Variation of List of Names and Categories of Registered Entities - KMAF Pty Ltd

Overview

The Variation of List of Names and Categories of Registered Entities instrument, gazetted on 11 February 2013, pertains to the Financial Sector (Collection of Data) Act 2001. This Act was enacted to streamline the process of data collection in the financial sector, ensuring that the Australian Prudential Regulation Authority (APRA) can effectively monitor and regulate entities within the financial sector. The 2013 instrument was introduced to address the need for updating the list of registered entities under the Act, reflecting changes in the financial sector landscape and the registration of new entities. The policy objective of this instrument is to maintain an accurate and up-to-date register of entities, thereby facilitating APRA's regulatory oversight and compliance enforcement. This instrument is an exercise of APRA's authority under subsection 11(2) of the Act, enabling the inclusion of newly registrable entities into the official list maintained by APRA.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, requiring them to provide data to the Australian Prudential Regulation Authority (APRA) as mandated by the Act. The Act specifically empowers APRA to maintain a Register of Entities and a list of the names of registered entities, ensuring that all entities subject to the Act are properly identified and monitored. The scope of the Act extends to registrable corporations as defined in section 7, with KMAF Pty Ltd being a specific example of such an entity added to the register under the authority granted by paragraph 10(a) of the Act. The Act applies on a national level, affecting all entities within the Australian jurisdiction that fall under its purview. The legislation does not specify any exclusions or exemptions but operates through subordinate instruments to extend or restrict its application, ensuring that all relevant entities are captured within the regulatory framework.

Key Provisions

The main operative sections of this legislation involve the variation of the list of names and categories of registered entities as maintained by APRA under the Financial Sector (Collection of Data) Act 2001. According to section 11(2) of the Act, the list is maintained by APRA and can be varied by a delegate, in this instance, Barton Ashcroft. The notice specifies that KMAF Pty Ltd, identified by its ABN 24 143 970 094, has been added to the register of entities under section 8 of the Act and subsequently to the list of names of registered entities under section 11 of the Act. This addition follows the corporation becoming a registrable entity as defined in section 7 of the Act and its particulars being added to the register under paragraph 10(a). The Act imposes several obligations on the parties and entities it governs. APRA, as the authority responsible for maintaining the register and list, must ensure that the register accurately reflects all entities that meet the criteria for registration under the Act. Additionally, entities that meet the criteria for registration must ensure that their particulars are correctly and timely submitted to APRA for inclusion in the register. For KMAF Pty Ltd, this means that once it has become a registrable corporation, it must cooperate with APRA to have its details added to the register and the subsequent list of registered entities. There are potential civil and criminal consequences for non-compliance with the Act. While the specific provisions of the Act that outline penalties for non-compliance are not detailed in the notice, breaches of similar legislative frameworks often result in substantial fines and, in severe cases, criminal charges. The maximum penalties can vary, but they typically include fines up to several thousand Australian dollars for corporations, as well as potential imprisonment for individuals found guilty of serious offences. It is essential for entities to adhere to the requirements of the Act to avoid these consequences.