Variation of List of Names and Categories of Registered Entities - Markitex (Australia) Proprietary Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Parliament of Australia to facilitate the collection of data by the Australian Prudential Regulation Authority (APRA) and to address the need for comprehensive oversight and regulation of entities within the financial sector. This Act was introduced to ensure that APRA could maintain and manage a register of entities, which includes a list of names of registered entities, to effectively monitor and regulate the financial sector. The policy objective behind the Act is to promote the stability and efficiency of the financial sector through effective data collection and oversight. This legislative instrument, a variation of the list of names and categories of registered entities, was issued by APRA under the authority granted by subsection 11(2) of the Financial Sector (Collection of Data) Act 2001. It specifies that the name of Markitex (Australia) Proprietary Limited, a corporation that has ceased to be a registrable entity, has been removed from the register and the list of registered entities. This adjustment reflects the corporation's cessation from being a registered entity under the Act, thereby ensuring that the register and list are kept up-to-date and accurate.

Scope and Application

The Financial Sector (Collection of Data) Act 2001, administered by the Australian Prudential Regulation Authority (APRA), governs the collection and maintenance of data regarding entities within the financial sector. This Act applies to entities that are required to be registered by APRA, including financial institutions and other specified organisations, ensuring that APRA maintains a comprehensive and up-to-date Register of Entities. The Act mandates APRA to keep a list of the names of these registered entities, which is crucial for regulatory oversight and enforcement. The scope of the Act encompasses entities such as banks, credit unions, and insurance companies operating in Australia, thus covering a broad spectrum of the financial services industry. The geographic reach of the Act is national, applying uniformly across all states and territories of Australia. The Act does not specify any exclusions, exemptions, or thresholds for registration; however, the application and enforcement of the Act can be extended or restricted through subordinate instruments issued by APRA. The recent variation of the list to remove the name of Markitex (Australia) Proprietary Limited reflects the dynamic nature of the financial sector, where entities may cease to be registrable due to changes in their status or operations.

Key Provisions

The Financial Sector (Collection of Data) Act 2001 (the Act) mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities (section 8) and a list of the names of these registered entities (section 11). In this context, APRA has removed the name of a specific company, Markitex (Australia) Proprietary Limited (ABN 42 004 388 523), from both the register and the list. This action follows the company's cessation as a registrable corporation under section 7 of the Act and its consequent status as a non-registered entity as per subsection 5(3) of the Act. The variation of the list, executed by a delegate of APRA, Barton Ashcroft, under subsection 11(2) of the Act, formalises the removal of the company's name. The Act imposes several obligations on APRA in maintaining the Register of Entities and the list of registered entities. It mandates that APRA ensures the register includes all entities that fall under the scope of the Act and that the list accurately reflects the names of these entities. This includes the duty to update these records whenever an entity ceases to be registrable, as outlined in section 11 of the Act. APRA is also responsible for ensuring that the details of any entity removed from the register are accurately and comprehensively deleted, as stipulated in paragraph 10(c) of the Act. Failure to comply with the requirements of the Financial Sector (Collection of Data) Act 2001 could lead to various consequences. While specific offences and penalties are not detailed within this particular variation notice, breaches of the Act generally could result in legal action. The Act might prescribe both civil and criminal penalties for non-compliance, including fines and imprisonment, depending on the severity of the breach. The exact penalties would be outlined in other sections of the Act and related regulations, but they underscore the importance of adhering to the statutory requirements set forth by APRA.