Variation of List of Names and Categories of Registered Entities - KEB Australia Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a comprehensive framework for the collection, analysis, and dissemination of data related to the financial sector in Australia, ensuring that the Australian Prudential Regulation Authority (APRA) has the necessary information to effectively regulate and supervise financial institutions. This legislation was introduced to address the need for a robust data collection mechanism to support the stability and integrity of the financial sector, thereby safeguarding the interests of consumers and maintaining public confidence in the financial system. The Act provides APRA with the authority to collect and manage data from registered entities, ensuring that it can perform its regulatory functions effectively. The policy objective of the Act is to enhance the transparency and stability of the financial sector through the systematic collection and analysis of relevant data. The gazette C2015G00775, dated 10 March 2015, details a variation made by Barton Ashcroft, a delegate of APRA, under subsection 11(2) of the Financial Sector (Collection of Data) Act 2001. This variation involves the removal of the name of KEB Australia Ltd from the list of registered entities maintained by APRA. This change reflects the fact that KEB Australia Ltd has ceased to be a registrable corporation, as defined in section 7 of the Act, and has been removed from the register under paragraph 10(c) of the Act. Consequently, the corporation is no longer considered a registered entity under subsection 5(3) of the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 governs the collection, collation, and dissemination of financial sector data by the Australian Prudential Regulation Authority (APRA). The Act applies to entities that are subject to regulation by APRA, including banks, authorised deposit-taking institutions, credit unions, insurance companies, and certain other financial entities. The geographic scope of the Act is national, applying across Australia. The Act mandates APRA to maintain a Register of Entities and a list of the names of these registered entities. The regulation ensures that APRA can effectively monitor and regulate the financial sector by having up-to-date and accurate data. The Act also allows for the exclusion of certain entities through subordinate instruments. This particular legislative instrument pertains to the removal of KEB Australia Ltd from the register, reflecting its cessation as a registrable corporation. The removal is executed under the authority of a delegate of APRA, ensuring the list of registered entities is accurately maintained in line with the current regulatory requirements.

Key Provisions

The primary operative sections of this legislation pertain to the modification of the list of registered entities maintained by the Australian Prudential Regulation Authority (APRA). Specifically, section 11 of the Financial Sector (Collection of Data) Act 2001 mandates that APRA maintains a list of names of registered entities. In this case, the authority, through subsection 11(2) of the Act, has exercised its power to vary this list by removing the name of KEB Australia Ltd, as detailed in the notice dated 10 March 2015. This action follows the cessation of KEB Australia Ltd's status as a registrable corporation, as defined under section 7 of the Act. The obligations and requirements imposed by the Act on the parties involved are primarily centred around the maintenance and updating of the register of entities. APRA is tasked with ensuring that the register accurately reflects the current status of registered entities. When an entity such as KEB Australia Ltd ceases to be a registrable corporation, APRA must promptly remove the entity's details from the register and update the list accordingly. This process is integral to maintaining the integrity and accuracy of the data collected under the Act. In terms of consequences for non-compliance or breaches, the Act does not explicitly outline specific offences, penalties, or consequences within the text provided. However, it is understood that the Financial Sector (Collection of Data) Act 2001 governs the collection, use, and disclosure of financial sector data, and non-compliance could potentially lead to legal ramifications. Typically, such legislative frameworks provide for enforcement actions, which may include fines, corrective orders, or other civil and criminal penalties as stipulated in the Act or relevant regulations. The specific penalties would depend on the nature and severity of the breach, and would be determined in accordance with the broader legal provisions and judicial discretion.