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

Overview

The Variation of List of Names and Categories of Registered Entities Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the regulation and oversight of financial sector entities in Australia by the Australian Prudential Regulation Authority (APRA). The primary problem this Act aimed to address was the need for a structured and comprehensive system to collect and maintain data on financial sector entities, ensuring that these entities comply with regulatory requirements. The Act was introduced by the Parliament of Australia, with the policy objective of enhancing financial stability and protecting consumers by ensuring that APRA has access to accurate and up-to-date information about registered entities. The legislation was designed to provide APRA with the authority to maintain a register of these entities and to regularly update the list of registered names, as evidenced by the 2015 gazette that added Max Recovery Australia Pty Limited to the register. This legislative framework ensures that APRA can effectively monitor and regulate financial sector entities, thereby contributing to the overall integrity and resilience of the financial system.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities regulated by the Australian Prudential Regulation Authority (APRA), which includes a wide array of financial institutions such as banks, credit unions, insurance companies, and superannuation funds. The Act facilitates the collection and dissemination of financial sector data, ensuring that APRA can effectively regulate and supervise these entities. The scope of the Act extends to all entities that are subject to APRA's jurisdiction, and it mandates these entities to provide specified data to APRA. The Act operates on a national level, encompassing all states and territories within Australia. While the Act does not explicitly outline exclusions, entities that are not subject to APRA's regulation, such as non-financial businesses, are not within its purview. The Act's application can be further extended or restricted through subordinate instruments, which may provide detailed specifications on data collection processes and reporting requirements.

Key Provisions

The main operative sections of this legislation concern the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. Section 8 of the Act establishes the Register of Entities which the Australian Prudential Regulation Authority (APRA) maintains. Section 11 specifies that APRA is responsible for keeping a list of the names of these registered entities. Under subsection 11(2), a delegate of APRA, in this case Barton Ashcroft, has the authority to vary this list by adding new names. The legislation notes that Max Recovery Australia Pty Limited (ABN: 89 125 680 122) has become a registrable corporation as defined in section 7 of the Act and has been added to the register under paragraph 10(a). Consequently, the corporation has become a registered entity under subsection 5(3) of the Act. The obligations and requirements imposed by this Act on the relevant parties are primarily administrative. APRA must maintain and update the Register of Entities and the list of registered entities' names as required. When a corporation meets the criteria for registration under section 7 and is added to the register under paragraph 10(a), APRA or its delegate must update the list of names accordingly. In this instance, Barton Ashcroft, as a delegate of APRA, has exercised this authority to add Max Recovery Australia Pty Limited to the list of registered entities. This ensures that the list remains accurate and current, reflecting all entities that are subject to the regulatory oversight of the Act. Regarding the consequences for breaches or non-compliance with the Act, the legislation does not specify any particular offences, penalties, or consequences within the provided text. However, generally, under Australian law, failure to comply with regulatory requirements can lead to a variety of civil and criminal penalties. These might include fines, legal action, or other administrative sanctions, depending on the severity and nature of the breach. It is important for entities subject to the Act to ensure they meet all registration and reporting obligations to avoid such consequences.