Variation of List of Names and Categories of Registered Entities - Fleet Services Unit Trust

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Australian Parliament, was introduced to ensure the Australian Prudential Regulation Authority (APRA) can collect and maintain necessary data regarding entities within the financial sector. This Act enables APRA to manage a Register of Entities and a list of names of registered entities, thereby ensuring regulatory oversight and compliance within the sector. The policy objective of the Act is to support the effective supervision and regulation of entities by APRA, ultimately contributing to the stability and integrity of Australia's financial system. The legislative instrument published as C2014G00083, dated 10 January 2014, exemplifies the Act's application in practice by authorising the addition of Fleet Services Unit Trust's name to the list of registered entities, following its classification as a registrable corporation under the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities regulated by the Australian Prudential Regulation Authority (APRA), including authorised deposit-taking institutions, authorised market operators, insurance companies, trustees of approved superannuation funds, authorised deposit-taking institutions, authorised market operators, and other prescribed entities. This Act facilitates the collection, analysis, and dissemination of data necessary for the prudential supervision of these entities, ensuring the stability and integrity of the financial sector. The Act’s jurisdiction extends across Australia, applying to all entities that fall under its purview, regardless of where they are located within the country. The Act mandates the registration of these entities with APRA, which maintains a register and a list of the names of these entities, updated as necessary. Notably, the Act provides for the exclusion of certain entities through specified criteria and allows for amendments to the list of registered entities via subordinate instruments, thereby maintaining flexibility and responsiveness in its application.

Key Provisions

The key operative sections of the legislation, C2014G00083, pertain to the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. Specifically, section 11(2) allows for the variation of the list of registered entities, while section 11 mandates that the Australian Prudential Regulation Authority (APRA) maintains this list. Section 7 defines a registrable corporation, and section 5(3) clarifies what constitutes a registered entity. According to these sections, the Fleet Services Unit Trust, which has an Australian Business Number (ABN) of 62 431 051 728, has been added to the register as a registrable corporation and subsequently to the list of registered entities. The obligations and requirements imposed by the Act on the parties it governs are primarily administrative and record-keeping in nature. APRA, as the entity responsible for maintaining the register and the list of registered entities, must ensure that all registrable corporations are accurately recorded in the register under section 8 and subsequently included in the list under section 11. This process includes verifying that entities meet the criteria for registration as outlined in section 7 and ensuring that all relevant particulars are correctly documented. When a corporation, such as Fleet Services Unit Trust, meets the criteria for registration, APRA must add the corporation’s name and particulars to both the register and the list. The legislation also outlines specific offences and penalties for non-compliance with the Act’s requirements. While the notice does not explicitly detail the penalties, it is implicit that failure to comply with the obligations under sections 8 and 11 could result in legal consequences. The Act itself, or related legislation, may specify penalties for non-compliance, which could include fines or other civil and criminal sanctions. These penalties are intended to ensure that APRA and registered entities adhere to the regulatory requirements, maintaining the integrity of the financial sector data collection process.