Variation of List of Names and Categories of Registered Entities - GE CF & CEF Holdings Proprietary Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of information that is necessary or convenient in carrying out the functions of the Australian Prudential Regulation Authority (APRA), or for the purpose of facilitating the exercise of a power or the performance of a duty or function of the Treasurer. This Act was introduced to address the need for a consolidated and effective mechanism for the collection and management of data in the financial sector, ensuring that APRA can effectively regulate and supervise financial institutions. The Australian Parliament enacted this legislation to provide a legal framework that supports the efficient and effective regulation of the financial sector. The policy objective underlying the Act is to enhance the stability and integrity of the financial system by ensuring that APRA has the necessary data to carry out its regulatory and supervisory functions effectively. This legislative instrument, varying the list of names and categories of registered entities, is a statutory instrument made under the authority of the Act. It demonstrates the practical application of the Act by ensuring that the list maintained by APRA is kept up-to-date and accurate, reflecting the current status of entities subject to regulation. By including GE CF & CEF Holdings Proprietary Limited in the list, the instrument ensures that the entity is subject to the regulatory oversight and data collection requirements stipulated in the Act. This action underscores the ongoing commitment to maintaining a comprehensive and current register of entities within the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those required to be registered by the Australian Prudential Regulation Authority (APRA). This legislation mandates that APRA maintains a Register of Entities and a list of names of these registered entities. The Act ensures that any entity which meets the criteria of being a registrable corporation, as defined under section 7, must be registered by APRA. This registration process involves adding the names and relevant details of the entity to the register and subsequently to the list of registered entities. The inclusion of GE CF & CEF Holdings Proprietary Limited (ABN 99 103 134 658) on the register and list is a result of this process, as confirmed by the variation notice dated 6 November 2013, which authorises Barton Ashcroft, a delegate of APRA, to update the list of registered entities. This Act extends its application nationally, covering all entities that fall within its scope regardless of jurisdictional boundaries. The Act’s application can be further extended or restricted by subordinate instruments, enabling APRA to manage and update the register and list as necessary.

Key Provisions

The primary operative sections of this legislation are sections 8, 11, 7, and 10(a) of the Financial Sector (Collection of Data) Act 2001. Section 8 requires the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities, which is a comprehensive list of entities that are subject to certain data collection requirements under the Act. Section 11 mandates APRA to keep a list of the names of these registered entities, ensuring that the public has access to this information. Section 7 defines what constitutes a registrable corporation, while section 10(a) allows APRA to add the details of such entities to the Register. Consequently, under section 11(2), the list of registered entities is varied by the addition of the names of corporations that meet the criteria set forth in the Act. The Act imposes several obligations and requirements on the parties it governs. Primarily, APRA is required to maintain and update the Register of Entities and the list of names of registered entities. This includes adding the names of any new corporations that meet the criteria for registration. Additionally, any entity that becomes a registrable corporation must comply with the data collection requirements set out in the Act, which may include providing specific information and data to APRA. This ensures that APRA has the necessary information to perform its regulatory functions effectively. In terms of breaches and the associated consequences, the Financial Sector (Collection of Data) Act 2001 does not explicitly outline specific offences, penalties, or civil/criminal consequences within this notice itself. However, non-compliance with data collection requirements or failure to provide the mandated information to APRA could potentially lead to regulatory actions. Such actions may include fines, sanctions, or other enforcement measures imposed by APRA. Although the exact penalties are not detailed in this particular legislative instrument, they would typically be found in other sections of the Act or related regulations, which would outline the scope and severity of penalties for various breaches.