Variation of List of Names and Categories of Registered Entities - Motoring Club Finance Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for comprehensive data collection and regulation within the Australian financial sector. This legislation mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of names of registered entities, ensuring transparency and accountability in the financial sector. The authority to vary this list and include new entities is vested in APRA as a means of adapting to changes within the sector. This particular legislative instrument, the Variation of List of Names and Categories of Registered Entities, was introduced to update the list in accordance with the entities' registration status under the Act. The policy objective is to ensure that the regulatory framework remains current and effectively encompasses all entities subject to the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are subject to registration and data collection requirements by the Australian Prudential Regulation Authority (APRA). This legislation mandates APRA to maintain a Register of Entities, which includes the names of these registered entities. The Act applies to corporations that meet the criteria of being registrable under section 7, which includes those that have been deemed registrable by APRA under paragraph 10(a). The Act's jurisdictional reach is confined to the Commonwealth of Australia, and it applies to entities that are registered under its provisions. Notably, this Act does not specify exclusions or exemptions but allows for the variation of the list of registered entities through subordinate instruments, such as the one issued by Barton Ashcroft on 4 November 2015, where the name of Motoring Club Finance Limited was added to the list. This addition reflects the entity's status as a registered corporation under the Act.

Key Provisions

The legislation, C2015G01877, primarily modifies the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. According to section 8 of the Act, the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities. Section 11 further specifies that APRA keeps a list of the names of these registered entities. The legislation pertains to the addition of Motoring Club Finance Limited, identified by its ABN 56 167 246 899, to this list as a registrable corporation under section 7 of the Act. Pursuant to paragraph 10(a) of the Act, APRA has included the corporation’s name and relevant particulars in the register, thereby formalising its status as a registered entity under subsection 5(3) of the Act. The obligations imposed by this legislation on the parties involved are primarily administrative and compliance-focused. APRA is tasked with ensuring the accuracy and completeness of the Register of Entities and the list of names as per sections 8 and 11 of the Act. Motoring Club Finance Limited, now a registered entity, must comply with any data collection requirements and reporting obligations mandated by the Act. APRA’s delegate, Barton Ashcroft, is authorised under subsection 11(2) to make variations to the list of names, which includes the addition of new entities like Motoring Club Finance Limited. The legislation does not explicitly outline specific offences or penalties for breaches. However, non-compliance with the Act's data collection and reporting requirements could lead to enforcement actions by APRA, including fines, legal proceedings, or other regulatory sanctions. The maximum penalties for breaches of the Financial Sector (Collection of Data) Act 2001 are not specified within this particular legislative instrument but are defined in the overarching Act. These penalties can include substantial fines for both individuals and corporations, reflecting the seriousness of non-compliance with financial sector data collection mandates.