Variation of List of Names and Categories of Registered Entities - GE Capital Finance Australia (Unlimited)

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to ensure that the Australian Prudential Regulation Authority (APRA) can effectively collect and maintain data on entities within the financial sector. This legislation was introduced to address the need for comprehensive regulatory oversight and efficient data management to safeguard the stability and integrity of Australia's financial institutions. The Act establishes the framework for APRA to maintain a Register of Entities and a List of Names of these entities, ensuring that all relevant information is systematically recorded and readily accessible. This legislative measure empowers APRA to carry out its regulatory functions more effectively by providing a structured and authoritative source of data on registered entities. The policy objective underpinning this Act is to facilitate the prudent regulation of financial entities, thereby protecting consumers and maintaining confidence in the financial system.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 governs the collection, maintenance, and use of data related to entities within the Australian financial sector. The Act applies to entities regulated by the Australian Prudential Regulation Authority (APRA), including banks, credit unions, authorised deposit-taking institutions, insurance companies, and other prescribed entities. The legislation mandates the creation and maintenance of a Register of Entities and a corresponding list of names of these registered entities. The Act applies across the Commonwealth of Australia and includes provisions that allow for the extension and restriction of its application through subordinate instruments, such as regulations and guidelines issued by APRA. The Act's scope is specific to entities that meet the criteria of being a registrable corporation, and it excludes any entities not falling under APRA's regulatory purview. This Notice, signed by Barton Ashcroft, a delegate of APRA, amends the list of registered entities by adding the names of corporations that have met the criteria for registration, thereby ensuring that the list remains current and accurate.

Key Provisions

The main operative sections of the C2015G00769 (Gazette) require that the Australian Prudential Regulation Authority (APRA) updates its list of registered entities under the Financial Sector (Collection of Data) Act 2001 (the Act). Specifically, section 11 of the Act mandates that APRA maintains a list of names of registered entities, which is an essential part of its regulatory oversight. Section 11(2) of the Act allows a delegate of APRA to vary this list. In this case, Barton Ashcroft, a delegate of APRA, has exercised this power to add the name of GE Capital Finance Australia (Unlimited) to the list of registered entities. The obligations and requirements imposed by the Act on APRA and the entities it governs are significant. APRA is required to maintain a Register of Entities under section 8 of the Act, ensuring that all entities subject to its oversight are properly recorded. Under section 10(a) of the Act, APRA must cause the name of a registrable corporation and relevant particulars to be added to the register when such a corporation becomes subject to its regulation. Once a corporation is added to the register, it becomes a registered entity under subsection 5(3) of the Act. This necessitates that APRA ensures the list of registered entities, as maintained under section 11, is kept up to date with any new registrations. There are no explicit offences, penalties, or civil/criminal consequences outlined in this specific gazette notice. However, the Act itself does provide for potential penalties and consequences for breaches of its provisions. For instance, section 19 of the Act provides that any person who contravenes the Act or its regulations may be subject to penalties, including fines, depending on the nature and severity of the breach. The maximum penalties can be substantial, reflecting the importance of compliance with the Act's requirements for the stability and integrity of the financial sector. It is also important to note that failure to maintain accurate and up-to-date records, as required by the Act, could lead to regulatory scrutiny and potential enforcement actions against both APRA and the entities it regulates.