Variation of List of Names and Categories of Registered Entities - GE Capital Commercial Real Estate Financing & Services (Australia) Unit Trust

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of data by the Australian Prudential Regulation Authority (APRA) in relation to entities that are subject to prudential supervision. This Act was introduced to address the need for effective regulation and supervision of financial institutions to ensure stability and integrity within the financial sector. The Parliament of Australia established this framework to allow APRA to maintain a comprehensive register of entities and their names, enabling efficient monitoring and oversight. The policy objective underpinning the Act is to safeguard the financial system by ensuring that APRA has the necessary information to perform its regulatory functions effectively. This legislative instrument, the Variation of List of Names and Categories of Registered Entities, is a gazetted notice issued by a delegate of APRA under the authority granted by the Act. It demonstrates the practical application of the Act by adding the name of a newly registrable corporation to the list maintained by APRA. This addition ensures that the register accurately reflects the entities subject to prudential oversight, thereby supporting the overarching policy objective of maintaining financial stability and consumer protection.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are required to be registered by the Australian Prudential Regulation Authority (APRA). Specifically, the Act mandates the maintenance of a Register of Entities and a List of Names of registered entities by APRA. This legislative framework is designed to ensure that financial entities are properly identified and monitored to maintain stability and compliance within the financial sector. The Act's jurisdiction is national, encompassing entities across all states and territories of Australia. The application of the Act is broad, covering various types of financial entities as defined within the Act. However, the Act may provide for exclusions, exemptions, or thresholds based on specific criteria or the nature of the entity's operations. The scope of the Act can be further extended or restricted through subordinate instruments, allowing for precise regulation and updates to the list of registered entities.

Key Provisions

The primary sections of the Gazette C2014G00082 under the Financial Sector (Collection of Data) Act 2001 relate to the registration and listing of entities. Section 8 of the Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a register of entities. This register is a comprehensive database of all entities subject to data collection requirements under the Act. Section 11 of the Act specifies that APRA must also keep a list of the names of these registered entities. This list is a public record, allowing for transparency and accountability in the regulatory process. The obligations imposed by the Act on APRA include ensuring that the register and the list of registered entities are kept up to date and accurate. Specifically, when a new entity, such as GE Capital Commercial Real Estate Financing & Services (Australia) Unit Trust, meets the criteria for registration under section 7 of the Act, APRA is required to add the entity's details to the register. Once the entity is added to the register, it automatically becomes a registered entity as defined in section 5(3) of the Act. The Act further requires that APRA updates the list of names of registered entities to reflect these changes. The Gazette C2014G00082 provides the formal notice of this variation, where Barton Ashcroft, a delegate of APRA, adds the name of GE Capital Commercial Real Estate Financing & Services (Australia) Unit Trust to the list of registered entities under subsection 11(2) of the Act. This formal notice is crucial for maintaining the integrity and accuracy of the public records, ensuring that all stakeholders are aware of the changes. Failure to comply with the requirements of the Act can lead to significant consequences. While the specific offences and penalties are not detailed in the Gazette, the Act generally provides for both civil and criminal penalties for non-compliance. Civil penalties may include fines, while criminal penalties could result in imprisonment, depending on the severity and intent of the breach. The maximum penalties would be outlined in the main body of the Act itself, not in the Gazette. It is imperative for entities subject to the Act to ensure they adhere to all registration and reporting requirements to avoid these potential legal repercussions.