Variation of List of Names and Categories of Registered Entities - JEM (VP) Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for a robust framework governing the collection of financial sector data in Australia. This Act was introduced to ensure that adequate and accurate data is collected and maintained by the Australian Prudential Regulation Authority (APRA), which is responsible for the prudential supervision of financial institutions. The policy objective is to enhance financial stability and protect consumers by ensuring that financial sector entities are appropriately supervised and regulated. The Australian Parliament enacted this legislation to provide a comprehensive mechanism for the collection and management of financial data, thereby facilitating informed decision-making and regulatory oversight. The 2013 Gazetted instrument under this Act, C2013G01132, demonstrates the ongoing application of the Act through administrative actions, such as the removal of a company from the list of registered entities due to its cessation as a registrable corporation.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within Australia's financial sector, requiring the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of names of registered entities. This Act mandates that APRA collects data from entities that fall within its purview, including authorised deposit-taking institutions, authorised credit unions, and certain insurance companies, thereby ensuring that APRA can effectively regulate these entities. The geographic reach of this Act is national, as it applies to entities operating within Australia. The Act includes provisions that allow for exclusions or exemptions, but these are subject to the specific conditions outlined within the legislation. Through subordinate instruments, APRA can further extend or restrict the application of the Act to ensure its provisions are implemented effectively across the financial sector. The Act includes mechanisms to update the list of registered entities, as evidenced by the recent variation concerning JEM (VP) Pty Limited, which was removed from the register upon ceasing to be a registrable corporation under the Act. This demonstrates the dynamic nature of the legislation, which adapts to changes in the financial landscape.

Key Provisions

The key provision of the legislation (C2013G01132) is the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. Specifically, the Australian Prudential Regulation Authority (APRA) has caused the name of JEM (VP) Pty Limited (ABN: 74 106 372 516) to be removed from the Register of Entities and the list of registered entities (sections 8 and 11). This is due to the corporation ceasing to be a registrable corporation as defined under section 7 of the Act. Consequently, the corporation has ceased to be a registered entity under subsection 5(3) of the Act. The obligations imposed by the Act on the parties or entities it governs include maintaining a Register of Entities and a list of registered entities. APRA is responsible for updating these records to reflect any changes, such as the cessation of a corporation becoming a registrable entity. This involves ensuring that the names and particulars of entities are correctly added or removed from the register and list as appropriate. In this case, APRA has exercised its power under subsection 11(2) of the Act to remove the name of the corporation from the list. There are no specific offences, penalties, or civil/criminal consequences outlined in the legislation for the failure to comply with these requirements. However, non-compliance with data collection and reporting obligations under the Act could potentially lead to regulatory action by APRA or other relevant authorities. The Act itself primarily focuses on the administrative process of updating the register and list rather than penalising non-compliance directly within this notice.