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

Overview

The Variation of List of Names and Categories of Registered Entities under the Financial Sector (Collection of Data) Act 2001 was enacted to address the need for updating the list of registered entities maintained by the Australian Prudential Regulation Authority (APRA). The Act, which was passed by the Parliament of Australia, aims to ensure that the data collection process for financial sector entities is accurate and up-to-date, thereby supporting effective regulatory oversight. This particular legislative instrument, dated 13 March 2015 and signed by Barton Ashcroft, a delegate of APRA, facilitates the addition of J.P. Morgan Australia Limited to the list of registered entities following its classification as a registrable corporation. This ensures that APRA’s register reflects the current status of financial entities subject to its regulatory purview, thereby maintaining the integrity and efficacy of the regulatory framework.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector in Australia, including banks, insurance companies, and other financial institutions, as well as to the Australian Prudential Regulation Authority (APRA), which is responsible for regulating and supervising these entities. The Act mandates the collection of data from these entities to ensure the stability and integrity of the financial sector. This legislation operates on a national level, encompassing all states and territories within Australia. It is pertinent to note that the Act extends its application through subordinate instruments, which can include regulations and other legislative instruments that further define and detail the requirements of the primary Act. Certain exclusions and exemptions may apply depending on the specific nature of the entity or the type of transaction in question, and these are typically outlined in the subordinate instruments or specific sections of the Act. The Act's jurisdiction is thus broad, ensuring comprehensive oversight and regulation of the financial sector across the nation.

Key Provisions

The legislation C2015G00772 (Gazette) primarily operates by adding the name of J.P. Morgan Australia Limited to the list of registered entities maintained by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001. Specifically, section 8 of the Act mandates that APRA maintain a Register of Entities, and section 11 requires that a list of the names of these registered entities be kept. Pursuant to these provisions, the gazetted notice, signed by Barton Ashcroft, a delegate of APRA, modifies the list by including J.P. Morgan Australia Limited (ABN 52 002 888 011), as confirmed under section 7 of the Act which defines a registrable corporation. This addition follows the procedure set out in paragraph 10(a) of the Act, which requires APRA to include the corporation's name and relevant details in the register, thereby making it a registered entity under subsection 5(3) of the Act. Under the Financial Sector (Collection of Data) Act 2001, APRA has specific obligations to manage and maintain the Register of Entities and the list of registered entities' names. This includes the responsibility to update the list whenever a new entity qualifies for registration, as per section 11. The obligations also extend to ensuring that the corporation's particulars are correctly entered into the register as mandated by paragraph 10(a). By signing the gazetted notice, Barton Ashcroft, as a delegate of APRA, ensures compliance with these statutory requirements. The Act also requires that such updates to the list be documented and published, ensuring transparency and accessibility of the information to the public. Breaches of the obligations imposed by the Financial Sector (Collection of Data) Act 2001 can result in both civil and criminal penalties. The Act does not specify the exact penalties in the gazetted notice, but generally, failure to comply with the requirements to maintain accurate and updated records can lead to significant fines or other legal consequences. Additionally, if the non-compliance affects the stability or integrity of the financial sector, more severe penalties, including imprisonment, may apply. It is crucial for APRA and the registered entities to adhere to these obligations to avoid such repercussions.