Variation of List of Names and Categories of Registered Entities - Macquarie Australia International Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Parliament of Australia to address the need for comprehensive data collection and management within the financial sector, ensuring effective regulatory oversight and stability. This Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of names of registered entities, enabling targeted and informed regulatory actions. The policy objective underpinning the Act is to facilitate robust and efficient regulation of the financial sector, thereby protecting consumers and maintaining systemic stability. The attached legislative instrument, gazetted on 21 February 2013, is a specific instance of the Act in operation, detailing the removal of Macquarie Australia International Pty Limited from the list of registered entities following its cessation as a registrable corporation. This action, executed by a delegate of APRA, reflects the ongoing administrative adjustments required to keep the regulatory framework current and accurate.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to various entities within the Australian financial sector, including banks, authorised deposit-taking institutions, credit unions, and insurance companies, as well as other entities that APRA (Australian Prudential Regulation Authority) deems necessary to register for the purposes of data collection. This Act governs the collection and management of data related to these entities to ensure the stability and integrity of the financial system. The geographic reach of the Act extends across the Commonwealth of Australia, with APRA overseeing compliance and data collection nationally. The Act includes provisions for exemptions and exclusions, such as for certain small entities or those that fall outside the regulatory perimeter of the financial sector. Additionally, the Act authorises the creation of subordinate instruments to further refine and implement its provisions, which can extend or restrict its application to specific entities or circumstances as determined by APRA. In this specific case, the Act facilitates the updating of the register of entities and the associated list of names by authorising APRA to remove entities that no longer meet the criteria for registration.

Key Provisions

The main operative sections of the legislation are section 8, which establishes the Register of Entities kept by the Australian Prudential Regulation Authority (APRA), and section 11, which details the list of names of registered entities. According to section 8, APRA maintains a register of entities that are subject to the Financial Sector (Collection of Data) Act 2001. Section 11 mandates that APRA keeps a separate list of these entities' names. This legislation specifically addresses the removal of Macquarie Australia International Pty Limited from the register and the list due to its cessation as a registrable corporation. The Act imposes certain obligations on APRA to manage and update the register and list of registered entities. Under section 11(2), APRA has the authority to vary the list by removing the names of entities that no longer meet the criteria for registration. This includes the requirement to remove Macquarie Australia International Pty Limited from the list, as confirmed by the delegate of APRA, Barton Ashcroft, in the Notice dated 21 February 2013. The process requires APRA to ensure that the register and list accurately reflect the current status of all entities under the Act. The legislation does not explicitly outline offences or penalties for breaches in this specific context. However, breaches of the Financial Sector (Collection of Data) Act 2001 generally could lead to civil or criminal penalties. Civil penalties can include fines, while criminal penalties could involve imprisonment or fines, depending on the severity of the breach. The exact penalties would be determined by the specific provisions of the Act that are contravened and would be subject to the jurisdiction of the relevant courts. The removal of Macquarie Australia International Pty Limited from the register and list is a procedural update rather than a punitive measure, indicating compliance rather than a breach.