Variation of List of Names and Categories of Registered Entities - GE Commercial Finance No. 1 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Parliament of Australia, was introduced to streamline the collection and management of financial data, ensuring that the Australian Prudential Regulation Authority (APRA) could effectively monitor and regulate entities within the financial sector. The Act establishes a framework for APRA to maintain a register of entities, as well as a list of their names, to facilitate the efficient oversight of financial institutions. The problem this Act aimed to address was the need for a coherent and systematic approach to the collection and regulation of financial data, thereby enhancing the stability and integrity of the financial system. The present legislation, a gazetted instrument under this Act, concerns the variation of the list of names and categories of registered entities by removing the name of GE Commercial Finance No.1 Pty Limited, which has ceased to be a registrable corporation. This variation is made under the authority of a delegate of APRA, as specified in the Act, ensuring compliance with the legislative requirements for data management in the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, particularly those required to be registered with the Australian Prudential Regulation Authority (APRA). This Act mandates the maintenance of a Register of Entities and a list of registered entities' names by APRA. The Act governs the registration of entities that are deemed registrable corporations under its definition, with the scope of application extending to any entity involved in financial services as regulated by APRA. Geographically, the Act has a national reach, applying across all states and territories in Australia. The Act specifies exclusions and thresholds for entities that need to be registered, and it provides for the removal of entities that no longer meet the criteria for registration. Subordinate instruments may extend or restrict the application of the Act, but in this instance, the specific legislative instrument details the variation of the list by removing the name of GE Commercial Finance No.1 Pty Limited, a corporation that has ceased to be a registrable entity under the Act.

Key Provisions

The primary operative sections of this legislation are sections 8, 11, 7, 10(c), and 5(3) of the Financial Sector (Collection of Data) Act 2001 (the Act). Section 8 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities, referred to as 'the register'. Section 11 requires APRA to maintain a list of the names of registered entities, known as 'the list'. The Act defines a 'registrable corporation' under section 7, and section 10(c) allows APRA to remove the name and particulars of a corporation from the register if it ceases to be a registrable entity. Finally, subsection 5(3) of the Act clarifies that a corporation ceases to be a registered entity when it is removed from the register. The Act imposes several obligations and requirements on APRA, primarily involving the maintenance and updating of the register and the list. APRA must ensure that the register and the list accurately reflect the current status of entities that are subject to the Act. When a corporation, such as GE Commercial Finance No.1 Pty Limited, ceases to be a registrable entity, APRA is required to remove the corporation's name and relevant details from both the register and the list. This process is exemplified in the document, where APRA has removed the specified corporation from both the register and the list, as authorised by subsection 11(2) of the Act. The Act does not explicitly outline specific offences, penalties, or consequences for non-compliance with its provisions regarding the removal of a corporation's name from the register and list. However, the general implication of failing to update these records accurately could lead to regulatory scrutiny or potential enforcement actions by APRA, given the importance of maintaining accurate and up-to-date records for regulatory oversight. It is important for entities subject to the Act to ensure compliance with these requirements to avoid any regulatory repercussions.