Variation of List of Names and Categories of Registered Entities - J.P. Morgan Administrative Services Australia Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection and regulation of data within Australia's financial sector. This legislation was introduced to address the need for a robust framework to monitor and regulate financial entities to ensure stability and compliance within the sector. The Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a List of Names of Registered Entities, ensuring that all entities subject to the Act are properly identified and regulated. This legislative measure was enacted by the Parliament of Australia and aims to provide a structured approach to managing financial entities' data, thereby promoting transparency and accountability in the financial sector. The 2015 legislative instrument, Gazette C2015G00771, is a variation notice issued under the authority granted by the Financial Sector (Collection of Data) Act 2001. This instrument, dated 13 March 2015, was issued by Barton Ashcroft, a delegate of APRA, who is authorised under subsection 11(2) of the Act to modify the List of Names of Registered Entities. The purpose of this specific notice is to add the name of J.P. Morgan Administrative Services Australia Limited to the list of registered entities, reflecting its status as a registrable corporation under the Act. This addition ensures that the entity is appropriately recognised and regulated within the framework established by the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the Australian financial sector, requiring them to provide specific data to the Australian Prudential Regulation Authority (APRA). The Act ensures that APRA maintains a comprehensive register of entities subject to its regulatory oversight. The Act applies to registrable corporations and other entities as defined within the legislation, and it mandates the inclusion of their names and particulars in the register kept by APRA. The register and the list of names of registered entities are integral components of the regulatory framework, facilitating the oversight and supervision of financial entities by APRA. The scope of the Act extends to all entities that fall under its definition of a registrable corporation, as outlined in section 7 of the Act. The Act applies on a national level, as it is a Commonwealth Act, thereby encompassing all states and territories within Australia. Notably, this legislative instrument, through the gazetted variation, extends the application by adding the name of J.P. Morgan Administrative Services Australia Limited to the list of registered entities, thereby ensuring that the updated list accurately reflects the current registrable corporations under the Act. The Act does not specify exclusions or exemptions; however, the application and enforcement of the Act may be further detailed in subordinate instruments or guidelines issued by APRA.

Key Provisions

The key operative sections of this legislation (C2015G00771) include section 8, which mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities, and section 11, which requires APRA to keep a list of the names of these registered entities. In this case, APRA has added the name of J.P. Morgan Administrative Services Australia Limited to this list following its becoming a registrable corporation as defined in section 7 of the Financial Sector (Collection of Data) Act 2001. This addition to the register under paragraph 10(a) of the Act signifies the corporation's status as a registered entity under subsection 5(3) of the Act. The obligations imposed by this Act on APRA include the responsibility to accurately and comprehensively maintain the Register of Entities and the list of registered entities. This involves ensuring that any new registrable corporations, such as J.P. Morgan Administrative Services Australia Limited, are promptly added to the register and subsequently to the list of names. By virtue of subsection 11(2) of the Act, Barton Ashcroft, as a delegate of APRA, has the authority to vary the list by adding the names of corporations, which he has done in this instance to include the aforementioned corporation. The legislation does not explicitly outline specific offences, penalties, or consequences for breaches within this particular notice. However, the overarching Act, the Financial Sector (Collection of Data) Act 2001, may impose penalties or other consequences for non-compliance with its provisions. Such consequences could include fines or other enforcement actions if the authority's obligations under the Act are not met, although the exact penalties are not detailed in this specific variation notice. It is essential for APRA and its delegates to adhere to the requirements of the Act to avoid any potential legal repercussions.