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

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to provide a framework for the collection of data from entities within the financial sector. This Act was introduced to address the need for a comprehensive and systematic approach to the regulation and supervision of entities within Australia's financial sector. The Australian Prudential Regulation Authority (APRA) is the body responsible for maintaining the Register of Entities and the List of Names of Registered Entities under the Act. The overarching policy objective of the Act is to ensure the stability and efficiency of the financial sector by collecting and analysing necessary data from entities that are subject to its provisions. This particular legislative instrument, the Variation of List of Names and Categories of Registered Entities, is an example of how the Act is implemented in practice. On 10 January 2014, Barton Ashcroft, a delegate of APRA, varied the List of Names of Registered Entities to include the name of MAHA Finance Pty Ltd, an entity that had become a registrable corporation. This action was taken under the authority granted by subsection 11(2) of the Act and was a necessary step in ensuring that the Register and List of Names remain accurate and up-to-date. By adding MAHA Finance Pty Ltd to the List, APRA is able to maintain the integrity of the regulatory framework established by the Financial Sector (Collection of Data) Act 2001.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, including banks, credit unions, insurance companies, and other financial institutions that are subject to prudential regulation by the Australian Prudential Regulation Authority (APRA). The Act facilitates the collection and management of data from these entities to ensure the stability and soundness of the financial sector. It mandates APRA to maintain a Register of Entities and a list of names of registered entities, which includes corporations that have become registrable under the Act. This legislative framework extends across the Commonwealth of Australia and applies to entities operating within its jurisdiction, ensuring a consistent approach to data collection and regulation. The Act also allows for the variation of the list of registered entities, as evidenced by the Notice that adds MAHA Finance Pty Ltd to the register, reflecting changes in the financial landscape. There are no specific exclusions or exemptions mentioned in this Notice, but the Act’s scope may be further defined through subordinate instruments, which can clarify specific operational details or provide additional regulatory measures.

Key Provisions

The main sections of the legislation include section 8, which mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities, and section 11, which requires APRA to keep a list of the names of registered entities. The legislation states that MAHA Finance Pty Ltd, with the Australian Business Number (ABN) 84 164 584 043, has become a registrable corporation as defined under section 7 of the Act. Pursuant to paragraph 10(a) of the Act, APRA has added the corporation's name and relevant details to the Register of Entities, thereby making it a registered entity under subsection 5(3) of the Act. This change is formalised by Barton Ashcroft, a delegate of APRA, who, under subsection 11(2) of the Act, varies the list to include the corporation's name. Under the Financial Sector (Collection of Data) Act 2001, the obligations imposed on the parties primarily revolve around the maintenance and updating of the Register of Entities and the list of registered entities' names. APRA must ensure that the register is kept up-to-date with all relevant entities that meet the criteria for registration. This includes verifying the status of entities and ensuring their particulars are accurately recorded. Additionally, APRA must keep the list of registered entities' names current, reflecting any changes such as the addition of new entities like MAHA Finance Pty Ltd. The legislation also outlines consequences for breaches. While specific offences and penalties are not detailed within the text, the Act generally provides for both civil and criminal penalties for non-compliance with its requirements. These can include fines, imprisonment, or other sanctions as stipulated in the primary Act or other relevant legislation. The severity of penalties would depend on the nature and extent of the breach, with maximum penalties potentially aligning with those prescribed under the Financial Sector (Collection of Data) Act 2001 or other applicable laws. It is crucial for entities to comply with the registration requirements to avoid these potential consequences.