Variation of List of Names and Categories of Registered Entities - Investec Bank plc

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Parliament of Australia, was established to address the need for comprehensive data collection and management within the financial sector. This legislation provides a framework for the Australian Prudential Regulation Authority (APRA) to maintain a register of entities and their particulars, ensuring that entities subject to prudential regulation are properly identified and monitored. The Act was designed to fill a gap in the systematic collection and analysis of financial data, which is crucial for maintaining the stability and integrity of the financial system. The policy objective of this Act is to ensure that APRA has the necessary information to perform its regulatory functions effectively, thereby protecting the interests of consumers and the broader economy. In accordance with the Act, APRA maintains a register of entities and a list of their names, and has the authority to update this list as necessary. The 2015 legislative instrument, the Variation of List of Names and Categories of Registered Entities, is an example of how APRA exercises this authority to keep the list current. This instrument, signed by Barton Ashcroft, a delegate of APRA, updates the list to include newly registrable entities, such as Investec Bank plc, ensuring that the register reflects the most current information and that regulatory oversight is maintained over all relevant entities.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to various entities within the financial sector, specifically those that are subject to regulation by the Australian Prudential Regulation Authority (APRA). The Act mandates APRA to maintain a Register of Entities and a List of Names of Registered Entities, ensuring that these entities comply with the data collection requirements outlined in the Act. This legislative framework applies to entities such as banks, insurance companies, and other financial institutions that are designated as registrable corporations under section 7 of the Act. The scope of the Act is primarily within the Commonwealth jurisdiction, although it may intersect with state and territory laws in certain respects. The Act does not specify exclusions or exemptions but operates on a threshold basis, requiring registration for entities meeting the criteria of being a registrable corporation. The application of the Act can be extended or restricted through subordinate instruments, which allows for the addition of new categories of entities or adjustments to existing regulations. The recent variation of the list to include Investec Bank plc exemplifies the Act's practical application in updating the register to reflect new registrants.

Key Provisions

This legislation, Gazette C2015G01282, pertains to the Financial Sector (Collection of Data) Act 2001. Under this act, APRA maintains a Register of Entities and a list of the names of these registered entities (sections 8 and 11). This specific gazetted notice, dated 21 July 2015, concerns the addition of Investec Bank plc to this list. Investec Bank plc has become a registrable corporation as defined in section 7, and its particulars have been added to the register under section 10(a). Consequently, the corporation is now a registered entity under subsection 5(3). The main operative sections in this context are sections 8 and 11, which mandate APRA to maintain a register and a list of the names of registered entities, respectively. The process of updating this list involves APRA adding the details of the newly registered corporation, which in this case is Investec Bank plc. This update is executed by a delegate of APRA, as authorised by subsection 11(2) of the Act. The obligations imposed by this legislation on the parties governed by it include the requirement for APRA to maintain and update the Register of Entities and the list of names of registered entities. For Investec Bank plc, the corporation must ensure that it meets the criteria to be a registrable entity as per section 7. Once these criteria are met, APRA is obligated to include the corporation's details in the register and subsequently update the list of registered entities. There are no specific offences, penalties, or civil/criminal consequences outlined in this gazetted notice for the breach of the provisions related to the registration and listing of entities. The Act itself may contain provisions for penalties and consequences for non-compliance, but these are not detailed within this specific notice. The primary focus here is on the administrative update of the register and list of registered entities.