Variation of List of Names and Categories of Registered Entities - H.D. & C. Securities Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a framework for the collection and management of data by the Australian Prudential Regulation Authority (APRA) in the financial sector. The Act was introduced to address the need for comprehensive and reliable data to ensure the stability and integrity of the financial system. The Act empowers APRA to maintain a register of entities and a list of names of these entities, facilitating effective oversight and regulation. This legislative instrument, known as the "Variation of List of Names and Categories of Registered Entities," was issued on 5 November 2013 by Barton Ashcroft, a delegate of APRA, pursuant to subsection 11(2) of the Act. The policy objective of this legislative instrument is to ensure that the list of registered entities is kept up-to-date and accurate, reflecting the current status of entities subject to APRA's regulatory oversight. This particular notice removes the name of H.D. & C. Securities Limited from the list of registered entities, following its cessation as a registrable corporation.

Scope and Application

The Variation of List of Names and Categories of Registered Entities Financial Sector (Collection of Data) Act 2001 pertains to the Australian Prudential Regulation Authority (APRA), which maintains a Register of Entities and a list of registered entities under the Act. This legislative instrument addresses the cessation of H.D. & C. Securities Limited (ABN 45 007 346 214) from being a registrable corporation as defined in the Act, resulting in its removal from the register and, consequently, from the list of registered entities. The removal was authorised by Barton Ashcroft, a delegate of APRA, under the authority vested in them by the Act. The scope of this legislation is limited to the administrative actions taken by APRA concerning the registration status of specific entities within the financial sector, without extending to any broader regulatory or operational aspects of the entities themselves.

Key Provisions

The key operative sections of this legislation pertain to the management and maintenance of the Register of Entities and the List of Names of Registered Entities under the Financial Sector (Collection of Data) Act 2001. Specifically, section 8 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintains a register of entities, while section 11 requires APRA to keep a list of the names of these registered entities. The current legislative instrument, dated 5 November 2013, concerns the removal of H.D. & C. Securities Limited from both the register and the list of names. This action follows the corporation's cessation of being a registrable corporation under section 7 of the Act, as per paragraph 10(c) of the Act. Under this legislation, APRA has specific obligations to ensure the accuracy and currency of the register and list of names. When a corporation ceases to be a registrable entity, APRA must update these records accordingly. The removal of H.D. & C. Securities Limited from the register and the list of names, as authorised by Barton Ashcroft, a delegate of APRA, under subsection 11(2) of the Act, reflects this commitment to maintaining accurate records. The delegate's authority to vary the list ensures that the list remains a reliable and current reflection of the entities subject to the Act. The legislation does not explicitly outline offences, penalties, or consequences for breaches of the Act's provisions. However, the requirement to maintain an accurate register and list of names implies that failure to do so could result in regulatory scrutiny or other consequences. While the specific penalties are not detailed in this instrument, breaches of data collection and management obligations under the Financial Sector (Collection of Data) Act 2001 could potentially lead to enforcement actions by APRA or other regulatory bodies. These could include fines, corrective measures, or other regulatory sanctions, depending on the nature and severity of the breach.