Variation of List of Names and Categories of Registered Entities - Lawteal Seconds Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of data by the Australian Prudential Regulation Authority (APRA) and other prescribed authorities to enable them to carry out their responsibilities in the financial sector. The Act addresses the need for efficient and effective data collection mechanisms to support the regulation and supervision of financial institutions. Enacted by the Australian Parliament, the Act aims to provide a robust framework for the collection and management of data necessary for the oversight of financial entities, thereby enhancing financial stability and consumer protection. The policy objective of the Act is to ensure that APRA and other relevant authorities have the necessary information to perform their roles effectively, ultimately contributing to the integrity and resilience of Australia's financial system.

Scope and Application

The Financial Sector (Collection of Data) Act 2001, as amended and supplemented by subordinate instruments such as the Variation of List of Names and Categories of Registered Entities, governs the collection of data from financial entities within Australia. This Act applies to entities such as banks, credit unions, insurance companies, and other financial institutions that are deemed registrable corporations under the Act. The Australian Prudential Regulation Authority (APRA) is responsible for maintaining a register of these entities and a corresponding list of their names. The Act provides APRA with the authority to collect and manage data from these entities to ensure the stability and integrity of the financial sector. The Act's jurisdictional reach is national, as it applies across Australia and is enforced by APRA, a Commonwealth authority. Certain exclusions and exemptions may apply to specific entities based on their size, nature, or other criteria defined under the Act or in subordinate instruments. The Act allows for the amendment of the register and the list of registered entities through instruments such as the Variation of List of Names and Categories of Registered Entities, which facilitates the removal of entities that no longer meet the criteria for registration.

Key Provisions

The main operative sections of the Financial Sector (Collection of Data) Act 2001 (the Act) relevant to this Notice pertain to the management of the Register of Entities and the list of names of registered entities. Under section 8, the Australian Prudential Regulation Authority (APRA) maintains the Register of Entities, and section 11 specifically outlines the keeping of a list of the names of these registered entities. The removal of a corporation's name from this list is governed by the provisions in section 11(2), which allows a delegate of APRA to make such variations. The Act imposes several obligations on APRA, including the maintenance and updating of the Register of Entities and the list of registered entities' names. These tasks are critical to ensuring that the register accurately reflects the current status of all entities subject to the Act's requirements. The Act also mandates that APRA must remove the details of an entity, such as Lawteal Seconds Pty Ltd, from the register and the list once it has ceased to be a registrable corporation, as specified in section 7. This is a procedural obligation designed to keep the register current and reflective of the actual status of entities under the Act. In the event of a breach of the Act's provisions, there are potential civil and criminal consequences. While the specific offences and penalties are not detailed in this Notice, the Act generally allows for fines and imprisonment for breaches. The maximum penalties can vary depending on the nature and severity of the breach, but they are designed to enforce compliance with the Act's requirements. For instance, knowingly providing false or misleading information could result in substantial fines and/or imprisonment, reflecting the seriousness with which the Act treats non-compliance.