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

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to provide a legal framework for the collection of financial sector data by the Australian Prudential Regulation Authority (APRA). This legislation addresses the need for comprehensive and accurate data collection to ensure the stability and integrity of the financial sector. The Australian Parliament introduced this Act to fill the gap in regulatory oversight and data collection mechanisms for financial entities, thereby enhancing the capacity of APRA to monitor and regulate the financial sector effectively. The policy objective of the Act is to facilitate the collection of data from financial entities to enable APRA to discharge its functions efficiently, thereby contributing to the stability and resilience of the financial system. On 7 January 2013, Barton Ashcroft, a delegate of APRA, exercised the authority granted under subsection 11(2) of the Financial Sector (Collection of Data) Act 2001 to vary the list of names of registered entities. This action was taken to include G-BNWG Aircraft Pty Limited (ABN: 40 092 903 716) in the register of entities maintained by APRA. By adding the corporation's name to the list, APRA ensures that it now has the necessary data to monitor and regulate this entity, in line with the objectives of the Act. This amendment reflects the ongoing process of updating the register to maintain its relevance and effectiveness in overseeing the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are subject to regulation by the Australian Prudential Regulation Authority (APRA), such as banks, credit unions, and insurance companies, among others. The Act requires APRA to maintain a Register of Entities and a list of the names of these registered entities. This particular legislative instrument concerns the addition of G-BNWG Aircraft Pty Limited, a newly recognised registrable corporation, to these records. The inclusion of this corporation in the list formalises its status as a registered entity under the Act, thereby subjecting it to the data collection and regulatory obligations imposed by APRA. The Act applies on a national level, encompassing all entities regulated by APRA across Australia. The instrument does not specify any exclusions, exemptions, or thresholds, and it does not extend or restrict the application of the Act through subordinate instruments.

Key Provisions

The legislation in question pertains to the Financial Sector (Collection of Data) Act 2001, specifically detailing the variation of the list of names and categories of registered entities. Under section 8 of the Act, the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities. This register is essential for tracking entities subject to the Act’s requirements. Additionally, section 11 of the Act mandates that APRA keeps a list of the names of registered entities. The list serves as an official record of entities that have met the criteria to be included in the register. The legislative instrument now varies this list to include G-BNWG Aircraft Pty Limited (ABN: 40 092 903 716), which has become a registrable corporation under section 7 of the Act. Consequently, pursuant to paragraph 10(a) of the Act, APRA has added the corporation’s name and related particulars to the register, thereby making it a registered entity as defined in subsection 5(3) of the Act. The obligations imposed by the Act on APRA include maintaining an accurate and up-to-date register of entities and list of names. This duty ensures that all entities subject to the Act’s provisions are properly identified and monitored. Additionally, entities that meet the criteria for registration must provide necessary information to APRA, which then updates the register and list accordingly. The Act requires that these updates be made promptly and accurately to ensure compliance with the regulatory framework. Furthermore, the legislation mandates that APRA must publish any variations to the list of registered entities, ensuring transparency and accountability in its regulatory activities. The legislation also outlines potential consequences for non-compliance with the Act's provisions. While specific offences and penalties are not detailed in the provided text, breaches of the Financial Sector (Collection of Data) Act 2001 can lead to both civil and criminal penalties. Civil penalties may include fines and orders for restitution, whereas criminal penalties can result in substantial fines and imprisonment. The exact penalties depend on the nature and severity of the breach. The Act empowers APRA to enforce these penalties to ensure adherence to its regulatory requirements. Compliance is crucial to avoid these consequences, which can significantly impact both individuals and corporate entities.