Variation of List of Names and Categories of Registered Entities - HFL Australia Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for the collection and analysis of data within Australia's financial sector. This legislation establishes a framework for the Australian Prudential Regulation Authority (APRA) to maintain a register of entities and to collect data from these entities. The Act aims to ensure that APRA can effectively monitor and regulate the financial sector to maintain stability and protect consumers. The Act empowers APRA to require the submission of information from financial entities, including authorised deposit-taking institutions and certain insurance companies, thereby facilitating the authority's oversight functions. This particular legislative instrument, a Gazette notice dated 5 June 2014, pertains to a variation of the list of names and categories of registered entities under the Act. Specifically, it addresses the cessation of HFL Australia Pty Limited as a registrable corporation. The notice was issued by John Hotham, a delegate of APRA, who, under the authority conferred by the Act, has removed the corporation's name from the list and the register. This action reflects the corporation's no longer meeting the criteria for registration, thereby ensuring the register's accuracy and relevance.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are required to be registered under the Act, specifically those that fall within the definition of a registrable corporation as outlined in section 7. This includes a wide range of financial sector entities that are subject to regulation by the Australian Prudential Regulation Authority (APRA). The Act's jurisdiction extends across Australia, as it is a Commonwealth Act, and applies to all entities that operate within the Australian financial sector. The Act mandates the collection of data from these entities to enable APRA to perform its regulatory functions effectively. Under the Act, APRA maintains a Register of Entities and a List of Names of Registered Entities, as stipulated in sections 8 and 11 respectively. This particular legislative instrument pertains to the removal of HFL Australia Pty Limited from this list due to its cessation as a registrable corporation. The removal from the list and register is effective as of the date this instrument is issued, reflecting the corporation's no longer meeting the criteria for registration under the Act.

Key Provisions

The primary sections of the legislation (C2014G00941) relate to the management and maintenance of the Register of Entities and the list of registered entities under the Financial Sector (Collection of Data) Act 2001. Specifically, section 8 mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities (the register) (section 8). Section 11 further requires APRA to maintain a list of the names of these registered entities (the list) (section 11). The legislative instrument pertains to the removal of a specific entity, HFL Australia Pty Limited, from both the register and the list following its cessation as a registrable corporation under section 7 of the Act (section 7). Under subsection 11(2) of the Act, John Hotham, as a delegate of APRA, has exercised the authority to vary the list by removing the corporation's name. The obligations and requirements imposed by this Act on APRA include maintaining accurate and up-to-date records in the Register of Entities and the list of registered entities. This entails ensuring that the register includes all relevant entities as defined under section 7 and that the list accurately reflects the names of these entities as required by section 11. Upon the cessation of an entity's status as a registrable corporation, APRA must promptly remove the entity's details from both the register and the list. This process is exemplified in the removal of HFL Australia Pty Limited, whose name and particulars have been removed under paragraph 10(c) of the Act following its de-registration. The legislation outlines specific consequences and penalties for breaches, although the primary focus is on ensuring compliance with the maintenance and updating of the register and list. Any failure to comply with the requirements to update the register and list could lead to civil or administrative penalties, as stipulated by the overarching Financial Sector (Collection of Data) Act 2001. However, the exact nature and maximum penalties for such breaches are not detailed in the specific notice but would be governed by the broader provisions of the Act. It is essential for APRA and other governed entities to adhere strictly to these provisions to avoid any potential repercussions.