Variation of List of Names and Categories of Registered Entities - Greensill Capital (Australia) Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to ensure the Australian Prudential Regulation Authority (APRA) could efficiently collect and manage data necessary for the supervision of financial sector entities. This legislation was introduced to address the need for a comprehensive framework that allows APRA to effectively monitor and regulate entities that fall under its purview. The Act empowers APRA to maintain a register of entities and a corresponding list of names, facilitating the identification and oversight of registered entities. The policy objective of the Act is to enhance the stability and reliability of Australia's financial sector by enabling APRA to gather and analyse critical data. The Act was enacted by the Parliament of Australia, reflecting the legislative body's intent to provide a robust mechanism for financial oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to the Australian Prudential Regulation Authority (APRA) in its role of maintaining a Register of Entities and a list of the names of registered entities. These registered entities are typically financial institutions and corporations that are subject to regulation under the Act. The Act's scope includes all entities that APRA regulates, ensuring that these entities are appropriately recorded and monitored for compliance with financial sector regulations. The Act's jurisdiction is national, affecting entities across Australia, and it extends its reach to entities regardless of state or territory boundaries. However, specific exclusions and exemptions may apply depending on the nature and type of the entity. The Act allows for the extension or restriction of its application through subordinate instruments, enabling APRA to adapt the list of registered entities as necessary to reflect changes in the financial sector landscape. This includes the addition of newly registrable entities such as Greensill Capital (Australia) Pty Limited, as demonstrated in the recent variation of the list of names of registered entities.

Key Provisions

The main operative sections of the Variation of List of Names and Categories of Registered Entities, as outlined in the Gazette (C2012G00211), primarily involve the updating of the list of registered entities under the Financial Sector (Collection of Data) Act 2001. According to section 11 of the Act, APRA maintains a list of registered entities, and this notice provides for the addition of Greensill Capital (Australia) Pty Limited to that list, as per subsection 11(2) of the Act. This addition follows the corporation's registration as a registrable entity under section 7 and its entry into the Register of Entities under section 8. The obligations imposed by this Act on APRA and the registered entities are primarily administrative and compliance-based. APRA is required to keep and update the Register of Entities and the list of registered entities, ensuring that all relevant entities are accurately recorded and maintained. The registered entities, including Greensill Capital (Australia) Pty Limited, must comply with any data collection requirements as stipulated by the Act. This includes providing necessary information to APRA and adhering to any regulatory standards or reporting obligations set forth by the Act. For breaches of the provisions under this Act, the consequences can be significant. While the specific offences and penalties are not detailed in this notice, the Financial Sector (Collection of Data) Act 2001 generally includes provisions for civil and criminal penalties for non-compliance. These can include fines and, in some cases, imprisonment. The exact penalties would depend on the nature and severity of the breach, as well as any specific provisions outlined in the Act or related regulations. The enforcement of these penalties would typically be carried out by APRA or other relevant regulatory authorities, ensuring that entities adhere to the legislative requirements.