Variation of List of Names and Categories of Registered Entities - Investment Nominees Limited

Overview

The Variation of List of Names and Categories of Registered Entities Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the management of data collection within the financial sector. The Act was introduced to address the need for the Australian Prudential Regulation Authority (APRA) to maintain an up-to-date and accurate register of entities, ensuring that it can effectively regulate and monitor financial institutions. The 2013 Gazette, which amends the list of names and categories of registered entities, exemplifies the ongoing role of the Act in supporting the regulatory functions of APRA. By incorporating this amendment, the policy objective of maintaining a precise and comprehensive register is reinforced, allowing APRA to carry out its duties efficiently. The Gazette was issued under the authority of the Act by a delegate of APRA, Barton Ashcroft, who has the power to update the list of registered entities as required.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector in Australia, including banks, authorised deposit-taking institutions, credit unions, and other specified entities that are regulated by the Australian Prudential Regulation Authority (APRA). The Act mandates the collection and maintenance of data on these entities to ensure the stability and efficiency of the financial sector. Specifically, it applies to registered entities as defined by the Act, which includes those required to be registered under section 7 and subsequently listed under section 11. The geographic reach of the Act is national, as it applies to entities operating across Australia, thereby affecting all states and territories. However, the Act does not specify exclusions or thresholds, and the application of its provisions can be extended or restricted through subordinate instruments made by APRA. This legislative framework ensures that APRA maintains an updated register of entities and a list of their names, which is crucial for regulatory oversight and the effective administration of the financial sector in Australia.

Key Provisions

The primary operative sections of the Financial Sector (Collection of Data) Act 2001 as referenced in the gazette (C2013G01508) pertain to the registration of entities and the maintenance of the register. Under section 8, the Australian Prudential Regulation Authority (APRA) is tasked with maintaining a register of entities. This register is crucial for tracking and monitoring the financial entities operating within the sector. Section 11 of the Act specifies the maintenance of a list of the names of these registered entities. The recent amendment under subsection 11(2) involves the addition of Investment Nominees Limited (ABN: 62 009 503 315) to this list, following its classification as a registrable corporation under section 7. The Act imposes specific obligations on APRA and the entities it governs. APRA must ensure that the register is kept up-to-date and accurate, reflecting all entities that are subject to regulatory oversight. For Investment Nominees Limited, being listed as a registered entity means it must comply with all reporting and disclosure requirements stipulated by APRA. This includes providing timely and accurate data as required by the Act. Additionally, the entity must adhere to any additional conditions set forth by APRA to maintain its registration status. Failure to comply with the provisions of the Act can result in various consequences. Under the Act, breaches of the requirements to maintain and update the register, or failure by registered entities to meet their reporting obligations, can lead to enforcement actions. The specific offences and their penalties are not detailed in the gazette; however, typically, the Act may provide for both civil and criminal penalties. Civil penalties may include fines, while criminal penalties could result in imprisonment, depending on the severity and intent of the breach. The maximum penalties are prescribed under relevant sections of the Act, although they are not specified in this gazette. It is essential for both APRA and registered entities to understand and comply with these requirements to avoid any potential legal ramifications.