Variation of List of Names and Categories of Registered Entities - G.C.L. Investments Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for the Australian Prudential Regulation Authority (APRA) to collect and maintain information about financial sector entities to ensure the stability and efficiency of the financial system. The policy objective of the Act is to enable APRA to oversee the financial sector effectively by requiring registration and data collection from entities that meet certain criteria. The Act facilitates the monitoring and regulation of entities that are considered critical to the financial system's integrity, thus protecting consumers and maintaining confidence in the financial sector. The Act empowers APRA to maintain a register of entities and a list of registered entities, ensuring that all relevant information is up-to-date and accessible for regulatory purposes. The 2014 gazetted legislative instrument, C2014G01144, involves a variation to the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. The instrument, signed by John Hotham, a delegate of APRA, details the removal of G.C.L. Investments Pty Limited from the register and the list of registered entities. This change reflects the corporation's status as no longer being a registrable entity under the Act, thus updating the register and list to accurately represent the current state of registered entities. This variation ensures that the regulatory oversight remains current and aligned with the entities actively participating in the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities regulated by the Australian Prudential Regulation Authority (APRA) and governs the collection, storage, and dissemination of data related to these entities. Specifically, the Act mandates APRA to maintain a Register of Entities, which includes the names and categories of registered entities, thereby ensuring transparency and regulatory oversight over financial institutions. The Act applies to corporations and other entities subject to APRA's jurisdiction, primarily those in the banking, insurance, and superannuation sectors within Australia. The geographic reach of the Act is national, as it applies across all states and territories. The legislative instrument in question, C2014G01144, pertains to the removal of G.C.L. Investments Pty Limited from the Register of Entities due to the cessation of its status as a registrable corporation. This specific legislative instrument reflects the ongoing adjustments to the list of registered entities as dictated by the Act, which may be further extended or restricted through subordinate instruments.

Key Provisions

This legislative instrument pertains to the Financial Sector (Collection of Data) Act 2001 and specifically addresses the variation of the list of names and categories of registered entities maintained by the Australian Prudential Regulation Authority (APRA). According to the Act, APRA maintains a Register of Entities (section 8) and a list of registered entities (section 11). The relevant section in this instance is subsection 11(2), which empowers a delegate of APRA to make variations to the list. The instrument records that G.C.L. Investments Pty Limited (ABN 18 004 429 725) has ceased to be a registrable corporation, as defined in section 7 of the Act. Consequently, under paragraph 10(c) of the Act, APRA has removed the corporation's name and particulars from the Register, leading to its removal from the list of registered entities (subsection 5(3)). The obligations imposed on APRA by this Act include maintaining the Register of Entities and the list of registered entities, which involves ensuring that the information contained in these records is accurate and up-to-date. When a corporation ceases to be a registrable entity, APRA is required to remove the corporation's details from both the Register and the list. This process involves a formal variation of the list as stipulated in subsection 11(2) of the Act, which must be carried out by a delegate of APRA, in this case, John Hotham. The authority to make such variations is explicitly granted to ensure that the records reflect the current status of entities subject to the Act. Breach of the obligations outlined in the Act can lead to various consequences, although specific offences and penalties are not detailed in this particular legislative instrument. Generally, the Act allows for enforcement actions against entities that fail to comply with its requirements, which could include civil or criminal penalties. The exact nature and severity of these penalties would depend on the specific breach and the provisions of the Act that are violated. It is essential for registered entities to adhere to the requirements set forth in the Act to avoid any potential legal repercussions.