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

Overview

The Variation of List of Names and Categories of Registered Entities, gazetted under the Financial Sector (Collection of Data) Act 2001 (C2015G00820), was enacted to address the need for the Australian Prudential Regulation Authority (APRA) to maintain an updated list of entities subject to financial sector data collection requirements. The Act was introduced by the Parliament of Australia to ensure that APRA can effectively oversee and regulate the financial sector by collecting and maintaining accurate data on registered entities. This legislative instrument enables APRA to add new entities to its register and list of names, ensuring compliance with financial regulations. The policy objective is to facilitate the supervision and regulation of financial entities by ensuring that APRA's records are current and comprehensive, thereby supporting the stability and integrity of the financial system.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, including banks, credit unions, and insurance companies, which are required to be registered under the Act. This Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a List of Names and Categories of Registered Entities. The Act applies nationally, as it is a Commonwealth Act, ensuring uniform data collection and regulatory oversight across Australia. The Act includes mechanisms for variation of the list of registered entities, as demonstrated in the Notice, which mandates the addition of new entities to the list upon their registration. This legislative framework facilitates the monitoring and regulation of entities within the financial sector by ensuring that relevant authorities have up-to-date information about these entities. The Notice, signed by Barton Ashcroft on behalf of APRA, exemplifies how the Act is implemented to reflect changes in the status of financial entities, thereby extending its application through such administrative adjustments.

Key Provisions

The gazette C2015G00820, issued on 28 May 2015, details the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001 (the Act). Section 8 of the Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities, while section 11 requires APRA to keep a list of the names of these registered entities. The gazette adds Lion Finance Pty Ltd, which has become a registrable corporation as defined in section 7 of the Act, to both the register and the list of names. This variation is executed by Barton Ashcroft, a delegate of APRA, under subsection 11(2) of the Act. The Act imposes several obligations on APRA and the entities it governs. APRA is responsible for maintaining the Register of Entities, which includes updating it with the names and relevant particulars of new registrable corporations. Registered entities are required to comply with the data collection and reporting requirements as stipulated in the Act. For instance, these entities must provide accurate and timely data to APRA, ensuring the integrity and reliability of the information held in the register. Failure to comply with the obligations set out in the Act can lead to various consequences. Under the Act, breaches may result in both civil and criminal penalties. For civil penalties, the Act provides for fines and other monetary penalties, although the exact amounts are not specified in the gazette. Criminal penalties could also be imposed, which may include imprisonment or fines, but again, the specific penalties are not detailed in this particular gazette. The severity of the penalties would depend on the nature and extent of the breach.