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

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for the Australian Prudential Regulation Authority (APRA) to collect and maintain data on entities within the financial sector, thus ensuring the stability and integrity of the financial system. This Act allows APRA to keep a register of entities and a list of names of registered entities, enabling it to monitor and regulate these entities effectively. The policy objective behind the Act is to facilitate the oversight of financial institutions and related entities, ensuring that they adhere to prudential standards and thereby protecting the financial system from risks. The 2014 variation notice under this Act, signed by Barton Ashcroft, a delegate of APRA, adjusts the list of registered entities by adding the name of GE Real Estate Investments Australia Pty Ltd, reflecting its status as a registrable corporation under the Act. This addition is a routine administrative action to keep the register and list updated, ensuring that APRA continues to have accurate and current information on all entities it is mandated to oversee.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are required to provide data to the Australian Prudential Regulation Authority (APRA). Specifically, the Act mandates the registration of certain entities, which are then listed in the Register of Entities maintained by APRA. This includes entities that are subject to the prudential standards set out in the Act, such as authorised deposit-taking institutions, authorised market operators, and other financial entities as defined in the Act. The Act applies across the Commonwealth of Australia, meaning it has a national reach. However, certain exclusions and exemptions may apply depending on the specific entity and its activities. The Act also allows for the extension or restriction of its application through subordinate instruments, such as regulations or determinations made by APRA. This particular legislative instrument pertains to the variation of the list of names of registered entities by adding the name of GE Real Estate Investments Australia Pty Ltd, which has become a registrable corporation under the Act.

Key Provisions

The primary sections of this legislation concern the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001 (sections 8, 11, and 10). Section 8 mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities, while Section 11 requires APRA to keep a list of the names of these registered entities. Section 10(a) allows APRA to add the name of a corporation, along with other relevant particulars, to the register when that corporation meets the criteria for being a registrable entity under Section 7. The 2014 Gazette Notice indicates that Barton Ashcroft, acting as a delegate of APRA, has amended the list to include GE Real Estate Investments Australia Pty Ltd as a registered entity. The obligations imposed on APRA and registered entities by this legislation are significant. APRA must ensure the Register of Entities is up-to-date and accurate, reflecting all corporations that meet the criteria for registration (section 8). It must also maintain a separate list of the names of these registered entities, ensuring this list is complete and current (section 11). Registered entities, in turn, must comply with any data collection requirements imposed by APRA under the Act. The legislation does not explicitly detail specific offences, penalties, or consequences for breaches in this particular gazette notice. However, general provisions under the Financial Sector (Collection of Data) Act 2001 may apply. Failure to comply with data collection requirements or misrepresentations in the register could result in civil or criminal penalties. Under the Act, non-compliance with data collection requirements could lead to fines or other civil penalties, and in severe cases, criminal charges may be pursued, with potential penalties including imprisonment and substantial fines, depending on the nature and severity of the breach.