Variation of List of Names and Categories of Registered Entities - Fundco Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Parliament of Australia, was introduced to streamline the collection and management of data within the financial sector. This Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of registered entities, ensuring that financial institutions comply with necessary regulatory requirements. The primary objective of this legislation is to enhance the effectiveness of financial oversight and regulation by ensuring that APRA has accurate and up-to-date information on all entities operating within the financial sector. The policy objective, as articulated in the Act, is to provide APRA with the necessary tools to manage and monitor the financial sector efficiently, thereby protecting consumers and maintaining financial stability. This particular legislative instrument, C2015G00768, is a variation of the list of names and categories of registered entities, issued under the authority granted by subsection 11(2) of the Act. This variation was necessitated by the inclusion of FUNDCO PTY LTD as a registrable corporation, as defined in section 7 of the Act. Consequently, Barton Ashcroft, a delegate of APRA, has updated the list to include this new entity, ensuring that the register remains comprehensive and current. This adjustment facilitates APRA's ongoing efforts to maintain rigorous oversight and regulatory compliance within the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001, administered by the Australian Prudential Regulation Authority (APRA), applies to entities within the financial sector, including banks, credit unions, insurance companies, and other authorised deposit-taking institutions. The Act mandates the collection of data from these entities to ensure their financial stability and to protect consumers. The geographic reach of the Act is national, applying to all entities operating within Australia, regardless of state or territory boundaries. The Act specifies that certain entities and types of conduct are exempt from its provisions, such as non-profit organisations and certain small financial entities, which fall below specified thresholds. The Act's application can be extended or restricted through subordinate instruments, such as regulations and guidelines, which provide further detail on specific requirements and exemptions. This particular gazetted notice varies the list of registered entities by adding the name of a newly registrable corporation, FUNDCO PTY LTD, thereby ensuring that APRA's records accurately reflect the current entities subject to data collection under the Act.

Key Provisions

The main operative sections of this legislation involve the Australian Prudential Regulation Authority (APRA) maintaining a Register of Entities and a list of registered entities' names under the Financial Sector (Collection of Data) Act 2001 (section 8 and section 11 respectively). The addition of FUNDCO PTY LTD to this list is documented under subsection 11(2) of the Act, whereby Barton Ashcroft, a delegate of APRA, has authorised the inclusion of the corporation's name and particulars in the list. This inclusion signifies that FUNDCO PTY LTD has become a registered entity as defined in section 7 and subsection 5(3) of the Act. The obligations and requirements imposed by the Act on the entities it governs include ensuring that all registrable corporations, such as FUNDCO PTY LTD, are duly registered with APRA. This registration process involves providing necessary particulars about the corporation that APRA must then add to the Register of Entities and subsequently to the list of registered entities' names. The authority to make these additions is granted under paragraph 10(a) of the Act and executed by a delegate of APRA, as stipulated in subsection 11(2). The legislation does not explicitly outline specific offences, penalties, or consequences for breaches within this Notice itself. However, the overarching Act, the Financial Sector (Collection of Data) Act 2001, would govern any potential breaches related to data collection, registration, or failure to comply with APRA's directives. Under the Act, breaches could lead to civil or criminal penalties, including fines and imprisonment, depending on the severity and nature of the breach. The maximum penalties would be detailed within the primary Act rather than this specific Notice.