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

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Australian Parliament, is designed to facilitate the collection of data by the Australian Prudential Regulation Authority (APRA) from financial sector entities. This Act was introduced to address the need for efficient and accurate data collection to ensure the stability and soundness of Australia's financial system. The Act provides a legal framework for APRA to maintain a register of entities and a list of registered entities' names, enabling the authority to effectively monitor and regulate the financial sector. The policy objective is to ensure that APRA has the necessary information to perform its regulatory functions effectively, thereby maintaining public confidence in the financial system. The 2015 Gazette notice, C2015G00819, pertains to the variation of the list of names of registered entities under the Act. This variation was necessary because Feesynergy Finance Pty Ltd, a corporation with the ABN 18 118 458 307, has become a registrable entity as defined in section 7 of the Act. As a result, APRA added the corporation's name and relevant particulars to its register, and it is now included in the list of registered entities. This addition was authorised under subsection 11(2) of the Act and was carried out by Barton Ashcroft, a delegate of APRA, on 28 May 2015.

Scope and Application

The Financial Sector (Collection of Data) Act 2001, administered by the Australian Prudential Regulation Authority (APRA), establishes a framework for the collection and maintenance of data concerning entities within the financial sector. This Act applies to entities that are subject to prudential regulation, which includes banks, credit unions, insurance companies, and other financial institutions that meet the criteria for registration as defined in section 7 of the Act. The Act mandates that APRA maintains a Register of Entities and a list of the names of these registered entities. The geographic reach of the Act is national, as it applies across Australia and governs entities that operate within the country's financial system. The Act also allows for the variation of the list of registered entities, as evidenced by the Notice dated 28 May 2015, where a delegate of APRA, Barton Ashcroft, adds the name of Feesynergy Finance Pty Ltd to the register. This extension of the register through subordinate instruments ensures that the list remains current and comprehensive, reflecting any changes in the financial sector. The Act does not specify any exclusions or exemptions; however, it does set thresholds for entities that must be registered based on their size, scope, and impact on the financial system.

Key Provisions

The key provisions of the legislation outlined in the gazette relate to the updating of the list of registered entities under the Financial Sector (Collection of Data) Act 2001. Section 8 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities. This register is an essential component of the regulatory framework, ensuring that all relevant financial entities are identified and monitored. Section 11 of the Act specifies that APRA also maintains a list of the names of these registered entities, which serves to provide transparency and clarity regarding the entities subject to regulatory oversight. The obligations imposed by the Act on the parties and entities it governs are primarily administrative. For APRA, the primary responsibility is to keep accurate and up-to-date records of registered entities. This includes not only maintaining the Register of Entities but also ensuring that the list of names is current and reflective of any changes in the status of these entities. When a new entity becomes registrable, as in the case of Feesynergy Finance Pty Ltd, APRA is required under paragraph 10(a) of the Act to add the entity's details to the register. Once this addition is made, the entity officially becomes a registered entity under subsection 5(3) of the Act. The legislation also outlines specific consequences for non-compliance with the requirements of the Act. While the gazetted notice does not detail specific offences, penalties, or civil/criminal consequences, the Financial Sector (Collection of Data) Act 2001 does provide a framework for such actions. Generally, failure to comply with the data collection and reporting requirements under the Act could result in enforcement actions by APRA, which may include fines, legal proceedings, or other regulatory measures. The maximum penalties for breaches of the Act can be substantial, reflecting the importance of compliance in maintaining the integrity of the financial sector.