Variation of List of Names and Categories of Registered Entities - Goldman Sachs New Zealand Holdings Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for the Australian Prudential Regulation Authority (APRA) to maintain accurate and up-to-date information about financial sector entities. This legislation empowers APRA to collect data from authorised financial institutions and other designated entities, thereby ensuring regulatory oversight and compliance within the financial sector. APRA, under the authority conferred by this Act, maintains a register of these entities and a list of their names, which is integral to the regulatory framework. The Act aims to facilitate effective supervision and enforcement by providing APRA with necessary information to monitor the financial health and regulatory compliance of entities under its purview. This legislative instrument, the Variation of List of Names and Categories of Registered Entities, issued by APRA, serves to update the list of registered entities in accordance with the Act. On 16 October 2013, Barton Ashcroft, as a delegate of APRA, exercised the authority granted under section 11(2) of the Act to add the name of Goldman Sachs New Zealand Holdings Limited to the list. This addition reflects the entity's status as a registrable corporation under section 7 of the Act, following its inclusion in the register pursuant to paragraph 10(a) of the Act. The policy objective underpinning this variation is to ensure that the list accurately represents the current status of registered entities, thereby maintaining the integrity and effectiveness of APRA’s regulatory activities.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are considered registrable corporations under the Act, which includes corporations such as Goldman Sachs New Zealand Holdings Limited, once they meet the criteria set out in section 7. The Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of the names of registered entities. This list is subject to variation as entities such as Goldman Sachs New Zealand Holdings Limited are added to the register, thereby becoming registered entities as defined in subsection 5(3) of the Act. The Act's reach is national, as it is a Commonwealth Act, applying across Australia and covering all entities defined within its scope. There are no stated exclusions or thresholds mentioned in this specific legislative instrument, although the broader Act may contain such provisions. The application of the Act may be extended or restricted through subordinate instruments, such as the addition of entities to the list of registered names, as demonstrated by this gazetted notice.

Key Provisions

The main operative sections of the legislation reference the Financial Sector (Collection of Data) Act 2001. Section 8 (subsection 8(2)) empowers the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities. Section 11, under subsection 11(2), allows APRA to keep a list of the names of registered entities. This legislative framework ensures that APRA can effectively manage and oversee entities within the financial sector. Pursuant to the Act, APRA has added the name of Goldman Sachs New Zealand Holdings Limited to the Register of Entities (section 8) and subsequently to the list of registered entities (section 11). This inclusion acknowledges the corporation's status as a registrable entity under section 7 of the Act. The Act imposes certain obligations on APRA and the entities it governs. APRA must ensure that the Register of Entities and the list of registered entities are maintained and updated accurately (section 8 and section 11). This includes adding the names of new entities that meet the criteria for registration. For Goldman Sachs New Zealand Holdings Limited, this means complying with all reporting and data collection requirements as stipulated by the Act. The entities themselves must provide the necessary information to APRA for inclusion in the register and list. This obligation ensures transparency and regulatory oversight within the financial sector. Breach of the requirements set out in the Act can result in significant consequences. While the specific offences and penalties are not detailed in the provided text, the Act generally empowers APRA to enforce compliance through various means, including fines and other administrative actions. The penalties for non-compliance can be severe, reflecting the importance of accurate and timely data collection and reporting in the financial sector. For instance, entities failing to provide required information or inaccurately reporting their status could face substantial fines or other regulatory sanctions. The severity of these penalties underscores the critical nature of adherence to the Act’s provisions.