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

Overview

The Variation of List of Names and Categories of Registered Entities, published under the Financial Sector (Collection of Data) Act 2001, is an instrument issued by the Australian Prudential Regulation Authority (APRA) to update the list of registered entities. Enacted by the Commonwealth Parliament, the Act was established to facilitate the collection of data from entities involved in the financial sector, thereby enhancing the regulatory oversight and stability of the financial system. The 2014 variation specifically addresses the inclusion of J.P. Morgan Special Opportunities (Delaware) II LLC in the register of entities, recognising its status as a registrable corporation. The policy objective of this variation is to ensure that the register accurately reflects the current status of all entities subject to data collection requirements, thereby supporting APRA's mandate to regulate and supervise financial institutions effectively. The legislative instrument is a formal recognition that the corporation now falls under the regulatory purview of APRA, as per the definition provided in section 7 of the Act. By updating the list under section 11 of the Act, the variation ensures that all relevant data collection obligations are properly assigned and enforced, aligning with the overarching goal of maintaining the integrity and stability of the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities involved in the financial sector, particularly those that are subject to regulation by the Australian Prudential Regulation Authority (APRA). The Act mandates the maintenance of a Register of Entities and a list of the names of these registered entities. Specifically, section 8 of the Act empowers APRA to keep the register, while section 11 requires APRA to maintain the list of registered entities’ names. The Act’s jurisdiction spans nationally, with its provisions applying across the Commonwealth of Australia. The Act includes various exclusions and thresholds, with specific categories of entities exempted from registration based on their nature and size. The application of the Act can be extended or restricted through subordinate instruments, such as regulations made by APRA under the authority granted by the Act. This particular gazette notice concerns the addition of J.P. Morgan Special Opportunities (Delaware) II LLC to the list of registered entities, reflecting the entity's status as a registrable corporation under section 7 of the Act.

Key Provisions

The primary operative sections of the legislation, as referenced, include section 8 of the Financial Sector (Collection of Data) Act 2001, 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 registered entities. Section 7 defines the term "registrable corporation," while subsection 5(3) of the Act specifies the criteria for an entity to be considered a registered entity. The legislative instrument under discussion, Gazette C2014G01499, pertains to the variation of the list of names and categories of registered entities, as permitted under subsection 11(2) of the Act. The Act imposes several obligations and requirements on APRA. Firstly, APRA must maintain and regularly update the Register of Entities as per section 8. This includes ensuring that the list of names of registered entities, as mandated by section 11, is accurate and up-to-date. This responsibility extends to adding the names of newly registrable corporations, such as J.P. Morgan Special Opportunities (Delaware) II LLC, under section 11(2) and paragraph 10(a). APRA must also ensure that the particulars of these corporations are correctly entered into the register, as outlined in section 10(a). Breaches of the obligations and requirements stipulated in the Financial Sector (Collection of Data) Act 2001 may result in various civil or criminal consequences. While specific penalties are not detailed within the text, the Act does provide for potential legal actions in cases of non-compliance. The maximum penalties for breaches of the Act could potentially include fines or imprisonment, depending on the severity of the breach and any relevant case law. It is crucial for APRA to adhere to the provisions of the Act to avoid any legal repercussions. The legislation also outlines the process for the amendment of the list of registered entities. Under subsection 11(2) of the Act, a delegate of APRA, such as John Hotham, can vary the list by adding the names of corporations that meet the criteria for registrable entities. This process is formalised in Gazette C2014G01499, where John Hotham, acting as a delegate, adds the name of J.P. Morgan Special Opportunities (Delaware) II LLC to the list. This ensures that the list remains current and reflective of all entities that are required to be registered under the Act. In summary, the Financial Sector (Collection of Data) Act 2001 and the subsequent legislative instrument Gazette C2014G01499 establish a framework for the registration and listing of entities within the financial sector. APRA is tasked with maintaining the Register of Entities and the list of registered entities' names. The process of adding new entities to this list is clearly outlined, ensuring that all entities are properly registered and listed. Failure to comply with the Act's provisions may result in legal consequences, emphasizing the importance of adherence to these regulatory requirements.