Variation of List of Names and Categories of Registered Entities - FCCO (Australia) II Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for the Australian Prudential Regulation Authority (APRA) to collect and manage data relating to financial sector entities. The Act established a framework for APRA to maintain a Register of Entities and a list of registered entities, enabling it to effectively regulate and oversee financial institutions and other entities within its purview. This legislative measure was introduced by the Parliament of Australia to ensure that APRA could perform its regulatory functions efficiently and effectively, thereby safeguarding the stability and integrity of the financial sector. The policy objective of the Act is to provide APRA with the necessary tools to monitor and regulate entities that could potentially impact the financial system, thus protecting consumers and maintaining confidence in the financial markets.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are required to be registered by the Australian Prudential Regulation Authority (APRA). Specifically, the Act mandates APRA to maintain a register of these entities and a list of their names, ensuring that all entities subject to the Act are appropriately identified and monitored. This legislation is applicable across the Commonwealth of Australia, thereby covering all authorised deposit-taking institutions, authorised credit unions, insurance companies, and other entities as defined by the Act. The Act’s application is broad, extending to various financial entities and their transactions, with the overarching aim of maintaining the stability and integrity of the financial sector. However, the Act may have certain exclusions or exemptions for specific types of entities or transactions as defined in the subordinate instruments or regulations that may further refine the application of the Act. This Notice, dated 27 February 2013, issued by Barton Ashcroft, a delegate of APRA, adjusts the list of registered entities by including the name of FCCO (Australia) II Pty Limited, thereby extending the scope of the register and list under the Act.

Key Provisions

The main operative sections of the gazetted document C2013G00450 pertain to the Financial Sector (Collection of Data) Act 2001. Specifically, section 8 of the Act establishes the Register of Entities, which the Australian Prudential Regulation Authority (APRA) maintains. Section 11 of the Act concerns the list of names of registered entities, which is also kept by APRA. Furthermore, section 7 of the Act defines a registrable corporation, which is relevant in the context of the addition of FCCO (Australia) II Pty Limited to the list of registered entities. The gazetted document indicates that APRA has added FCCO (Australia) II Pty Limited to the register under section 10(a) of the Act, and the corporation is now a registered entity as defined in section 5(3) of the Act. The document concludes with the addition of the corporation's name to the list by Barton Ashcroft, a delegate of APRA, under subsection 11(2) of the Act. The obligations and requirements imposed by the Act on the parties and entities it governs include the maintenance of a Register of Entities and a list of names of registered entities by APRA. The Act also requires the registration of entities that meet the criteria of a registrable corporation. In the case of FCCO (Australia) II Pty Limited, the obligations include ensuring that all necessary information and particulars are provided to APRA for inclusion in the register and list. The obligations also extend to the delegate of APRA, who must ensure that the list is updated accurately and promptly to reflect changes in the status of registered entities. The gazetted document does not explicitly detail the offences, penalties, or civil/criminal consequences for breach of the Act. However, the Financial Sector (Collection of Data) Act 2001 likely includes provisions for enforcement and sanctions for non-compliance. For example, failure to register as a registrable corporation or provide accurate information to APRA could potentially result in civil or criminal penalties, including fines and imprisonment, depending on the severity and intent of the breach. The specific penalties would be determined by the relevant sections of the Act and the discretion of the courts in the case of criminal offences. It is essential for entities and individuals governed by the Act to adhere to its requirements to avoid potential legal repercussions.