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

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Parliament of Australia, addresses the need for a regulatory framework to collect and manage data concerning entities within the financial sector. The Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a List of Names of these entities, facilitating effective oversight and regulation. This legislative measure was introduced to ensure that APRA could adequately monitor and regulate entities that fall under its purview, thus contributing to the stability and integrity of the financial sector. The policy objective behind this Act is to provide APRA with the necessary tools to collect and utilise data efficiently, enabling it to perform its regulatory functions effectively. The 2013 legislative instrument, Gazette C2013G01649, pertains to a variation of the List of Names and Categories of Registered Entities under the Act. This particular instrument, issued by Barton Ashcroft, a delegate of APRA, adds the names of certain corporations to the list maintained by APRA. This addition is in response to GE Liquidity Australia Pty Ltd becoming a registrable corporation, thereby necessitating its inclusion in the register and the subsequent list. This administrative action ensures that the list is up-to-date and reflects the current entities under APRA's oversight, thereby supporting the overarching policy objective of the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, requiring the collection and maintenance of data concerning these entities. Specifically, the Act mandates the Australian Prudential Regulation Authority (APRA) to keep a register of entities and a list of the names of registered entities, which include entities such as banks, credit unions, and insurance companies. The Act operates on a Commonwealth level, impacting all entities regulated under federal law across Australia. The list of registered entities is subject to updates as new entities are added to the register, as exemplified by the recent addition of GE Liquidity Australia Pty Ltd. This addition reflects the dynamic nature of the financial sector, where entities can transition into the scope of the Act. Notably, the Act's application is not restricted by geographical boundaries within Australia but rather encompasses entities operating under federal jurisdiction. Subordinate instruments may extend or further define the scope of application, ensuring that the register remains comprehensive and up-to-date with the evolving financial landscape.

Key Provisions

The main operative sections of this legislation involve the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. Specifically, Section 8 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintains a register of entities, while Section 11 requires that APRA also maintains a list of registered entities' names. Under the authority granted in Section 11(2), Barton Ashcroft, as a delegate of APRA, has the power to vary this list. In this case, GE Liquidity Australia Pty Ltd, identified by its ABN 16 089 628 811, has been added to the register as per Section 10(a) and subsequently to the list of registered entities as per Section 11. The obligations and requirements imposed by the Act on the parties and entities it governs include the necessity for APRA to maintain comprehensive and up-to-date records of registered entities. APRA is responsible for ensuring that any new registrable corporations, as defined in Section 7, are properly documented in the register and that their names are included in the list. This involves a systematic process where corporations such as GE Liquidity Australia Pty Ltd must be identified, their details verified, and subsequently entered into the official records. The role of the delegate, in this case, Barton Ashcroft, is to formally update the list as necessary, ensuring compliance with the statutory requirements set forth in the Act. The legislation does not explicitly state any offences, penalties, or consequences for non-compliance within the provided text. However, it is implied that failure to correctly maintain and update the register and the list of names could lead to regulatory oversight issues, potentially impacting APRA's ability to effectively supervise and regulate the financial sector. While the text does not specify the penalties, such non-compliance could result in enforcement actions, fines, or other regulatory measures under broader regulatory frameworks that govern APRA's operations. The absence of explicit penalties in this particular notice may indicate that the primary focus is on procedural correctness rather than punitive measures.