Variation of List of Names and Categories of Registered Entities - GE Investments Australia Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to ensure that the Australian Prudential Regulation Authority (APRA) can effectively regulate the financial sector by collecting and maintaining essential data. This legislation addresses the need for a comprehensive and up-to-date register of financial entities, enabling APRA to monitor and manage risks within the sector. The Act was passed by the Parliament of Australia, with a policy objective to enhance the stability and efficiency of Australia’s financial system by ensuring that APRA has access to accurate and timely information about registered entities. The 2013 variation of the list of names and categories of registered entities is a practical application of this legislative framework, ensuring that new entities, such as GE Investments Australia Pty Ltd, are accurately recorded and monitored by APRA.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities regulated by the Australian Prudential Regulation Authority (APRA), which includes banks, authorised deposit-taking institutions, friendly societies, credit unions, insurers, and other financial market infrastructure entities. The Act mandates the collection and management of data from these entities to ensure the stability and efficiency of the financial sector. The geographic and jurisdictional reach of this Act is national, as it applies to entities operating across Australia, overseen by APRA as the regulator. The Act allows for the exclusion of certain entities through specific legislative provisions, and it may extend or restrict its application through subordinate instruments such as regulations and guidelines. In this context, the Act includes mechanisms for APRA to update its Register of Entities and the list of names of these registered entities, ensuring that the data collection process remains current and accurate. The recent variation of the list, as evidenced by the Notice dated 6 November 2013, demonstrates the dynamic nature of the regulatory framework, adapting to new entities entering the financial sector.

Key Provisions

The main operative sections of the Gazette C2013G01648 pertain to the amendment of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. This involves the Australian Prudential Regulation Authority (APRA) updating its Register of Entities and the list of names of registered entities. Specifically, section 11 of the Act allows for this amendment, and subsection 11(2) empowers APRA to vary the list by adding new entities. The Gazette details that GE Investments Australia Pty Ltd, a corporation now meeting the criteria for registration, has been added to this list following its registration under section 7 of the Act. The obligations and requirements imposed by the Act on the parties or entities it governs include the necessity for APRA to maintain a Register of Entities and a list of names of registered entities. Section 8 mandates the maintenance of the Register, while section 11 requires the maintenance of the list. Additionally, entities such as GE Investments Australia Pty Ltd must meet the criteria set out in section 7 to become a registrable corporation. Once an entity qualifies, APRA is required to update the Register and list to reflect the changes under section 10(a) and subsection 5(3). The Gazette also outlines the consequences for non-compliance with the Act's requirements. Breaches of the Act can lead to both civil and criminal penalties, although the specific nature and extent of these penalties are not detailed in the Gazette itself. The Act provides for enforcement actions against entities that fail to comply with the data collection and reporting requirements, which can result in legal action being taken by APRA or other relevant authorities. The potential penalties for such breaches could include fines or other sanctions as prescribed by the Act, though the exact penalties would depend on the nature and severity of the breach.