Variation of List of Names and Categories of Registered Entities - Investec Australia Loans Management Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a framework for the Australian Prudential Regulation Authority (APRA) to collect data from authorised financial institutions and their related bodies corporate. The Act aimed to address the need for comprehensive and accurate financial data to ensure the stability and efficiency of Australia's financial sector. This legislation was enacted by the Parliament of Australia, with the primary policy objective of enhancing the regulatory oversight of financial entities to safeguard the interests of consumers, investors, and the broader economy. The 2014 Gazetted instrument under this Act facilitates the updating of the list of registered entities by incorporating new entities that have become subject to regulatory oversight by APRA. This process ensures that the register remains current and reflective of the evolving financial landscape in Australia.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector in Australia, primarily focusing on the collection, analysis, and dissemination of data to ensure financial stability and regulatory compliance. The Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a List of Names of Registered Entities. This includes entities such as banks, insurers, and other financial institutions, ensuring that APRA can effectively monitor and regulate these entities. The Act applies nationally across Australia, covering all states and territories. There are specific exclusions and exemptions outlined within the Act, such as for certain small financial institutions or entities that do not meet the regulatory thresholds. The Act's application can also be extended or restricted through subordinate instruments, allowing for the inclusion or exclusion of specific entities or categories as necessary. This particular legislative instrument, Gazette C2014G01977, pertains to the addition of Investec Australia Loans Management Pty Limited to the register and list, thereby recognising it as a registered entity under the Act.

Key Provisions

The main operative sections of the legislation concern the addition of Investec Australia Loans Management Pty Limited to the list of registered entities under the Financial Sector (Collection of Data) Act 2001 (the Act). Section 11 of the Act pertains to the list of registered entities, which APRA maintains, and subsection 11(2) provides the authority for the delegate to vary this list. The variation, as per the Notice, involves adding the name of the corporation to this list (subsection 11(2) and paragraph 10(a) of the Act). The obligations and requirements imposed by the Act on the parties or entities it governs include the registration of certain entities under section 7 of the Act, which defines what constitutes a registrable corporation. APRA is responsible for maintaining a register of these entities (section 8) and a list of their names (section 11). Once an entity is registered under section 10(a), it becomes a registered entity, and its name must be included in the list maintained by APRA. The legislation outlines potential consequences for non-compliance, although the specific offences, penalties, or consequences for breach are not detailed in the Notice. However, under the general provisions of the Act, breaches of the requirements to register or to provide information may lead to civil or criminal penalties, including fines and imprisonment, depending on the severity of the breach. The Act provides for a range of penalties, including significant fines for corporations, which may be commensurate with the gravity of the non-compliance. The maximum penalties are not specified in the Notice but are stipulated elsewhere in the Act, reflecting the serious nature of non-compliance with financial sector data collection requirements.