Variation of List of Names and Categories of Registered Entities - Franchise Asset Holdings Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection and analysis of data by the Australian Prudential Regulation Authority (APRA) to ensure the stability and integrity of Australia's financial sector. The Act empowers APRA to maintain a register of entities and a list of registered entities, which is instrumental in the regulatory oversight of financial institutions. This legislative framework addresses the gap in systematic data collection and entity monitoring necessary for effective financial regulation. This legislative instrument, Variation of List of Names and Categories of Registered Entities Financial Sector (Collection of Data) Act 2001, issued on 10 January 2014, by Barton Ashcroft, a delegate of APRA, amends the list of registered entities by adding Franchise Asset Holdings Pty Ltd. This addition is pursuant to the entity becoming a registrable corporation under the Act, thereby enhancing APRA's capacity to monitor and regulate financial entities comprehensively. The policy objective of this amendment is to ensure that all entities subject to APRA's oversight are accurately and comprehensively recorded, thus supporting the broader goal of financial sector stability.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are required to be registered under the Act. The Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a register of entities and a list of names of these registered entities. The Act's jurisdiction encompasses entities operating within Australia, ensuring that the financial sector adheres to national regulatory standards. In the present case, Franchise Asset Holdings Pty Ltd has become a registrable corporation, leading to its inclusion in APRA's register and list. This inclusion signifies that the corporation must comply with the data collection and reporting requirements set out in the Act, thereby enhancing the regulatory oversight and stability of the financial sector. This gazetted variation of the list by Barton Ashcroft, a delegate of APRA, formalises the registration of the corporation and ensures that it is subject to the provisions of the Act.

Key Provisions

The key operative sections of the legislation under consideration are sections 8, 11, and 11(2) of the Financial Sector (Collection of Data) Act 2001 (the Act). Section 8 requires the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities, while section 11 mandates that APRA also keeps a list of the names of registered entities. Section 11(2) specifically allows a delegate of APRA, such as Barton Ashcroft, to vary the list of registered entities by adding the names of corporations that meet the criteria for registration under the Act. The Act imposes obligations on APRA to ensure that the Register of Entities and the list of registered entities are accurate and up-to-date. By virtue of section 10(a), APRA must cause the names and particulars of corporations to be added to the register once they become registrable entities. This process is evidenced in the legislation where it states that APRA has added Franchise Asset Holdings Pty Ltd to the register under the authority granted by section 10(a). The addition of the corporation’s name to the register and subsequently to the list of registered entities, as per section 11, is carried out under the authority granted by section 11(2). The legislation also outlines the consequences for breaches of the Act. While the specific offences, penalties, or consequences for breach are not detailed in the provided text, the Act generally provides for both civil and criminal penalties for non-compliance with its provisions. Civil penalties can include fines and other monetary penalties, while criminal penalties can include imprisonment. The exact penalties depend on the nature and severity of the breach, and would be determined by the courts in the event of a prosecution. However, the specific penalties are not mentioned in the excerpt provided, and would need to be referred to in the full Act for precise details.