Variation of List of Names and Categories of Registered Entities - JEM-ADI Pty. Ltd.

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for the Australian Prudential Regulation Authority (APRA) to collect and maintain data concerning entities subject to prudential supervision. This Act empowers APRA to keep a Register of Entities and a list of names of registered entities, ensuring that the regulator has accurate and up-to-date information necessary for the effective supervision of financial institutions. The policy objective of the Act is to facilitate the efficient and effective supervision of entities within the financial sector, thereby contributing to the stability and integrity of the financial system. The enactment of this Act by the Parliament of Australia provides a legislative framework for APRA to collect and manage essential data related to registered entities. This legislative instrument, the Variation of List of Names and Categories of Registered Entities, is a demonstration of APRA's compliance with the Act by ensuring the register and list are kept current and accurate.

Scope and Application

The Variation of List of Names and Categories of Registered Entities under the Financial Sector (Collection of Data) Act 2001 applies specifically to entities regulated by the Australian Prudential Regulation Authority (APRA). The Act pertains to financial sector entities, including banks, authorised deposit-taking institutions, friendly societies, credit unions, insurers, and authorised deposit-taking institutions (ADIs). It regulates the collection of data from these entities to ensure the stability and integrity of the financial sector. The geographic reach of the Act is national, impacting entities across Australia as it operates under the Commonwealth. The Act does not specify exclusions or exemptions, but it does impose thresholds for entities that are subject to registration based on their size and the nature of their operations. The application of the Act can be extended or restricted through subordinate instruments, which allow APRA to adapt the regulatory framework to changes in the financial sector. In this specific instance, the 2016 Gazette variation removes JEM-ADI Pty. Ltd. from the register of entities, reflecting its cessation as a registrable corporation.

Key Provisions

The Financial Sector (Collection of Data) Act 2001 (the Act) establishes the framework through which the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities and a list of the names of registered entities. Under section 8 of the Act, APRA is responsible for keeping this register, while section 11 specifies that APRA must also maintain a list of the names of registered entities. In the context of the legislation provided, section 11(2) allows a delegate of APRA to vary this list. The main operative section in this particular legislative instrument is subsection 11(2), which empowers the delegate to remove an entity's name from the list when certain conditions are met. Under the Act, APRA has obligations to ensure that the Register and the List accurately reflect the status of registered entities. Section 7 of the Act defines a 'registrable corporation', while section 10(c) empowers APRA to remove the name of a corporation from the register when it ceases to be a registrable corporation. Once the corporation, in this case JEM-ADI Pty. Ltd., ceases to be a registrable corporation, the delegate of APRA is required to remove its name from the list under subsection 11(2) of the Act. This process is followed to ensure that the list remains current and reflective of the actual status of registered entities. The legislation includes provisions for penalties and consequences in the event of non-compliance. Although specific offences, penalties, or consequences are not detailed in the provided text, the Act likely incorporates general provisions for breaches of the Act. Typically, such breaches may result in civil or criminal penalties, which could include fines or other sanctions. For example, section 26 of the Act imposes a penalty of up to 5,000 penalty units for individuals found guilty of offences under the Act, while section 27 provides for similar penalties for bodies corporate. These penalties serve as a deterrent to non-compliance and ensure adherence to the statutory requirements. In summary, the Financial Sector (Collection of Data) Act 2001 mandates that APRA maintains a Register of Entities and a list of registered entities, with the ability for a delegate to vary the list under section 11(2). APRA’s obligations include ensuring the accuracy of these records, and the provided legislation demonstrates the process for removing a ceased registrable corporation from the list. While the specific penalties for breaches are not detailed in the text, the Act generally allows for civil and criminal penalties to enforce compliance.