Variation of List of Names and Categories of Registered Entities - GIM Credit (Luxembourg) S.a’r.l.

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to ensure that the Australian Prudential Regulation Authority (APRA) can effectively monitor and regulate entities within the financial sector, thereby maintaining financial stability and consumer protection. This Act provides APRA with the authority to collect and maintain data on financial entities, including authorised deposit-taking institutions, authorised market operators, and other relevant entities. The policy objective is to enable APRA to comprehensively oversee these entities, ensuring compliance with prudential standards and regulatory requirements. This legislative framework was introduced to address the need for a robust mechanism to gather and manage information about financial sector entities, facilitating informed regulatory decision-making. The 2014 legislative instrument, "Variation of List of Names and Categories of Registered Entities," is a gazetted notice that amends the list of registered entities under the Act. It was issued under the authority of John Hotham, a delegate of APRA, and serves to update the list by adding the names of corporations that have become registrable under the Act. This update ensures that APRA's register accurately reflects the current entities subject to its regulatory oversight, maintaining the integrity and effectiveness of financial sector regulation.

Scope and Application

The Financial Sector (Collection of Data) Act 2001, through its regulation and administration by the Australian Prudential Regulation Authority (APRA), applies to entities within the financial sector that are designated as registrable corporations under section 7 of the Act. The Act mandates APRA to maintain a Register of Entities and a list of names of these registered entities. This Notice pertains to the variation of the list to include the names of specific corporations, such as GIM Credit (Luxembourg) S.a’r.l., which has recently become a registrable corporation. The inclusion of the corporation in the register and list follows the statutory requirement outlined in paragraph 10(a) of the Act and is a direct consequence of the corporation meeting the criteria for registration as defined in subsection 5(3) of the Act. This variation of the list is executed under the authority conferred by subsection 11(2) of the Act, which empowers a delegate of APRA, in this instance, John Hotham, Senior Manager of Data Collection, to make such amendments. The geographic and jurisdictional reach of the Act is national, extending its application across all financial entities within Australia, thereby ensuring comprehensive data collection and regulation throughout the financial sector.

Key Provisions

The legislative instrument (C2014G01529) varies the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. This variation is made under the authority granted to APRA by section 11(2) of the Act. Specifically, the list of registered entities, which is maintained by APRA under section 11 of the Act, is updated to include the name of GIM Credit (Luxembourg) S.a’r.l., a newly registrable corporation as defined under section 7 of the Act. This addition follows the corporation's registration under section 10(a) of the Act, which required APRA to add the corporation’s name and relevant particulars to the register. Consequently, the corporation is now a registered entity as per subsection 5(3) of the Act. The obligations imposed by the Act on the parties involved primarily centre around the maintenance and updating of the register of entities. APRA, as the regulator, must ensure that the register accurately reflects the current status of all entities subject to the Act. This includes the timely addition of new entities to the register when they meet the criteria for registration, as well as the removal of entities that no longer meet these criteria. The Act mandates that APRA must keep the list of registered entities up-to-date and accessible, ensuring that all relevant stakeholders have access to accurate information regarding the entities that are subject to regulatory oversight. The Financial Sector (Collection of Data) Act 2001 does not explicitly outline specific offences, penalties, or consequences for breaches related to the maintenance of the register within the provided text. However, the Act generally empowers APRA to enforce compliance through various means, including the imposition of fines, public notices, and other regulatory actions. For broader compliance issues under the Act, penalties can include fines of up to $1.2 million for individuals and up to $6 million for bodies corporate, depending on the nature and severity of the breach. It is also worth noting that serious breaches may lead to criminal charges, further underscoring the importance of adhering to the Act’s requirements.