Variation of List of Names and Categories of Registered Entities - Goldman Sachs Financial Markets Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to ensure the Australian Prudential Regulation Authority (APRA) has the necessary powers to collect, analyse and disseminate information about financial sector entities. This legislation was introduced to address the need for robust regulatory oversight and data collection mechanisms within the financial sector to maintain stability and integrity. The Act empowers APRA to collect and maintain comprehensive information on financial sector entities, which is critical for the effective regulation and supervision of these entities. The policy objective of the Act is to enhance the transparency and accountability of the financial sector, thereby contributing to the overall stability of the Australian economy. This legislative instrument, C2014G01145, is a variation of the List of Names and Categories of Registered Entities, made under the authority conferred by the Financial Sector (Collection of Data) Act 2001. The Australian Prudential Regulation Authority, as the relevant regulatory body, has exercised its power to update the register and the list of registered entities to include Goldman Sachs Financial Markets Pty Ltd, reflecting its status as a registrable corporation. This amendment ensures that APRA's records remain current and comprehensive, supporting its mandate to regulate and oversee the financial sector effectively.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are considered registrable corporations under section 7 of the Act, and the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities as well as a list of the names of these registered entities. This Act operates within the Commonwealth jurisdiction, thus its provisions and enforcement are applicable across Australia. The Act is designed to facilitate the collection of data from entities that are considered integral to the financial sector, ensuring that APRA has up-to-date information to regulate and supervise these entities effectively. The Act’s application can be extended or refined through subordinate instruments, allowing APRA to adapt the register and list as necessary to include new entities or modify existing entries. Notably, the Act does not specify exclusions, exemptions, or thresholds in this particular context, meaning that all registrable corporations must be included in the list unless otherwise specified by further legislative amendments or regulatory instruments.

Key Provisions

The legislation, C2014G01145 (Gazette), pertains to the Financial Sector (Collection of Data) Act 2001 and involves amendments to the list of registered entities maintained by the Australian Prudential Regulation Authority (APRA). Under section 8 of the Act, APRA is responsible for maintaining a Register of Entities, and under section 11, it maintains a list of the names of these registered entities. The Gazette specifically addresses the addition of Goldman Sachs Financial Markets Pty Ltd (ABN 16 107 084 640) to this list due to its new status as a registrable corporation under section 7 of the Act. Pursuant to paragraph 10(a), APRA has already updated the register with the corporation's details, thereby making it a registered entity as per subsection 5(3) of the Act. Consequently, the list of registered entities is varied by adding the corporation's name through this Gazette notice, executed by John Hotham, a delegate of APRA, under subsection 11(2) of the Act. In terms of obligations, APRA must ensure that the Register of Entities and the list of names of registered entities are accurately maintained and updated as required by the Act. Section 10(a) mandates that APRA adds entities to the register when they meet the criteria for registration, and this must be reflected in the list under section 11. The Gazette notice facilitates this by formally documenting the addition of the corporation's name to the list. Furthermore, entities such as Goldman Sachs Financial Markets Pty Ltd must comply with any further reporting or data collection requirements imposed by APRA in accordance with the Act. The legislation also outlines the consequences for non-compliance with the requirements of the Act. While specific offences, penalties, or civil/criminal consequences for breaches are not detailed within the text of this Gazette notice, the Financial Sector (Collection of Data) Act 2001 generally provides for a range of enforcement actions. These can include administrative penalties, civil penalties, and criminal sanctions, depending on the nature and severity of the breach. The Act empowers APRA to take enforcement actions to ensure compliance, including issuing directions, imposing fines, and pursuing legal action where necessary. The specific maximum penalties for breaches of the Act are outlined in other sections of the primary legislation, which may impose significant financial penalties for non-compliance.