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

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a framework for the collection and dissemination of data about the financial sector, particularly by the Australian Prudential Regulation Authority (APRA). The Act was introduced to address the need for comprehensive and timely data collection to ensure the stability and integrity of the financial sector. This legislative framework empowers APRA to maintain a register of entities and a list of registered entities, which is critical for regulatory oversight and enforcement. The policy objective of the Act is to ensure that APRA can effectively monitor and supervise financial entities to protect consumers and maintain the stability of the financial system. On 14 April 2015, Barton Ashcroft, a delegate of APRA, varied the list of names of registered entities by adding Mercury Finance Pty Ltd (ABN: 28 156 248 092) under subsection 11(2) of the Act. This variation was made pursuant to the authority provided under section 11 of the Act, which mandates the maintenance of a list of registered entities. This addition ensures that APRA can properly regulate and oversee the new registered entity, thereby fulfilling the legislative mandate to maintain accurate and up-to-date records of all entities subject to its jurisdiction.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that fall within the scope of the Australian Prudential Regulation Authority (APRA), specifically those that are considered registrable corporations as defined in section 7 of the Act. The Act pertains to the collection of data from these entities and mandates APRA to maintain a Register of Entities and a list of the names of these registered entities. The Act operates on a national level and is applicable across the Commonwealth of Australia, covering both the states and territories. In the context of Mercury Finance Pty Ltd, this corporation, having become a registrable corporation, has its name and particulars added to the register, thus becoming a registered entity under the Act. The Act allows for the variation of the list of registered entities through instruments such as this Notice, which is executed by a delegate of APRA, thereby extending the application of the Act to newly included entities. There are no stated exclusions or exemptions in this specific variation, and the Act’s reach is comprehensive in its mandate for data collection from the specified entities.

Key Provisions

The main operative sections of the legislation in question are sections 8, 11, and 11(2) of the Financial Sector (Collection of Data) Act 2001. Section 8 of the Act mandates that APRA, the Australian Prudential Regulation Authority, maintains a Register of Entities, which is essentially a comprehensive list of entities that are subject to data collection under the Act. Section 11 requires APRA to keep a separate list of the names of these registered entities, which is publicly accessible and serves as an official record of who is subject to the data collection requirements. Section 11(2) empowers a delegate of APRA, in this case Barton Ashcroft, to vary this list by adding the names of corporations that have become registrable entities under the Act. Under the Act, APRA has specific obligations to maintain and update the Register of Entities and the List of Names of Registered Entities. These obligations include ensuring that the register and the list are accurate and up-to-date, reflecting any new entities that become subject to the Act’s data collection requirements. In this instance, APRA has already caused the name of Mercury Finance Pty Ltd, along with other particulars, to be added to the Register of Entities under section 10(a) of the Act. Barton Ashcroft, as a delegate of APRA, then exercises the authority granted under section 11(2) to update the List of Names of Registered Entities by adding the corporation's name to it. This ensures that the list remains a true and current reflection of all entities required to comply with the data collection provisions of the Act. The legislation does not explicitly outline specific offences, penalties, or consequences for breaches of the obligations under the Act. However, it is understood that failing to maintain accurate and updated records could potentially lead to regulatory scrutiny or enforcement actions against APRA or its delegates. Although the exact penalties are not specified in the given text, breaches of regulatory requirements in similar contexts could result in civil or administrative penalties, including fines or orders to rectify the non-compliance. The seriousness of the breach and its impact on the financial sector’s data collection process would be key factors in determining the appropriate penalty.