Variation of List of Names and Categories of Registered Entities - Fine Process Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the efficient and effective collection, analysis, and dissemination of data concerning the financial sector, with a view to enhancing financial stability and protecting consumers. This Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a register of entities and lists of names of registered entities. The problem or gap this Act aimed to address was the need for a robust framework to oversee and regulate financial entities, ensuring that critical data is systematically collected and managed to safeguard the financial system and public interest. On 21 May 2015, Barton Ashcroft, a delegate of APRA, exercised the authority conferred by subsection 11(2) of the Act to vary the list of names of registered entities. This action involved adding the names of corporations, such as Fine Process Limited, which had become registrable under the Act. The policy objective underpinning this variation was to ensure that APRA's register and lists are kept up-to-date with the evolving landscape of financial entities, thereby maintaining the integrity and efficacy of the regulatory framework established by the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within Australia's financial sector, requiring them to register with the Australian Prudential Regulation Authority (APRA) and provide specified data. This Act governs the registration process, data collection, and the maintenance of a register of entities, ensuring that APRA can effectively monitor and regulate the financial sector. The geographic reach of the Act is national, as it applies across Australia, and it encompasses entities such as banks, insurance companies, and superannuation funds. The Act does not specify exclusions or exemptions but relies on the definition of "registrable corporation" in section 7 to determine applicability. The Act’s application can be extended or restricted through subordinate instruments, such as the addition of names to the list of registered entities as evidenced by the Notice dated 21 May 2015, where Fine Process Limited’s name was added to the register under the authority of Barton Ashcroft, a delegate of APRA.

Key Provisions

The main operative sections of the legislation (C2015G00767) pertain to the variation of the list of names and categories of registered entities. Section 11 of the Financial Sector (Collection of Data) Act 2001 mandates that the Australian Prudential Regulation Authority (APRA) maintains a list of registered entities. This list includes the names and particulars of entities that have been added to the Register of Entities under section 8 of the Act. In this specific instance, Fine Process Limited, which has become a registrable corporation as defined in section 7 of the Act, has been added to the register and subsequently to the list. This addition is pursuant to paragraph 10(a) of the Act, and under subsection 11(2), Barton Ashcroft, a delegate of APRA, has varied the list by including the name of Fine Process Limited. The obligations and requirements imposed by the Act on APRA and other entities primarily revolve around the accurate and timely maintenance of the Register of Entities and the list of registered entities. APRA must ensure that all entities meeting the criteria for registration are included in the register and that the list is kept up to date. This involves receiving and processing notifications of changes in entity status, such as the incorporation or cessation of registrable corporations, and making corresponding adjustments to the list. Section 10(a) of the Act specifically empowers APRA to add the names and particulars of newly registrable corporations to the register, which, in turn, necessitates updating the list as per section 11. Failure to comply with the provisions of the Financial Sector (Collection of Data) Act 2001 can lead to civil and criminal consequences. While the specific offences and penalties are not detailed in the text, it is known that breaches of this Act can result in significant penalties. The Act generally imposes strict compliance requirements, and non-compliance could lead to enforcement actions, fines, or other legal repercussions. The maximum penalties for breaches can vary depending on the nature and severity of the offence but may include substantial financial penalties, imprisonment, or both. It is important for entities to adhere to the Act's requirements to avoid such adverse outcomes.