Variation of List of Names and Categories of Registered Entities - HSAUST Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Australian Parliament to facilitate the collection, analysis, and dissemination of financial sector data to ensure the stability and integrity of Australia's financial system. This legislation aims to address the need for accurate and timely financial data, enabling regulatory bodies to monitor and regulate financial entities effectively. The Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a register of entities and a list of their names, ensuring that financial institutions are appropriately supervised and regulated. In accordance with the Act, APRA is responsible for updating the register and list to reflect any changes in the status of registered entities, such as the cessation of registrable corporations. This legislative framework supports the overarching policy objective of maintaining financial stability and consumer protection within Australia's financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are required to provide data to the Australian Prudential Regulation Authority (APRA). The Act mandates the registration of entities that fall within its scope, ensuring that APRA maintains a comprehensive register of these entities. The Act applies to registrable corporations, which are defined in section 7 of the Act, and specifically requires APRA to maintain a list of the names of these registered entities as per section 11. This legislative framework applies on a Commonwealth level and is pertinent to the financial sector, ensuring that APRA has the necessary information to effectively regulate and supervise entities within its purview. The removal of a corporation’s name from the list, as described in the Gazette, indicates that the corporation has ceased to be a registrable entity, reflecting the dynamic nature of the financial sector and the need for APRA to keep its records current.

Key Provisions

The Gazetted instrument C2016G00148, issued under the Financial Sector (Collection of Data) Act 2001, primarily focuses on the variation of the list of names and categories of registered entities. Section 11 of the Act allows the Australian Prudential Regulation Authority (APRA) to maintain a list of names of registered entities, and this specific instrument pertains to the removal of a particular entity's name from that list. The corporation, HSAUST Pty Ltd, which had previously been a registrable corporation under the Act, has ceased to be so, as evidenced by the removal of its name and related particulars from the Register of Entities (section 8) by APRA under paragraph 10(c) of the Act. Consequently, the corporation is no longer a registered entity under subsection 5(3) of the Act. The obligations imposed by the Act on APRA include maintaining an accurate and updated register of entities (section 8) and a list of names of registered entities (section 11). The Act mandates that APRA must ensure that the register and list are up-to-date and reflect the current status of entities. When an entity like HSAUST Pty Ltd ceases to be a registrable corporation, APRA is required to update the register and list accordingly. This includes removing the entity's name and other related details from both the register and the list, as stipulated under paragraph 10(c) of the Act. Barton Ashcroft, acting as a delegate of APRA, has executed the necessary variation of the list by removing the corporation's name as per subsection 11(2) of the Act. Under the Financial Sector (Collection of Data) Act 2001, breaches of the requirements to maintain an accurate register and list of registered entities can lead to both civil and criminal consequences. However, the specific instrument C2016G00148 does not detail these penalties directly. Generally, under the Act, failure to comply with the data collection and reporting requirements can result in significant penalties. The Act provides for both civil penalties, such as fines, and criminal penalties, including imprisonment, depending on the severity and intent of the breach. The maximum penalties can vary widely based on the specific provision breached and the circumstances of the case.