Variation of List of Names and Categories of Registered Entities - Goldman Sachs Lending Partners LLC

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection and dissemination of financial sector data by the Australian Prudential Regulation Authority (APRA), ensuring that the regulator can effectively monitor and oversee the financial system. This Act establishes the framework for APRA to maintain a register of entities and a list of names of registered entities, ensuring comprehensive oversight of entities within the financial sector. The policy objective of the Act is to enhance the stability and integrity of the financial system by ensuring that APRA has the necessary data to perform its regulatory functions effectively. This legislative instrument, Gazetted on 8 April 2013, pertains to the variation of the list of names and categories of registered entities under the Act. Specifically, it addresses the addition of Goldman Sachs Lending Partners LLC to the list of registered entities following its classification as a registrable corporation under section 7 of the Act. The notice, signed by Barton Ashcroft, a delegate of APRA, amends the list in accordance with subsection 11(2) of the Act, reflecting the corporation's inclusion in the register under paragraph 10(a). This adjustment ensures that the list accurately represents the current status of registered entities, thereby supporting APRA's ongoing regulatory activities.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the Australian financial sector, encompassing banks, authorised deposit-taking institutions, credit unions, insurers, and other financial institutions that are regulated by the Australian Prudential Regulation Authority (APRA). The Act mandates these entities to provide data to APRA to ensure the stability and integrity of the financial sector. The Act has a national reach, applying to all entities within the Commonwealth of Australia. The Act is implemented through subordinate instruments, which may include regulations and rules, to further define the scope and application of the Act. In this particular instance, the Act facilitates the variation of the list of names and categories of registered entities, ensuring that newly registrable corporations such as Goldman Sachs Lending Partners LLC are appropriately recorded in APRA’s register and list, thereby maintaining an accurate and up-to-date repository of financial entities subject to regulatory oversight.

Key Provisions

The main provisions of this variation notice pertain to the alteration of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001 (the Act). Section 8 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities, and under section 11, APRA is responsible for keeping a list of the names of these registered entities. This notice, under subsection 11(2) of the Act, serves to vary this list by adding the names of corporations that have become registrable, such as Goldman Sachs Lending Partners LLC, which has become a registrable corporation as defined in section 7 of the Act. APRA is obligated under paragraph 10(a) of the Act to ensure that the names of these corporations and relevant particulars are added to the register. Once these details are entered into the register, the corporations become registered entities as defined in subsection 5(3) of the Act. This requirement ensures that the list maintained by APRA is comprehensive and up-to-date, reflecting all entities that are subject to the Act's data collection requirements. The act of varying the list by adding new entities is a formal process, conducted by a delegate of APRA, in this case, Barton Ashcroft, the Senior Manager of Data Collection. The notice outlines the consequences for non-compliance with the Act's requirements. Breaches of the Act may result in both civil and criminal penalties. Civil penalties may include fines, and under section 129 of the Act, the maximum penalty for a civil penalty offence can reach up to 5,000 penalty units. Additionally, section 130 of the Act outlines criminal penalties for serious breaches, which may include imprisonment. The exact penalties depend on the nature and severity of the offence, but they serve to enforce compliance with the Act and ensure that APRA's register is accurate and current.