Variation of List of Names and Categories of Registered Entities - Mercantile Credits Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to ensure that the Australian Prudential Regulation Authority (APRA) can collect, maintain and publish information about entities in the financial sector. The Act addresses the need for comprehensive and accurate data to effectively supervise and regulate financial institutions. This legislative framework enables APRA to maintain a Register of Entities and a list of registered entities, ensuring that the relevant authorities have the necessary information to monitor and manage the financial sector. The policy objective of the Act is to enhance financial stability and protect consumers by ensuring that APRA has up-to-date and accurate information about entities within its regulatory scope. The policy objective is implicitly stated within the text as the need for comprehensive and accurate data to effectively supervise and regulate financial institutions. On 9 January 2013, Barton Ashcroft, a delegate of APRA, exercised the authority under subsection 11(2) of the Financial Sector (Collection of Data) Act 2001 to vary the list of registered entities by removing the name of Mercantile Credits Pty Ltd. This action was taken because the corporation had ceased to be a registrable corporation under section 7 of the Act, and its details had already been removed from the register under paragraph 10(c) of the Act. The corporation consequently ceased to be a registered entity within the meaning of subsection 5(3) of the Act. This variation of the list reflects the updated status of Mercantile Credits Pty Ltd in accordance with the legislative requirements.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector of Australia, including banks, credit unions, authorised deposit-taking institutions, and other financial entities as defined within the Act. The legislation mandates the Australian Prudential Regulation Authority (APRA) to maintain a register of these entities and a list of their names. The Act operates at a Commonwealth level, thereby affecting entities across the nation. The legislative framework includes provisions for subordinate instruments to further define the scope and application of the Act. This particular notice pertains to the removal of Mercantile Credits Pty Ltd from the register and the list, as the corporation has ceased to be a registrable entity. This change is made pursuant to the authority granted under section 11(2) of the Act, demonstrating the Act's capacity to adapt to changes in the financial landscape through administrative actions by APRA.

Key Provisions

The primary operative sections of the Gazette (C2013G00133) revolve around the alteration of the list of names and categories of registered entities, as governed by the Financial Sector (Collection of Data) Act 2001. Specifically, the Gazette references sections 8, 11, 7, and 10(c) of the Act. Section 8 establishes the register maintained by the Australian Prudential Regulation Authority (APRA), while section 11 pertains to the list of registered entities' names. Section 7 defines what constitutes a registrable corporation, and section 10(c) empowers APRA to remove entities from the register under certain conditions. In this case, Mercantile Credits Pty Ltd has ceased to be a registrable corporation, leading to its removal from both the register and the list of names as per section 11(2). The obligations imposed by the Act on the parties or entities it governs primarily involve the accurate maintenance and updating of the register and the list of registered entities. APRA, as the authority responsible for these tasks, must ensure that the register reflects the current status of all entities it oversees. This includes removing entities that no longer meet the criteria for registration, as specified in section 7. The process requires APRA to follow the statutory provisions meticulously, ensuring that the list of names and categories is kept current and accurate. Furthermore, any changes to the register must be communicated effectively, ensuring transparency and compliance with the Act. The Gazette also outlines the consequences of non-compliance with the Act’s provisions. While the specific offences and penalties are not detailed in the Gazette itself, the Financial Sector (Collection of Data) Act 2001 provides a framework for potential civil and criminal consequences for breaches. Typically, such breaches may result in fines or other penalties, depending on the severity and nature of the violation. For instance, section 13 of the Act may impose civil penalties for non-compliance, and section 14 may provide for criminal penalties, including imprisonment, for more serious offences. The exact penalties would be determined by the courts, taking into account the specifics of the breach. In summary, the Gazette (C2013G00133) serves as an official notice of the removal of Mercantile Credits Pty Ltd from APRA's register and list of registered entities under the Financial Sector (Collection of Data) Act 2001. It highlights the statutory obligations on APRA to maintain accurate records and lists, and it implicitly references the potential civil and criminal consequences for non-compliance with the Act's provisions. The Gazette thus ensures that the regulatory framework remains robust and that all entities are subject to the appropriate oversight and regulatory measures.