Variation of List of Names and Categories of Registered Entities - JEM (Riverside) No.1 Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to streamline the collection of financial data and to provide a regulatory framework that ensures entities within the financial sector are appropriately monitored and regulated. This Act was introduced to address the need for a comprehensive and coordinated approach to data collection within the financial sector, ensuring that entities are accurately identified and regulated to maintain financial stability and protect consumers. The policy objective, as outlined in the Act, is to facilitate effective supervision and regulation of financial entities by establishing a clear framework for the collection, maintenance, and accessibility of financial data. The Australian Prudential Regulation Authority (APRA) is the enacting body responsible for maintaining the Register of Entities and the list of names of registered entities under the Act. The legislative instrument referenced here, issued on 13 January 2016, involves a variation to the list of registered entities by removing the name of JEM (Riverside) No.1 Pty Limited, an entity that has ceased to be a registrable corporation. This variation ensures that the list remains accurate and reflective of the current status of registered entities within the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those that are required to be registered with the Australian Prudential Regulation Authority (APRA). This legislation mandates that APRA maintains a Register of Entities, which includes a list of names of registered entities. The Act's application extends to the Commonwealth of Australia, with APRA being the regulatory body responsible for enforcing compliance. The scope of the Act encompasses various financial entities, and it applies to their conduct and transactions as governed by APRA's regulatory framework. Any exclusions, exemptions, or thresholds are typically detailed in subordinate instruments issued under the authority of the Act, which can further define specific categories of entities or particular types of transactions that may be subject to variation or exemption. This legislative framework ensures that APRA can effectively manage and monitor the financial sector through the collection and management of data on registered entities.

Key Provisions

The main operative sections of the Notice concern the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001 (the Act). Specifically, section 8 of the Act pertains to the Register of Entities, which APRA (the Australian Prudential Regulation Authority) maintains. Section 11 of the Act deals with the list of the names of registered entities, which is also overseen by APRA. The Notice itself is a formal variation to this list, as per subsection 11(2) of the Act. The obligations and requirements imposed by the Act on APRA include maintaining the Register of Entities and the list of registered entities' names. These responsibilities involve ensuring that the register and list are kept up-to-date and accurate. This includes removing entities that no longer meet the criteria for registration, such as a corporation that has ceased to be a registrable entity. In this case, APRA has fulfilled its duty by removing the name of JEM (Riverside) No.1 Pty Limited from both the register and the list, as it is no longer a registrable corporation under section 7 of the Act. The Notice also highlights the consequences of non-compliance with the Act. While the Notice does not specify particular offences or penalties, the Act provides a framework for addressing breaches. Under the Financial Sector (Collection of Data) Act 2001, there are potential civil and criminal consequences for failing to comply with the requirements of the Act. For example, if an entity or individual does not provide accurate data or fails to update the register or list, they could face penalties. These penalties can include fines and, in some cases, criminal charges. The specific penalties are not outlined in the Notice but would be determined based on the nature and severity of the breach, as well as any relevant laws and regulations.