Variation of List of Names and Categories of Registered Entities - Goldman Sachs (Asia) Finance

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for the Australian Prudential Regulation Authority (APRA) to maintain a comprehensive and up-to-date register of entities subject to its regulatory oversight. This Act enables APRA to collect and manage data necessary for the supervision and regulation of entities within the financial sector. The Act, passed by the Australian Parliament, aims to enhance the transparency and stability of the financial sector by ensuring that APRA has the necessary information to perform its regulatory duties effectively. Under this legislative framework, APRA is mandated to maintain a register of entities and a list of their names, which is periodically updated to reflect changes such as the registration of new entities like Goldman Sachs (Asia) Finance. The 2013 Gazette Notice, issued by Barton Ashcroft, a delegate of APRA, reflects the procedural adjustments made to the list of registered entities. This administrative action was taken to include the name of Goldman Sachs (Asia) Finance in the register and the corresponding list, thereby formalising its status as a registrable corporation under the Act. This amendment is consistent with the overarching policy objective of the Financial Sector (Collection of Data) Act 2001, which is to ensure that APRA's regulatory mechanisms are comprehensive and responsive to the evolving landscape of the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, ensuring that relevant data is collected and maintained for regulatory purposes. Specifically, the Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of names of registered entities. The Act’s jurisdiction extends across the Commonwealth of Australia, and it applies to any entity that falls within the scope of the financial sector as defined under the Act. The inclusion of entities in the register is based on their status as registrable corporations, as outlined in section 7 of the Act, which includes corporations that meet specific criteria relevant to the financial sector. The Act also allows for the variation of the list of registered entities, such as the addition of Goldman Sachs (Asia) Finance, through notices issued by authorised delegates of APRA, as demonstrated in the recent gazetted variation dated 8 April 2013. This legislative framework ensures that APRA can effectively monitor and regulate entities within its purview.

Key Provisions

The primary sections of the Variation of List of Names and Categories of Registered Entities Notice (C2013G00595) pertain to the updating of the list of registered entities under the Financial Sector (Collection of Data) Act 2001. Section 11 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintain a list of registered entities. This Notice, issued by Barton Ashcroft as a delegate of APRA, exercises the authority under subsection 11(2) of the Act to modify this list by adding the names of corporations that have met the criteria for registration. The addition of Goldman Sachs (Asia) Finance to the list, as detailed in the Notice, is a direct result of the corporation fulfilling the requirements as a registrable corporation under section 7 of the Act. The obligations imposed on the parties governed by the Act, particularly APRA, include ensuring that the Register of Entities and the list of registered entities are accurately maintained and updated. Section 8 of the Act requires APRA to maintain the register, which must include the names of all entities registered under the Act. Additionally, APRA must ensure that the list, as per section 11, is kept current and reflective of all entities subject to the Act's provisions. This involves verifying that entities meet the criteria for registration and subsequently adding them to the register and list, as demonstrated in the Notice. The Act also outlines various offences and penalties for non-compliance with its requirements. While the Notice itself does not specify the penalties, the Act provides that breaches of its provisions can result in both civil and criminal consequences. For example, section 19 of the Act provides for civil penalties, including fines, for non-compliance. The maximum penalty for contravening certain sections of the Act can amount to substantial fines, both for individuals and corporations, as stipulated in the Act. Furthermore, criminal penalties may apply for more severe breaches, which could lead to imprisonment, as detailed in other sections of the Act. The Notice serves to update the list of registered entities, ensuring that all relevant parties are aware of the current entities subject to the Act's regulatory oversight.