Variation of List of Names and Categories of Registered Entities - Greensill Capital UK Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of data by the Australian Prudential Regulation Authority (APRA) regarding financial institutions, ensuring a robust regulatory framework. The Act provides APRA with the authority to maintain a Register of Entities and a List of Names of Registered Entities. The primary objective is to enable APRA to effectively oversee financial entities, thereby maintaining the stability and integrity of the financial sector. This legislative framework addresses the need for comprehensive and organised data collection to support regulatory functions and decision-making processes. The authority to vary the List of Names and Categories of Registered Entities, as demonstrated in the Variation of List of Names and Categories of Registered Entities 2013, ensures the list remains current and reflective of all entities subject to APRA’s oversight. This ongoing process is critical to maintaining the efficacy and responsiveness of financial regulation in Australia.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 (the Act) provides the legal framework for the Australian Prudential Regulation Authority (APRA) to collect and maintain data on entities within the financial sector. Specifically, the Act mandates APRA to maintain a Register of Entities and a List of Names of these entities. The Act applies to entities that fall under the definition of registrable corporations as specified in section 7, which includes various financial institutions such as banks, credit unions, and insurance companies. The geographic reach of the Act is nationwide, as APRA oversees financial institutions operating across Australia. The Act may also extend to offshore entities if they are relevant to the financial stability of Australia. The legislative instrument extends the application of the Act through subordinate instruments, such as the notice varying the list of names, allowing APRA to update the register as new entities become registrable. Any exclusions or exemptions from the scope of the Act are not specified in this particular notice, but generally, the Act applies broadly to entities within the financial sector, with certain exceptions for specific types of financial activities or institutions as outlined in the Act itself.

Key Provisions

The Financial Sector (Collection of Data) Act 2001 is an important piece of legislation that governs the collection and management of data in the financial sector. Section 8 of the Act establishes that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities, which is a comprehensive record of all entities that are subject to the Act's provisions. Section 11 of the Act provides for the maintenance of a List of Names of these registered entities, ensuring that there is a publicly accessible record of all entities subject to the Act. Under the authority granted by section 11(2) of the Act, a delegate of APRA, in this case, Barton Ashcroft, has exercised the power to vary the list of names. This variation, effective from 7 January 2013, includes the addition of Greensill Capital UK Limited to the list. This action follows the determination that Greensill Capital UK Limited has become a registrable corporation, as defined under section 7 of the Act, and the subsequent addition of its name and relevant particulars to the Register of Entities under paragraph 10(a) of the Act. The Act imposes several obligations on the parties it governs. Registered entities must comply with the data collection and reporting requirements stipulated by APRA. This includes providing accurate and timely information about their operations, financial status, and other relevant details as mandated by the Act. Furthermore, these entities must ensure that their data is kept up to date and reflect any changes in their status or operations. APRA, in turn, has the responsibility to maintain the accuracy and completeness of both the Register of Entities and the List of Names, ensuring that all relevant entities are appropriately recorded and accessible to the public. Breaches of the obligations and requirements set out in the Financial Sector (Collection of Data) Act 2001 can lead to significant legal consequences. Although the specific penalties for non-compliance are not detailed in this particular legislative instrument, the Act generally provides for both civil and criminal penalties. Civil penalties may include fines and other monetary penalties, while criminal penalties can result in imprisonment or substantial fines, depending on the severity and intent of the breach. The exact penalties are determined by the courts based on the specific circumstances of each case, but the potential for significant repercussions underscores the importance of strict compliance with the Act's provisions.