Variation of List of Names and Categories of Registered Entities - KfW IPEX-Bank GmbH

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Parliament of Australia, addresses the need for a regulatory framework to facilitate the collection of data on financial entities, ensuring oversight and compliance within the sector. The Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a register of entities and a corresponding list of registered entities. This legislative instrument was introduced to establish a structured approach to categorising and monitoring financial entities, thereby enhancing the regulatory environment. The policy objective of the Act is to ensure that APRA can effectively oversee and regulate financial entities by maintaining comprehensive and up-to-date records. As part of this ongoing regulatory process, Barton Ashcroft, a delegate of APRA, has varied the list of registered entities by adding the names of corporations that have met the criteria for registration under the Act. This adjustment ensures that APRA's records accurately reflect 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 Australian financial sector, requiring them to provide specified data to the Australian Prudential Regulation Authority (APRA). This Act enables APRA to maintain a Register of Entities and a List of Names of Registered Entities, ensuring that relevant financial institutions are properly identified and monitored. The Act applies across the Commonwealth of Australia and encompasses a wide range of financial entities, including banks, insurance companies, and authorised deposit-taking institutions. It mandates these entities to provide data necessary for the effective regulation and supervision of the financial sector. Exclusions or exemptions from the Act are not detailed in the specific legislative text referenced, but generally, the Act’s scope can be extended or restricted through subordinate instruments issued by APRA. This legislative framework ensures that APRA can adapt the list of registered entities to include new corporations as they meet the criteria for registration, thereby maintaining the integrity and effectiveness of the financial oversight system.

Key Provisions

The main sections of this legislative instrument revolve around the Financial Sector (Collection of Data) Act 2001, specifically sections 8, 11, and 7. Section 8 of the Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities. This register is essential for documenting all entities that are required to be registered under the Act. Section 11 provides for the maintenance of a separate list, which includes the names of these registered entities. Lastly, section 7 defines what constitutes a registrable corporation, which is crucial for understanding which entities need to be registered. The obligations and requirements imposed by this Act on APRA are primarily administrative. APRA must ensure that the Register of Entities is kept up-to-date, reflecting all entities that fall under its purview. This includes adding new entities to the register when they meet the criteria set forth in section 7. Additionally, APRA must maintain and update the list of registered entities' names, ensuring that this list is an accurate reflection of the register. These tasks are pivotal for compliance and regulatory oversight within the financial sector. The legislation also outlines the consequences for any breaches of the Act's requirements. While specific offences, penalties, or civil/criminal consequences are not detailed in this particular legislative instrument, the Financial Sector (Collection of Data) Act 2001 generally provides for various penalties for non-compliance. These could include fines, imprisonment, or both, depending on the severity and nature of the breach. The Act is designed to enforce strict adherence to its provisions to maintain the integrity and stability of the financial sector. In summary, the legislation mandates that APRA maintain a Register of Entities and a list of registered entities' names, ensuring these documents are comprehensive and current. This legislative instrument focuses on the administrative obligations placed on APRA, while broader penalties for non-compliance are addressed within the overarching Act. By ensuring compliance with these requirements, the Act aims to uphold the standards and oversight necessary for the financial sector's stability and integrity.