Variation of List of Names and Categories of Registered Entities - Kidman Park Finance Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Parliament of Australia, aims to facilitate the collection of data by the Australian Prudential Regulation Authority (APRA) from entities within the financial sector. The primary problem it addresses is ensuring that APRA has the necessary information to effectively regulate and supervise entities that fall under its purview, thereby maintaining financial stability and protecting consumers. This legislative framework provides APRA with the authority to compile and maintain a register of such entities, which is crucial for the effective implementation of its regulatory functions. The policy objective is to enable APRA to gather and manage information efficiently, thereby supporting its mission to safeguard the financial system and public confidence in it. Under the authority conferred by the Financial Sector (Collection of Data) Act 2001, APRA has the responsibility of maintaining a register of entities and a corresponding list of their names. The specific legislative instrument in question, gazetted as C2016G00149, addresses the removal of Kidman Park Finance Pty Ltd from this list and register. This decision follows the corporation's cessation as a registrable entity, reflecting its no longer meeting the criteria set forth in the Act. The instrument is executed by Barton Ashcroft, a delegate of APRA, who officially removes the corporation's details from the records as mandated by the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities regulated by the Australian Prudential Regulation Authority (APRA), which includes authorised deposit-taking institutions, certain insurance corporations, approved deposit-taking institutions, authorised financial market operators, and other prescribed entities. The Act mandates the collection and maintenance of data regarding these entities to ensure the stability and integrity of the financial sector. The geographic reach of the Act is national, as it applies across Australia, impacting entities within the regulatory purview of APRA irrespective of their location. The Act does not specify exclusions or exemptions explicitly, but its application is limited to entities defined as registrable corporations under the Act. The removal of a corporation's name from APRA's register, as seen in the case of Kidman Park Finance Pty Ltd, demonstrates the Act's practical application and the authority of APRA to update the list of registered entities as circumstances change. This legislative instrument serves to clarify and facilitate the ongoing administration of financial sector data collection, ensuring the register's accuracy and relevance.

Key Provisions

The legislative instrument in question, C2016G00149, details the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. Section 11(2) of the Act empowers APRA to maintain a list of registered entities, and this instrument pertains to the removal of a specific entity from that list (section 1). The primary operative sections referenced are section 8, which establishes the Register of Entities, and section 11, which mandates the maintenance of a list of registered entities' names. Under these sections, APRA is responsible for the ongoing administration of these lists, ensuring they accurately reflect the current status of registered entities. In terms of obligations, APRA, under the authority of the Financial Sector (Collection of Data) Act 2001, must keep a comprehensive register of entities and a separate list of the names of those entities. The removal of Kidman Park Finance Pty Ltd from both the register and the list is a direct consequence of the corporation ceasing to be a registrable entity, as defined in section 7 of the Act. The legislative instrument reflects APRA's duty to update the list to reflect the cessation of the corporation's registration, ensuring the data collected remains accurate and relevant. The Act imposes certain requirements on APRA and the entities it governs. APRA must ensure that the register and the list of names are kept up-to-date and reflect the current status of each entity. This includes removing entities that are no longer registrable, as evidenced by the removal of Kidman Park Finance Pty Ltd. Entities, on their part, must notify APRA of any changes that would affect their registrable status to ensure compliance with the Act. Failure to do so may result in inaccuracies in the register and list, potentially leading to regulatory oversight issues. The Financial Sector (Collection of Data) Act 2001 includes provisions for offences, penalties, and civil or criminal consequences for non-compliance. Although the specific penalties for breaches are not detailed in this particular instrument, the Act generally allows for enforcement actions that could include fines or other penalties for entities that fail to comply with the data collection requirements. Additionally, inaccurate data in the register or list could lead to regulatory scrutiny or corrective actions against APRA. The maximum penalties for breaches are not specified in the text of this instrument but are likely to be outlined in other sections of the Act.