Variation of List of Names and Categories of Registered Entities - Millmerran Energy Financial Service Australia Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to ensure that the Australian Prudential Regulation Authority (APRA) could effectively collect and maintain data on financial institutions, thereby safeguarding the stability of the financial sector. The Act addresses the need for comprehensive and up-to-date information on entities that are subject to prudential supervision by APRA. The Act was passed by the Parliament of Australia and aims to ensure that APRA can perform its regulatory functions efficiently by having access to the necessary data. The 2014 Gazette, which includes the instrument for varying the list of names and categories of registered entities, further demonstrates the Act's intent to keep the register of financial entities current and reflective of the evolving financial landscape. This legislative measure ensures that APRA can effectively monitor and regulate entities within its purview, contributing to the overall stability and integrity of the Australian financial system.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those that are subject to regulation by the Australian Prudential Regulation Authority (APRA). This Act encompasses a broad range of financial institutions, including banks, credit unions, authorised deposit-taking institutions, insurance companies, and other entities defined as registrable corporations under section 7 of the Act. The Act's jurisdiction extends across the Commonwealth of Australia, ensuring a unified regulatory framework for data collection and management within the financial sector. The legislation mandates that APRA maintain a Register of Entities and a List of Names of Registered Entities, which is updated as new entities become registrable corporations. The legislative framework allows APRA to add or vary the names on the List, as demonstrated in the 2014 Gazette, where Millmerran Energy Financial Service Australia Pty Limited was added to the List following its classification as a registrable corporation. The Act provides flexibility through subordinate instruments, enabling APRA to further define and refine the categories of registered entities and the data collection processes.

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. Specifically, section 8 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities, while section 11 requires APRA to maintain a list of the names of these registered entities. The Notice, dated 26 November 2014, executed by John Hotham, a delegate of APRA, involves varying this list by adding the name of Millmerran Energy Financial Service Australia Pty Limited (ABN: 78 166 966 749) as per subsection 11(2) of the Act. The Act imposes specific obligations and requirements on APRA and the entities it governs. Under section 7, Millmerran Energy Financial Service Australia Pty Limited is identified as a registrable corporation, triggering its inclusion in the Register of Entities as per section 8. Pursuant to paragraph 10(a) of the Act, APRA ensures that the corporation’s name and relevant particulars are added to the register. This action is then reflected in the list of registered entities under section 11, making Millmerran Energy Financial Service Australia Pty Limited a registered entity under subsection 5(3) of the Act. The legislation also outlines the consequences of non-compliance or breach of the Act's provisions. While the specific penalties for breach are not detailed within this Notice, the Financial Sector (Collection of Data) Act 2001 generally provides for civil and criminal penalties for non-compliance. Typically, civil penalties for breaches can include fines, and in more severe cases, criminal penalties may apply, including imprisonment. The exact penalties would depend on the nature and severity of the breach, as outlined in other sections of the Act. This Notice, however, focuses on the procedural aspect of adding a new entity to the register and list, without delving into the specifics of penalties for non-compliance.