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

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for the collection and maintenance of comprehensive data regarding entities within the financial sector, ensuring that the Australian Prudential Regulation Authority (APRA) has the necessary information to perform its regulatory duties effectively. This Act allows APRA to maintain a register of entities and a list of names of registered entities, providing a framework for the identification and monitoring of entities under its purview. The Act was introduced by the Australian Parliament, aiming to bolster the regulatory oversight of the financial sector by ensuring that APRA has access to accurate and up-to-date information on registered entities. This particular legislative instrument, the Variation of List of Names and Categories of Registered Entities, was issued under the authority of the Act to facilitate the removal of a corporation's name from APRA's register and the associated list, reflecting the corporation's cessation as a registrable entity. The policy objective behind this action is to maintain the accuracy and relevance of the data held by APRA, ensuring that the register and list are reflective of the current status of 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 required to be registered by the Australian Prudential Regulation Authority (APRA). This Act mandates the collection and maintenance of data relating to these entities, which includes financial institutions such as banks, credit unions, insurance companies, and other designated financial bodies. The Act provides APRA with the authority to maintain a Register of Entities and a list of registered entities' names. The geographic reach of this Act is national, as APRA is a Commonwealth authority responsible for prudential supervision across Australia. The Act does not specify exclusions or exemptions but focuses on ensuring that entities operating within the financial sector comply with data collection and reporting requirements. The scope of the Act may be extended or restricted through subordinate instruments, such as regulations or guidelines, issued by APRA to further clarify or implement the provisions of the Act. In this specific case, the Act's application to JEM US Bonds (No.1) Pty Limited has been modified by removing the corporation's name from the list and the register upon its cessation as a registrable entity.

Key Provisions

The Financial Sector (Collection of Data) Act 2001 includes several key provisions that pertain to the management and regulation of financial entities. Section 8 of the Act establishes the framework for the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities. This register is critical for tracking and monitoring entities that fall under APRA's purview. Section 11 of the Act requires APRA to maintain a separate list of names of registered entities. This list serves as a public record of entities that are currently registered under the Act. The notice issued by Barton Ashcroft, a delegate of APRA, involves the removal of a specific entity from this list and the register, as detailed in section 11(2) of the Act. Under the Act, APRA has a number of obligations and requirements. One primary obligation is the maintenance of accurate and updated records of registered entities. This includes keeping the Register of Entities and the list of names current and reflective of any changes. When an entity ceases to be a registrable corporation, as defined in section 7 of the Act, APRA is mandated to update its records accordingly. This involves removing the entity from both the register and the list of names. The notice issued by Barton Ashcroft follows this process by removing the name of JEM US Bonds (No.1) Pty Limited from the register and the list, as stipulated in section 11 of the Act. The Act also imposes consequences for non-compliance with its provisions. While the notice does not specify any particular offences or penalties, the Financial Sector (Collection of Data) Act 2001 generally outlines penalties for breaches. For example, non-compliance with data collection and reporting requirements can result in civil penalties, including fines. The Act also provides for criminal penalties, including imprisonment, for more serious violations. The specific maximum penalties would be outlined in other sections of the Act or in related regulations, but the overarching principle is that APRA has the authority to enforce compliance through both civil and criminal means. In summary, the key provisions of the Financial Sector (Collection of Data) Act 2001 mandate APRA to maintain a register of entities and a list of registered entity names, with section 11(2) allowing for updates to this list. APRA’s obligations include ensuring these records are accurate and current, which involves removing entities that no longer meet the criteria for registration. The Act provides for both civil and criminal penalties for non-compliance, though specific penalties would be found in other sections of the Act. The notice issued by Barton Ashcroft is an example of how APRA exercises its authority to update these records in accordance with the Act.