Variation of List of Names and Categories of Registered Entities - JEM (No. 3 Charles Street) Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a framework for the collection and dissemination of data relating to the financial sector in Australia. This Act provides the Australian Prudential Regulation Authority (APRA) with the necessary powers to maintain a comprehensive register of entities that are subject to prudential regulation. The Act aims to ensure that APRA has up-to-date and accurate information to effectively regulate and supervise financial institutions. In this context, the 2016 Gazette, C2016G00098, specifies a variation to the list of names and categories of registered entities by removing a particular entity, JEM (No.3 Charles Street) Pty Limited, from the register and the list. This adjustment was authorised under the authority delegated to Barton Ashcroft, a representative of APRA, who, pursuant to the Act, has removed the specified entity's details from both the register and the list due to its cessation as a registrable corporation.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, which includes banks, credit unions, authorised deposit-taking institutions, insurers, and other financial institutions. The Act is concerned with the collection, maintenance, and use of data related to these entities to ensure the stability and integrity of the financial system. The Australian Prudential Regulation Authority (APRA) maintains a Register of Entities and a list of names of registered entities, which is instrumental in the administration of this Act. The Act's geographic reach is national, as it applies across Australia, and it encompasses both Commonwealth and state-regulated entities within its scope. The Act does not specify particular exclusions, but the removal of JEM (No.3 Charles Street) Pty Limited from the list of registered entities indicates that entities which cease to be registrable corporations are excluded from the register and list. The application of the Act can be extended or restricted through subordinate instruments, allowing for the dynamic adaptation of regulatory requirements in response to changes in the financial sector.

Key Provisions

The gazetted instrument C2016G00098 under the Financial Sector (Collection of Data) Act 2001 pertains to the variation of the list of names and categories of registered entities maintained by the Australian Prudential Regulation Authority (APRA). Section 11(2) of the Act empowers a delegate of APRA to vary the list of registered entities by removing the name of a corporation that has ceased to be a registrable corporation, as defined in section 7 of the Act. In this specific instance, JEM (No.3 Charles Street) Pty Limited, with the Australian Business Number (ABN) 90 098 823 048, has ceased to be a registrable corporation. The gazetted instrument details that APRA has removed the corporation's name and related particulars from the register under paragraph 10(c) of the Act, resulting in the corporation no longer being a registered entity as per subsection 5(3) of the Act. The Act imposes several obligations and requirements on APRA and the entities it governs. APRA is responsible for maintaining a register of entities under section 8 and a list of names of registered entities under section 11. The register must include specific information about registered entities, while the list must contain the names of these entities. Additionally, section 7 of the Act defines the criteria for a corporation to be considered a registrable corporation. When a corporation ceases to meet these criteria, APRA is required to remove its name from the register and the list, as seen in this gazetted instrument. The Financial Sector (Collection of Data) Act 2001 includes provisions for civil and criminal penalties for non-compliance with its requirements. However, the specific gazetted instrument C2016G00098 does not detail any breaches or penalties related to the variation of the list. Generally, under the Act, entities that fail to comply with the data collection requirements may face civil penalties, including fines, and in some cases, criminal penalties, including imprisonment, depending on the nature and severity of the breach. The maximum penalties for civil offences can include fines up to $210,000 for corporations and up to $42,000 for individuals, while criminal offences may result in fines and imprisonment terms as prescribed by the Act.