Variation of List of Names and Categories of Registered Entities - George Street Finance Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Australian Parliament to facilitate the collection of data and information from financial sector entities to enable the Australian Prudential Regulation Authority (APRA) to effectively regulate and supervise the financial sector. The Act was introduced to address the need for a comprehensive and systematic approach to data collection, which would support better regulatory oversight and stability within the financial sector. The Act establishes a framework for APRA to collect, hold, and analyse data from authorised deposit-taking institutions, authorised market operators, and other entities that are subject to prudential regulation. The primary policy objective of the Act is to ensure that APRA has access to accurate, timely, and relevant data to effectively monitor and regulate the financial sector, thereby contributing to the overall stability and resilience of the Australian economy. This specific legislative instrument, C2015G01072, is a Notice under the Financial Sector (Collection of Data) Act 2001, which details the variation of the list of names and categories of registered entities. In this instance, the Australian Prudential Regulation Authority has removed the name of George Street Finance Pty Limited from its Register of Entities and the corresponding list of registered entities. The Notice reflects the cessation of George Street Finance Pty Limited as a registrable corporation, as defined in the Act, and the subsequent removal of its details from the regulatory records. This action underscores the ongoing management and maintenance of the register by APRA to ensure it accurately reflects the current status of entities within the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are regulated by the Australian Prudential Regulation Authority (APRA), including financial institutions such as banks, credit unions, insurance companies, and other designated entities. This Act mandates the collection of specific data from these entities to ensure the stability and soundness of the financial sector. The Act's jurisdiction extends across the Commonwealth of Australia, ensuring a uniform regulatory framework. Under the authority granted by the Act, APRA maintains a register of these entities and a corresponding list of their names. The scope of this regulation includes the removal of entities from the register and list when they no longer meet the criteria for registration. The Act also provides for the use of subordinate instruments to extend or restrict its application, although specific exclusions, exemptions, or thresholds are defined within the Act itself. In this instance, the gazetted notice outlines the removal of George Street Finance Pty Limited from the register and the list of names due to its cessation as a registrable entity, illustrating the practical application of the Act's provisions.

Key Provisions

The gazette C2015G01072, issued under the Financial Sector (Collection of Data) Act 2001, details the variation of the list of names and categories of registered entities. Under section 11(2) of the Act, the Australian Prudential Regulation Authority (APRA) is authorised to maintain a Register of Entities, which includes a list of names of registered entities. This specific gazette relates to the removal of George Street Finance Pty Limited from this list. The corporation, with the ABN 46 110 398 911, has ceased to be a registrable corporation as defined in section 7 of the Act. Consequently, APRA has removed the name of the corporation from the register under paragraph 10(c) of the Act, leading to the corporation no longer being a registered entity within the meaning of subsection 5(3) of the Act. The obligations imposed by the Act on APRA include maintaining the Register of Entities and the list of names of registered entities. Section 8 mandates that APRA holds this register, while section 11 details the list of names. The Act also requires APRA to update the register and list when entities cease to be registrable. This includes ensuring that the corporation’s details are removed from both the register and the list when it no longer meets the criteria for registration. The authority to make such variations is granted under subsection 11(2) of the Act, allowing APRA to amend the list accordingly. Under the Act, there are civil and criminal consequences for non-compliance with its provisions. Section 21 of the Act outlines the offences that may arise from incorrect or incomplete data collection, including penalties for providing false or misleading information. While specific penalties are not detailed in this gazette, the Act allows for substantial fines and, in serious cases, criminal charges. For instance, under section 22, a person who contravenes an offence provision may be liable to a penalty of up to $210,000 for individual offences and $1,050,000 for body corporate offences. These provisions underscore the importance of maintaining accurate and up-to-date records as required by the Act.