Variation of List of Names and Categories of Registered Entities - Macquarie CAF USD Leasing Co No 1 Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the efficient and effective regulation of the financial services sector in Australia. This legislation establishes a framework for the collection, analysis, and dissemination of financial sector data, enabling the Australian Prudential Regulation Authority (APRA) to monitor and supervise financial institutions effectively. The problem or gap this Act addresses is the need for a comprehensive and coordinated approach to data collection and analysis, which is crucial for maintaining the stability and integrity of the financial system. The Act was enacted by the Parliament of Australia, with the overarching policy objective of enhancing the regulation and supervision of financial institutions to protect the interests of consumers and maintain confidence in the financial system. This particular variation of the list of names and categories of registered entities, issued on 8 April 2013, addresses the removal of a specific entity, Macquarie CAF USD Leasing Co No 1 Pty Limited, from the register due to its cessation as a registrable corporation. This variation was made by a delegate of APRA, Barton Ashcroft, under the authority granted by the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, and its scope includes the collection, management, and use of data by the Australian Prudential Regulation Authority (APRA). This Act governs the registration of entities and requires APRA to maintain a register of these entities and a list of their names. The legislation applies to any entity that falls under the definition of a registrable corporation, which includes companies involved in financial activities. The geographic reach of this Act is national, as it is administered by a Commonwealth authority, APRA, which has jurisdiction across all states and territories in Australia. In this specific instance, the Act's application is evidenced by the removal of Macquarie CAF USD Leasing Co No 1 Pty Limited from the list of registered entities, reflecting its cessation as a registrable corporation. The Act allows for the extension or restriction of its application through subordinate instruments, ensuring flexibility in managing the register of entities and their associated data.

Key Provisions

The gazetted notice, C2013G00593, pertains to the Financial Sector (Collection of Data) Act 2001, specifically dealing with the variation of the list of names and categories of registered entities. Under section 8 of the Act, the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities. This register is a comprehensive list of entities subject to data collection under the Act. Additionally, section 11 of the Act mandates APRA to maintain a separate list that includes the names of these registered entities. The recent notice addresses the cessation of Macquarie CAF USD Leasing Co No 1 Pty Limited, identified by its ABN 80 069 344 289, from being a registrable corporation as defined under section 7 of the Act. The obligations imposed on APRA by the Act are multifaceted. Firstly, APRA must ensure that the Register of Entities is accurate and up-to-date, reflecting any changes in the status of registered entities. This includes removing entities that no longer meet the criteria for registration. Secondly, APRA must maintain the list of registered entities’ names as per section 11. This list serves as a public record of entities subject to the Act's data collection requirements. The notice indicates that APRA has fulfilled its duty by removing the name of Macquarie CAF USD Leasing Co No 1 Pty Limited from this list, following its de-registration as a corporable entity. The Act also delineates the consequences for non-compliance with its provisions. While the notice itself does not specify penalties, the Financial Sector (Collection of Data) Act 2001 includes provisions for offences and penalties related to breaches of its requirements. Offences under the Act could lead to substantial penalties, both civil and criminal, depending on the severity of the breach. For example, section 17 of the Act imposes civil penalties for non-compliance, which can include fines up to a significant amount determined by the court. Criminal penalties may also apply, resulting in fines and/or imprisonment for individuals found guilty of serious violations. The specific maximum penalties are not detailed in the notice but are outlined in the principal Act. In summary, the gazetted notice C2013G00593 updates the list of registered entities by removing Macquarie CAF USD Leasing Co No 1 Pty Limited from the register and the corresponding list of names. APRA is responsible for maintaining these records and ensuring their accuracy. Non-compliance with the Act's requirements could result in significant civil and criminal penalties, reinforcing the importance of adhering to the Act's stipulations.