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

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Parliament of Australia, was established to streamline the collection and analysis of data within the financial sector. This legislation aimed to address the need for a more efficient and standardised system for collecting and maintaining financial data, ultimately facilitating better oversight and regulation by the Australian Prudential Regulation Authority (APRA). The Act's policy objective is to ensure that the financial sector operates with transparency and accountability, thereby safeguarding the stability and integrity of the financial system. In 2013, the Act was used to update the list of registered entities by removing the name of Macquarie Australia Pty Limited, a corporative entity that had ceased to be a registrable corporation under the Act. This adjustment was executed through a statutory instrument issued by a delegate of APRA, reflecting the dynamic nature of the financial sector and the need for the register to be current and accurate.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, ensuring the Australian Prudential Regulation Authority (APRA) maintains a register of such entities. This Act is instrumental in collecting necessary data from registered entities to regulate and oversee the financial sector, thereby ensuring stability and compliance with legislative requirements. The Act applies nationally across Australia, covering all entities that fall within the jurisdiction of APRA, which includes banks, credit unions, insurance companies, and other financial institutions. The Act's scope extends to the collection, storage, and use of data concerning these entities to facilitate effective regulatory oversight. Notably, this specific legislative instrument details the removal of Macquarie Australia Pty Limited from the list of registered entities due to its cessation as a registrable corporation. The Act's application may be further extended or restricted through subordinate instruments issued by APRA, ensuring flexibility and responsiveness to changes within the financial sector.

Key Provisions

The gazetted notice (C2013G00452) outlines a variation to 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 requires 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 corporation in question, Macquarie Australia Pty Limited, has ceased to be a registrable corporation as defined in section 7 of the Act. Consequently, APRA has removed the corporation’s name and related particulars from the Register of Entities under paragraph 10(c) of the Act, resulting in the corporation no longer being a registered entity within the meaning of subsection 5(3) of the Act. Barton Ashcroft, a delegate of APRA, has varied the list by removing the name of the corporation under subsection 11(2) of the Act. The obligations and requirements imposed by the Act on APRA and other entities include the maintenance and updating of the Register of Entities and the list of registered entities. Under section 11, APRA is specifically tasked with keeping this list accurate and up-to-date. When an entity such as Macquarie Australia Pty Limited ceases to meet the criteria for registration, APRA must promptly remove the entity's details from both the Register of Entities and the list of names of registered entities. This ensures that the regulatory framework remains current and reflective of the actual entities subject to data collection requirements. The Act does not explicitly outline specific offences, penalties, or consequences for failing to comply with the obligations to maintain accurate records. However, the overarching regulatory framework under which APRA operates implies that non-compliance could potentially lead to enforcement actions, fines, or other regulatory sanctions. While the notice itself does not detail specific penalties, it is reasonable to infer that breaches of the Act’s requirements could result in serious repercussions, given the critical nature of the information APRA is responsible for collecting and maintaining.