Variation of List of Names and Categories of Registered Entities - Nanhai Investment Holding Limited

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Australian Parliament, was introduced to facilitate the regulation of the financial sector by requiring the collection and maintenance of information about financial entities. The Act aims to ensure that the Australian Prudential Regulation Authority (APRA) has up-to-date and accurate data to monitor and regulate financial institutions effectively. This legislative framework enables APRA to keep a register of entities and a list of names of registered entities, thereby ensuring that any changes in the status of financial entities are promptly recorded. The 2016 gazetted variation of the list of names and categories of registered entities reflects the legislative process whereby APRA updates its records to include new entities that meet the criteria for registration, thereby maintaining the integrity and relevance of its regulatory oversight.

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 under the Act. The Australian Prudential Regulation Authority (APRA) is responsible for maintaining a register of these entities and a list of their names. The Act facilitates the collection of data from these entities to ensure the stability and efficiency of the financial sector. The geographic and jurisdictional reach of this Act is nationwide, impacting entities operating across Australia, including Commonwealth-regulated entities. This legislative framework is instrumental in managing and supervising the financial sector, ensuring compliance with regulatory standards. The Act does not explicitly mention exclusions or thresholds but implies that only entities meeting the criteria for registration under section 7 are subject to its provisions. Subordinate instruments may further extend or restrict the application of the Act by detailing specific data collection requirements or additional categories of entities. The recent variation of the list of names and categories of registered entities, such as the addition of Nanhai Investment Holding Limited, demonstrates the dynamic nature of the regulatory process under the Act, adapting to the evolving landscape of the financial sector.

Key Provisions

The gazetted instrument C2016G00317 outlines the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001 (the Act). This variation is made pursuant to subsection 11(2) of the Act and is a formal adjustment to the register and list maintained by the Australian Prudential Regulation Authority (APRA). Specifically, the instrument adds the name of Nanhai Investment Holding Limited to both the register and the list of names of registered entities, reflecting its status as a registrable corporation under section 7 of the Act and its subsequent registration under paragraph 10(a) of the Act. Under section 8 of the Act, APRA maintains a register of entities, while section 11 mandates the keeping of a list of registered entities' names. With the addition of Nanhai Investment Holding Limited, the register now includes detailed particulars of the corporation, confirming its inclusion as a registered entity. This process ensures that all entities subject to data collection requirements are accurately documented and managed within the regulatory framework provided by the Act. The addition of the corporation's name to the list formalises its status, ensuring compliance with data collection and regulatory oversight provisions. The obligations imposed by the Act on APRA include the meticulous maintenance of both the register and the list of registered entities' names. APRA must ensure that any changes, such as the addition of a new entity, are promptly and accurately reflected in these records. This involves verifying the entity's status, updating the register, and adding the entity's name to the list. These obligations are crucial for upholding the integrity of the regulatory framework and ensuring that all registered entities are subject to the appropriate data collection and compliance requirements. The Act also delineates consequences for non-compliance with its provisions. While specific offences, penalties, or civil and criminal consequences are not detailed in this particular instrument, the overarching Act provides a framework for enforcement. Typically, breaches of the Act may lead to enforcement actions by APRA, which could include fines, administrative penalties, or other corrective measures. The maximum penalties for such breaches can be significant, reflecting the importance of compliance with financial sector data collection and regulatory requirements. The precise penalties would be determined in accordance with the provisions of the Act and any relevant regulations or guidelines.