Variation of List of Names and Categories of Registered Entities - J.P. Morgan Special Opportunities (Delaware) II LLC

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to ensure the effective collection, analysis and dissemination of financial sector data, thereby contributing to the stability and efficiency of Australia's financial system. This legislation was introduced by the Australian Parliament to address the need for comprehensive data collection and management within the financial sector, aiming to facilitate informed decision-making by regulators and to enhance the overall transparency and accountability of financial institutions. The Australian Prudential Regulation Authority (APRA) is tasked with maintaining a register of entities and a list of names of registered entities under this Act. The policy objective is to ensure that the data collected is accurate, up-to-date, and reflective of the current status of registered entities, thus supporting effective regulatory oversight. In this context, the 2015 legislative instrument, Gazette C2015G00774, concerns the variation of the list of names and categories of registered entities by removing the name of J.P. Morgan Special Opportunities (Delaware) II LLC from the list maintained by APRA. This action was taken following the cessation of the corporation's status as a registrable entity, as defined in the Act. The instrument was issued under the authority delegated to Barton Ashcroft, a senior manager at APRA, who is responsible for data collection, in accordance with the provisions of the Act. This demonstrates the ongoing commitment of APRA to maintain the integrity and relevance of the data it collects and the list it maintains.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the Australian financial sector, including but not limited to banks, credit unions, and insurance companies, as well as other entities prescribed by the Act. This Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities, which includes details of all registered entities. Additionally, APRA is required to keep a list of the names of these registered entities. This legislative framework extends its application across the Commonwealth of Australia, ensuring a uniform approach to the collection and management of financial sector data. The Act allows for the exclusion of certain entities from registration if they meet specific criteria outlined within its provisions. The scope of the Act can be further extended or restricted through subordinate instruments, which enable APRA to implement and modify the requirements as necessary to adapt to changes in the financial landscape. In this specific instance, the Act has been applied to remove the name of J.P. Morgan Special Opportunities (Delaware) II LLC from the register and the corresponding list of registered entities, as this entity has ceased to be a registrable corporation.

Key Provisions

The primary sections of the legislation (C2015G00774) pertain to the Financial Sector (Collection of Data) Act 2001, specifically sections 8, 11, 7, 10(c), and 5(3). Section 8 mandates the maintenance of a Register of Entities by the Australian Prudential Regulation Authority (APRA). Section 11 involves the keeping of a list of names of registered entities. Section 7 defines a registrable corporation, while section 10(c) outlines the procedure for removing entities from the register. Section 5(3) clarifies the status of a corporation once it is removed from the register. The legislation directs the removal of a specific corporation, J.P. Morgan Special Opportunities (Delaware) II LLC, from both the register and the list of registered entities due to its cessation as a registrable corporation. The Act imposes specific obligations on APRA concerning the maintenance and updating of the Register of Entities and the list of registered entities' names. Under section 8, APRA must ensure that the register is kept up to date with all relevant entities. Section 11 requires APRA to maintain an accurate list of names of these entities. Section 7's definition of a registrable corporation must be applied correctly to determine eligibility for inclusion on the register. APRA is further tasked with following the procedures outlined in section 10(c) when removing entities from the register. The changes made under this legislation ensure that the register and the list reflect the current status of entities accurately. Failure to comply with the requirements of the Financial Sector (Collection of Data) Act 2001 could result in various legal consequences. Although the specific penalties for non-compliance are not detailed in this particular legislative instrument, general provisions within the Act may apply. For instance, breaches of the Act could lead to civil or criminal penalties, depending on the nature and severity of the breach. The Act includes provisions for fines and potential imprisonment for more serious violations, as typically outlined in other sections of the Act. APRA's role in ensuring compliance is critical, and any failure to adhere to the Act's requirements could lead to enforcement actions against the entity or individuals involved.