Variation of List of Names and Categories of Registered Entities - GE Commercial WA Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Parliament of Australia, was established to address the need for the Australian Prudential Regulation Authority (APRA) to maintain a comprehensive register of entities within the financial sector, ensuring effective oversight and regulation. This Act empowers APRA to collect necessary data from these entities to monitor and regulate the financial sector effectively. The primary objective of the Act is to enhance the regulatory framework by providing APRA with the essential data required to safeguard the stability and integrity of the financial sector. In this context, the legislation enables APRA to keep a list of registered entities and their pertinent information, facilitating informed decision-making and regulatory actions.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those that are designated as registrable corporations under the Act. The Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities, which includes the names of these registered entities. This legislation has a national reach, affecting entities across Australia. The Act facilitates the collection of data from these entities to ensure the stability and efficiency of the financial sector. The variation of the list of names and categories of registered entities is executed through a Notice under the authority granted by subsection 11(2) of the Act, with this particular variation being signed by Barton Ashcroft, a delegate of APRA, dated 6 January 2016. The Act does not specify any exclusions or exemptions; however, its application can be extended or restricted through subordinate instruments issued by APRA.

Key Provisions

The primary operative sections of this legislation concern the variation of the list of names and categories of registered entities as per section 11 of the Financial Sector (Collection of Data) Act 2001. Section 8 of the Act establishes that the Australian Prudential Regulation Authority (APRA) maintains a register of entities. Under section 11, APRA is also required to maintain a list of the names of these registered entities. The addition of GE Commercial WA Pty Ltd to this list is formally documented in this legislative instrument, which includes the necessary details of the corporation as required by section 7 of the Act. The inclusion of the corporation in the register under paragraph 10(a) signifies its status as a registered entity under subsection 5(3) of the Act. The Act imposes several obligations and requirements on APRA, primarily concerning the accurate and timely maintenance of the register and the list of registered entities. Under section 11(2), APRA must ensure that any new entities that meet the criteria for registration are added to the list. This includes updating the list to reflect the addition of GE Commercial WA Pty Ltd, as specified in the Notice dated 6 January 2016. Furthermore, section 10(a) mandates that APRA must include specific particulars of the corporation, such as its name and ABN, in the register. The legislation also outlines potential consequences for non-compliance with the Act's provisions. While the specific penalties for breaches are not detailed within this particular instrument, the Financial Sector (Collection of Data) Act 2001 generally provides for both civil and criminal penalties. Civil penalties can include fines, while criminal penalties may involve imprisonment, reflecting the seriousness with which the Act treats compliance with its requirements. It is important to note that the exact penalties can vary depending on the nature and severity of the breach, as outlined in the broader legislative framework.