Variation of List of Names and Categories of Registered Entities - GE (Finance) Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Australian Parliament to facilitate the collection of financial data by the Australian Prudential Regulation Authority (APRA), particularly in relation to entities that are subject to prudential regulation. This legislation was introduced to address the need for a structured and systematic approach to the collection, analysis and dissemination of financial data, ensuring that APRA can effectively monitor and regulate the financial sector to maintain stability and protect consumers. This Act provides a legal framework that enables APRA to maintain a register of entities and a list of their names, among other particulars, to keep track of registered entities and their status. This particular legislative instrument, Gazetted as C2014G00892, is a variation of the list of names of registered entities under the Act, specifically removing the name of GE (Finance) Pty Ltd, an entity that has ceased to be a registrable corporation. This action aligns with the policy objective of maintaining an accurate and up-to-date register and list of entities subject to APRA's oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities involved in the financial sector, which includes banks, credit unions, insurance companies, and other financial institutions. The Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of names of registered entities, ensuring that the data collected is relevant and up to date. The Act's jurisdiction extends across the Commonwealth of Australia, thereby affecting entities operating within this area. In the case of GE (Finance) Pty Ltd, which has ceased to be a registrable corporation, APRA has removed its name and particulars from both the register and the list under the authority conferred by the Act. This demonstrates the Act's capacity to adjust its scope by removing entities that no longer meet the criteria for registration. The Act does not specify exclusions or exemptions, and its application can be further extended or restricted through subordinate instruments issued by APRA.

Key Provisions

The Financial Sector (Collection of Data) Act 2001 (the Act) mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities (section 8) and a list of the names of these registered entities (section 11). In this context, APRA is responsible for managing the register and ensuring that the list of names is accurate and up-to-date. The authority to vary the list of names is vested in a delegate of APRA under subsection 11(2) of the Act. In the current case, the name of GE (Finance) Pty Ltd, a previously registered entity, has been removed from both the register and the list due to the corporation no longer being a registrable entity as defined in section 7 of the Act. Under the Act, APRA's obligations include maintaining an accurate and current register of entities and ensuring the list of names of registered entities is correctly updated. This involves the removal of entities that no longer meet the criteria for registration, such as GE (Finance) Pty Ltd, whose ABN 82 000 257 670 is no longer considered a registrable corporation. The removal of the corporation's name and particulars from the register, as per paragraph 10(c) of the Act, signifies that the entity is no longer subject to the data collection requirements imposed by APRA. The Act does not explicitly outline offences, penalties, or specific consequences for breaches related to the maintenance of the register or list of names. However, the importance of these duties lies in their role in ensuring regulatory oversight and compliance within the financial sector. Failure to maintain an accurate register and list could potentially lead to oversight issues, but the Act itself does not provide detailed information on the specific consequences or penalties for such failures. The legislative framework relies on the inherent responsibilities of APRA to uphold these standards and the broader regulatory implications of inaccuracies in the register and list.