Variation of List of Names and Categories of Registered Entities - G-BNWG Aircraft Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Australian Parliament, establishes the framework for the collection and management of data within the financial sector. This legislation addresses the need for a systematic approach to monitoring and regulating financial entities to ensure stability and transparency in the financial markets. One of the critical functions of the Act is the maintenance of a Register of Entities and a list of names of registered entities, overseen by the Australian Prudential Regulation Authority (APRA). The purpose of the legislative instrument, C2014G00856, is to make a variation to the list of names of registered entities under the Act by removing the name of G-BNWG Aircraft Pty Limited, which has ceased to be a registrable corporation. This variation reflects the corporation's change in status and aligns the register with current regulatory requirements, ensuring the information APRA holds remains accurate and relevant.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are required to be registered with the Australian Prudential Regulation Authority (APRA). The Act mandates the maintenance of a Register of Entities and a list of names of registered entities, which includes details about these entities. The scope of the Act encompasses various financial institutions, including banks, insurance companies, and other entities that fall under APRA’s regulatory purview. The Act’s jurisdiction extends nationally, applying to entities across all states and territories in Australia. The Act allows for the exclusion of certain entities from registration if they meet specified criteria, and its provisions can be further elaborated or restricted through subordinate instruments. This particular legislative instrument details the removal of G-BNWG Aircraft Pty Limited from the register and list of registered entities, reflecting its cessation as a registrable corporation under the Act.

Key Provisions

The main operative sections of the legislation (C2014G00856) concern the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001 (the Act). Specifically, section 8 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintains a register of entities. Section 11 of the Act requires APRA to maintain a list of the names of these registered entities. The legislation pertains to the removal of G-BNWG Aircraft Pty Limited from this register and list, as outlined in subsection 5(3) and paragraph 10(c) of the Act. The authority to vary the list is exercised by a delegate of APRA, under subsection 11(2) of the Act. The obligations imposed by the Act on the parties it governs include the maintenance of an accurate and up-to-date register of entities and a list of their names. APRA must ensure that any entity that ceases to meet the criteria for registration is promptly removed from both the register and the list. This entails verifying the status of each entity and making necessary updates in a timely manner. The delegate of APRA, in this case, John Hotham, has exercised this authority by removing G-BNWG Aircraft Pty Limited from both the register and the list, as evidenced by the notice dated 26 May 2014. In terms of consequences for non-compliance or breach of the Act, the legislation does not explicitly detail offences, penalties, or specific civil or criminal consequences within the provided text. However, it is implicit that failure to adhere to the requirements for maintaining the register and list could result in regulatory scrutiny or action. The absence of explicit penalties in this particular notice suggests that the primary focus is on the procedural accuracy and timely updates of the register and list, rather than punitive measures for individual breaches.