Variation of List of Names and Categories of Registered Entities - Goldman Sachs Australia Financial Services 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, thereby facilitating regulatory oversight and ensuring stability within the financial markets. This Act empowers APRA to maintain a Register of Entities and a corresponding list of names of registered entities, which is critical for effective monitoring and regulation. The policy objective of the Act is to enhance the regulatory framework by ensuring that comprehensive and accurate data is collected and maintained, thereby allowing APRA to perform its duties more effectively. In accordance with the authority granted under the Act, Barton Ashcroft, a delegate of APRA, has issued a notice to vary the list of names of registered entities by adding Goldman Sachs Australia Financial Services Pty Ltd, which has become a registrable corporation. This amendment reflects the corporation's inclusion in the Register of Entities and aligns with the legislative mandate to keep the list of registered entities up-to-date. The enactment and subsequent variations of the list by APRA are essential to maintaining the integrity and effectiveness of the regulatory oversight within the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are subject to registration by the Australian Prudential Regulation Authority (APRA), which maintains a register of these entities and a corresponding list of their names. The Act governs the collection of data from these entities, ensuring that APRA has the necessary information to effectively regulate and supervise financial institutions. The geographic reach of this Act is national, as it pertains to entities operating within Australia. The Act extends its application to entities such as banks, insurance companies, and other financial institutions as defined within the Act. Subordinate instruments may further detail the specific categories of entities subject to registration and the data collection requirements. The Act does not specify exclusions or thresholds within this particular legislative instrument, but it is understood that certain entities may be exempt based on other provisions within the broader legislative framework. The inclusion of Goldman Sachs Australia Financial Services Pty Ltd in the register and list, as per this Notice, is an example of how the Act facilitates the updating of information on registered entities to maintain an accurate and current record for regulatory purposes.

Key Provisions

The main operative sections of this legislation pertain to the variation of the list of names 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) maintains a list of registered entities, which includes the names of these entities. In this specific instance, pursuant to subsection 11(2) of the Act, the list is varied to include the name of Goldman Sachs Australia Financial Services Pty Ltd (ABN: 97 082 338 369), as it has now become a registrable corporation under section 7 of the Act and has been added to the register under paragraph 10(a) of the Act. The obligations and requirements imposed by this Act on the parties or entities it governs primarily revolve around the registration process and the maintenance of the list of registered entities. Under section 11, APRA is responsible for maintaining the list of names of registered entities. This entails adding entities to the list when they become registrable corporations and ensuring the list is kept up to date. For Goldman Sachs Australia Financial Services Pty Ltd, the requirement is to meet the criteria for being a registrable corporation as defined in section 7 of the Act. Once it meets these criteria, it must be added to the register under paragraph 10(a) and subsequently to the list under section 11. The legislation also outlines the consequences for breaches related to the registration and listing process. Although specific offences and penalties are not detailed in the provided text, the Financial Sector (Collection of Data) Act 2001 generally imposes both civil and criminal penalties for non-compliance with its provisions. These penalties can include fines and, in more severe cases, imprisonment. The exact nature and severity of the penalties would depend on the specific breach and the discretion of the court. The Act ensures that entities are held accountable for failing to comply with the registration and listing requirements, thereby maintaining the integrity and effectiveness of the regulatory framework.