Variation of List of Names and Categories of Registered Entities - HDFI Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Australian Parliament to address the need for a robust framework to collect and manage financial data from entities within the financial sector, ensuring transparency, stability, and informed decision-making. This Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a register of entities and a list of names of these entities. The policy objective of the Act is to provide a comprehensive mechanism for the collection and analysis of financial data, facilitating the regulation and supervision of financial institutions and markets. The recent Gazette, C2014G00940, represents a variation of the list of names of registered entities under the Act, specifically addressing the cessation of HDFI Pty Limited as a registrable corporation. This variation was authorised by John Hotham, a delegate of APRA, who removed the entity's name from both the register and the list in accordance with the provisions of the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, and its provisions include the maintenance of a Register of Entities by the Australian Prudential Regulation Authority (APRA). The Act mandates that APRA maintains a list of names of registered entities, which are those entities that fall within the definition of a registrable corporation under section 7 of the Act. This legislation has a national reach, applying across the Commonwealth of Australia, and it impacts entities that engage in financial activities and are subject to regulation by APRA. The Act’s application is not limited by state or territory boundaries, thus it has a nationwide scope. The scope of the Act is further extended or restricted through subordinate instruments as needed to adapt to changes within the financial sector, such as the cessation of registration of entities like HDFI Pty Limited. The exclusions and exemptions from registration under the Act are defined within its provisions, which may vary depending on the specific circumstances and activities of the entities in question.

Key Provisions

The main operative sections of the legislation (sections 8, 11, 7, and 10(c)) outline the procedures for the Australian Prudential Regulation Authority (APRA) to manage the Register of Entities and the List of Names of Registered Entities under the Financial Sector (Collection of Data) Act 2001. Section 8 of the Act requires APRA to maintain a Register of Entities, which serves as a comprehensive database of all entities subject to data collection requirements. Section 11 mandates that APRA also keep a list of the names of these registered entities, providing a public record of those entities. The cessation of registration of HDFI Pty Limited (ABN: 86 000 091 190) as a registrable corporation is addressed under section 7 of the Act, which defines the criteria for registrable corporations. Section 10(c) authorises APRA to remove the names and particulars of entities no longer meeting these criteria from the register. Accordingly, the name of HDFI Pty Limited has been removed from both the register and the list, as authorised under subsection 11(2) of the Act. The obligations imposed by the Act on APRA and registered entities are significant. APRA is responsible for ensuring the accuracy and currency of the Register of Entities and the List of Names of Registered Entities. This includes the timely addition and removal of entities in accordance with the criteria set out in the Act. Registered entities must comply with all data collection requirements and notify APRA of any changes that might affect their registrable status. In this case, HDFI Pty Limited's cessation as a registrable corporation triggers the requirement for APRA to remove its details from both the register and the list. The legislation does not explicitly outline offences or penalties for non-compliance in this specific context. However, under the broader Financial Sector (Collection of Data) Act 2001, there are potential civil and criminal consequences for breaches of data collection requirements. For instance, non-compliance with data collection obligations could result in civil penalties, including fines up to a substantial amount as determined by the legislation. In more severe cases, criminal penalties could apply, potentially including imprisonment, depending on the nature and extent of the breach. These penalties underscore the importance of adherence to the Act's requirements by both APRA and registered entities.