Variation of List of Names and Categories of Registered Entities - La Trobe Investment Capital Management Australia Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Parliament of Australia, was introduced to ensure that the Australian Prudential Regulation Authority (APRA) could collect and manage critical financial data from entities it regulates. This legislative framework enables APRA to maintain comprehensive records of registered entities and their details, thereby ensuring transparency, accountability, and effective regulation within the financial sector. The Act aims to facilitate the supervision and monitoring of financial institutions to safeguard the stability and integrity of the financial system. Under this Act, APRA is authorised to maintain a Register of Entities and a list of the names of these entities. This legislative instrument, Gazette C2013G01304, serves to update the list of registered entities by removing the name of La Trobe Investment Capital Management Australia Pty Limited, which has ceased to be a registrable corporation. The policy objective remains consistent with the overarching goals of the Act: to ensure accurate and current data is maintained to support the regulatory functions of APRA.

Scope and Application

The Variation of List of Names and Categories of Registered Entities under the Financial Sector (Collection of Data) Act 2001 applies to entities regulated by the Australian Prudential Regulation Authority (APRA), specifically those listed in the Register of Entities maintained under section 8 of the Act. The Act pertains to entities within the financial sector that are subject to data collection requirements as prescribed by APRA. The geographic reach of this legislation is national, impacting entities across Australia that fall within the regulatory scope of APRA. The Act excludes entities that do not meet the criteria for being a registrable corporation as defined in section 7 of the Act. The authority to vary the list of registered entities is granted under section 11 of the Act, with specific power to remove entities from the register provided under paragraph 10(c). The notice issued by Barton Ashcroft, a delegate of APRA, reflects the administrative action taken to remove La Trobe Investment Capital Management Australia Pty Limited from the list of registered entities following its cessation as a registrable corporation. This notice is a direct application of the Act’s provisions, demonstrating the legislative mechanism for updating the list in response to changes in the status of registered entities.

Key Provisions

The primary sections of the Gazette C2013G01304 relate to the Financial Sector (Collection of Data) Act 2001. Section 8 of the Act establishes the requirement for the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities, while Section 11 mandates APRA to keep a list of the names of these registered entities. The Notice references Section 11(2) as the authority under which the list is varied. In this instance, the Notice pertains specifically to the removal of La Trobe Investment Capital Management Australia Pty Limited from both the Register of Entities and the list of registered entities' names. Under the Act, APRA has several obligations concerning the Register of Entities and the list of names. APRA must ensure that the Register of Entities is kept up-to-date and accurate, reflecting all entities that meet the criteria for registration under Section 7 of the Act. This includes ensuring that entities which no longer meet these criteria, such as La Trobe Investment Capital Management Australia Pty Limited, are removed from the register and the list. The process for such removal is governed by Section 10(c) of the Act, which allows for the removal of a corporation’s name and related particulars when it ceases to be a registrable entity. The Notice includes a declaration by Barton Ashcroft, a delegate of APRA, that La Trobe Investment Capital Management Australia Pty Limited has ceased to be a registrable corporation. This cessation triggers the removal of the entity’s name from the list under Section 11(2). The consequences of non-compliance or failure to update the register and list accurately can be significant, potentially impacting regulatory oversight and the enforcement of financial sector regulations. In terms of breaches and penalties, the Act does not explicitly state penalties for failing to maintain an accurate register or list. However, inaccuracies in such records could lead to broader regulatory issues, including potential enforcement actions by APRA against the entity or its officers. While specific penalties are not outlined in this Notice, failure to comply with the Act’s requirements could result in civil or criminal consequences, depending on the severity and intent of the breach. These could include fines or imprisonment, as stipulated by other relevant legislation governing financial sector regulation in Australia.