Variation of List of Names and Categories of Registered Entities - Muslim Community Co-operative (Aus) Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to streamline and regulate the collection of data within the Australian financial sector, addressing the need for a cohesive and comprehensive approach to the regulation of financial entities. This Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a register of entities and a list of their names, ensuring that all entities subject to regulatory oversight are appropriately identified and monitored. The policy objective behind the Act is to enhance the efficiency and effectiveness of data collection, thereby facilitating better regulation and supervision of financial institutions, and ultimately contributing to the stability and integrity of the financial sector. In accordance with the authority granted by the Financial Sector (Collection of Data) Act 2001, APRA has exercised its power to update the list of registered entities by adding the names of new corporations, such as Muslim Community Co-operative (Aus) Ltd. This variation, effective from 4 February 2015, was authorised by Barton Ashcroft, a delegate of APRA, pursuant to subsection 11(2) of the Act. This action ensures that the list remains current and inclusive of all entities required to be registered under the Act, thereby maintaining the integrity and relevance of the regulatory framework.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those that are required to be registered by the Australian Prudential Regulation Authority (APRA). The Act mandates the collection of data from these entities, which may include banks, credit unions, insurance companies, and other financial institutions. The Act’s jurisdiction covers the entire Commonwealth of Australia, ensuring that financial entities across the nation comply with its data collection requirements. The Act includes specific exclusions and exemptions, such as those outlined in section 10, which details the entities that are not required to be registered. The application of the Act can be extended or restricted through subordinate instruments, allowing for the inclusion of new types of entities or modifications to existing categories as needed. In this particular case, the Notice amends the list of registered entities by adding the name of Muslim Community Co-operative (Aus) Ltd, reflecting its status as a registrable corporation under the Act.

Key Provisions

The key provisions of the legislative instrument C2015G00779, titled "Variation of List of Names and Categories of Registered Entities," are outlined in the context of the Financial Sector (Collection of Data) Act 2001 (the Act). Section 8 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities (the register), which contains detailed information about entities that are required to be registered under the Act. Section 11 of the Act requires APRA to keep a list of the names of these registered entities (the list). The instrument provides for the variation of this list to include additional entities, specifically addressing the addition of Muslim Community Co-operative (Aus) Ltd, as detailed in the sections that follow. Under the Act, APRA has an obligation to update the list of registered entities as necessary. Section 10(a) of the Act authorises APRA to add the names of entities to the register when they meet the criteria for registration. Once an entity is added to the register, it becomes a registered entity under subsection 5(3) of the Act. The instrument, dated 4 February 2015, formalises this process by varying the list to include the newly registered entity, Muslim Community Co-operative (Aus) Ltd. The variation is executed under the authority of Barton Ashcroft, a delegate of APRA, as permitted by subsection 11(2) of the Act. The legislative instrument imposes several obligations on APRA. It mandates the inclusion of Muslim Community Co-operative (Aus) Ltd in the list of registered entities, ensuring that the list accurately reflects the entities registered under the Act. This requires APRA to perform due diligence to verify that the entity meets the criteria for registration. Furthermore, the instrument necessitates that APRA maintains and updates the list in a timely manner, which is critical for regulatory oversight and compliance purposes. The obligations also extend to ensuring that the updated list is made available to relevant stakeholders as required by the Act. Breaches of the obligations or requirements set out in the Financial Sector (Collection of Data) Act 2001 can result in significant penalties. The Act does not explicitly detail the penalties for failing to comply with its provisions, but general provisions in Australian legislation typically include both civil and criminal penalties. Civil penalties can include fines up to a specified amount, often commensurate with the severity and impact of the breach. Criminal penalties might include imprisonment, depending on the nature and extent of the non-compliance. The exact penalties would be determined by the courts based on the specific circumstances of the breach.