Variation of List of Names and Categories of Registered Entities - Hartland Investment Pte. Ltd.

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of data by the Australian Prudential Regulation Authority (APRA) to enhance financial sector stability. This Act addresses the need for comprehensive and timely data collection to monitor and regulate entities within the financial sector effectively. The policy objective is to ensure that APRA, as the regulator, has the necessary information to perform its functions and to maintain the integrity and stability of the financial system. The Australian Government, through its Parliament, enacted this legislation to establish a framework for data collection that supports informed regulatory decisions. In the context of this legislation, the Australian Prudential Regulation Authority maintains a Register of Entities and a list of names of registered entities. The Authority is empowered to add entities to this list as they meet the criteria for registration. The variation of this list, as exemplified by the addition of Hartland Investment Pte. Ltd., is a procedural step authorised by the Act to ensure the register remains current and reflective of all entities subject to APRA's oversight. This Notice, dated 9 April 2013, and signed by Barton Ashcroft, a delegate of APRA, serves to update the list in accordance with the legislative mandate.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the Australian financial sector that are required to be registered and that collect data as part of their operations. The Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a List of Names of these registered entities. This legislation primarily targets financial institutions such as banks, insurance companies, and superannuation funds, ensuring they are subject to consistent data collection and reporting requirements. The geographic scope of this Act is nationwide, as it applies across Australia, and it extends its reach to all entities that fall within its purview regardless of state or territory boundaries. The Act also provides for the variation of the list of registered entities, as evidenced by the specific instance where Hartland Investment Pte. Ltd. has been added to the register and subsequently listed. The addition to the list is executed by a delegate of APRA, such as Barton Ashcroft, under the authority granted by the Act. This Act does not specify exclusions or exemptions but relies on subordinate instruments to define the specific details of entities' registration and data collection obligations.

Key Provisions

The primary operative sections of this legislation are section 8, which establishes the Register of Entities, and section 11, which governs the List of Names of Registered Entities. Under section 8, the Australian Prudential Regulation Authority (APRA) maintains a register of entities, while section 11 mandates that APRA also keep a list of the names of these registered entities. This particular piece of legislation concerns the addition of Hartland Investment Pte. Ltd., a newly registrable corporation under section 7, to both the register and the list of names, as stipulated under section 10(a) and section 11(2) respectively. This action effectively updates the list to include the corporation as a registered entity, as per subsection 5(3) of the Act. The obligations and requirements imposed by the Financial Sector (Collection of Data) Act 2001 on APRA include the maintenance of two distinct records: the Register of Entities and the List of Names of Registered Entities. Section 8 directs APRA to keep the register, while section 11 specifies the maintenance of the list. In this case, the inclusion of Hartland Investment Pte. Ltd. in both records is necessary to ensure compliance with the Act's provisions. The inclusion of the corporation's name in the list, as directed by subsection 11(2), is an essential step in this process, ensuring that the list accurately reflects the current status of registered entities under the Act. There are no specific offences or penalties outlined in this particular piece of legislation. However, failure to comply with the requirements of the Financial Sector (Collection of Data) Act 2001, including the accurate maintenance of the Register of Entities and the List of Names of Registered Entities, could result in legal consequences. Such consequences may include civil or administrative penalties, which could vary depending on the nature and severity of the breach. It is important to note that the maximum penalties for breaches of the Act are not specified in this particular piece of legislation, and would need to be sought from other parts of the Act or relevant case law.