entities, ensuring regulatory compliance and systemic stability. The Act's scope is extensive, encompassing entities defined as registrable corporations under section 7 of the Act, and it imposes obligations on these entities to provide data to APRA. However, the Act may exclude certain entities or transactions from its purview if they fall outside the defined categories of registrable corporations. The application of the Act may also be extended or restricted through subordinate instruments, allowing for adjustments in response to changes in the financial sector or regulatory requirements. In the case of FCA Holdings Limited, its removal from the register and the list of registered entities exemplifies how the Act's application is dynamically managed based on the status of the entities involved.

Key Provisions

The key provision of this legislation concerns the variation of the list of names and categories of registered entities as outlined in the Financial Sector (Collection of Data) Act 2001. According to section 11 of the Act, the Australian Prudential Regulation Authority (APRA) maintains a list of the names of registered entities. In this case, the list is being varied by removing the name of a specific corporation, FCA Holdings Limited (ABN 77 004 915 100), as detailed in section 11(2). This variation is in response to the corporation ceasing to be a registrable corporation as defined in section 7 of the Act, and it follows the removal of the corporation's name and related particulars from the register under section 10(c). The removal of the corporation's name from the list signifies its cessation as a registered entity under subsection 5(3) of the Act. APRA is required to maintain and manage the register of entities as per section 8 of the Act, ensuring that it accurately reflects the current status of registered entities. The obligation extends to updating the list of names under section 11, which includes removing entities that no longer meet the criteria for registration. This process involves careful verification and documentation to ensure that the register remains current and compliant with the Act's provisions. For the specific case of FCA Holdings Limited, the removal from the register and the list is a procedural necessity to align with the corporation's change in status. Breaches of the obligations under the Financial Sector (Collection of Data) Act 2001 can result in legal consequences. While the specific Notice does not detail penalties for non-compliance, the Act generally provides for enforcement actions against entities that fail to comply with data collection requirements. This could include civil or criminal penalties, depending on the nature and severity of the breach. The Act's provisions are designed to ensure that APRA can effectively regulate and oversee financial sector entities, maintaining the integrity and accuracy of the register and the list of names. This systematic approach helps to uphold the regulatory framework and protect the interests of stakeholders within the financial sector.