Variation of List of Names and Categories of Registered Entities - National Motor Loans Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Australian Parliament, was established to facilitate the collection of financial sector data by the Australian Prudential Regulation Authority (APRA). This Act addresses the need for a coordinated and comprehensive approach to the collection, analysis, and dissemination of financial sector data to enhance the stability and efficiency of the financial system. The policy objective of the Act is to ensure that APRA can effectively regulate and supervise financial institutions by having access to accurate and timely data. This specific legislative instrument, the Variation of List of Names and Categories of Registered Entities, issued by APRA on 15 May 2015, is a gazetted instrument under the Act. It amends the list of registered entities by adding the name of National Motor Loans Pty Ltd, an entity that has met the criteria for registration under the Act. The purpose of this variation is to update the register maintained by APRA to reflect the addition of this new registered entity, thereby ensuring that the data collection framework remains current and comprehensive.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are required to be registered by the Australian Prudential Regulation Authority (APRA). Specifically, the Act mandates that APRA maintains a Register of Entities and a list of names of registered entities. The scope of this legislation is to ensure that entities involved in financial activities are registered and monitored appropriately. The Act applies to corporations that are defined as registrable entities under section 7 of the Act. This includes entities such as National Motor Loans Pty Ltd, which, as outlined in the Notice, has become a registrable corporation and is now included in the Register of Entities and the list of names of registered entities. The Act's jurisdiction extends across the Commonwealth of Australia, ensuring a uniform approach to the regulation and monitoring of financial entities. There are no specific exclusions, exemptions, or thresholds mentioned in the text; however, the application of the Act can be extended or restricted through subordinate instruments as deemed necessary by APRA. This legislative framework ensures that financial entities are properly registered and supervised to maintain the stability and integrity of the financial sector.

Key Provisions

The key operative sections of the legislation revolve around the updating of the Register of Entities and the list of names of registered entities under the Financial Sector (Collection of Data) Act 2001. Under section 8 of the Act, the Australian Prudential Regulation Authority (APRA) is responsible for maintaining the Register of Entities. Section 11 of the Act specifies that APRA also keeps a list of the names of these registered entities. In this particular case, National Motor Loans Pty Ltd has become a registrable corporation as defined in section 7 of the Act. Consequently, pursuant to paragraph 10(a) of the Act, APRA has added the corporation's name and relevant details to the Register of Entities, thereby making it a registered entity as per subsection 5(3) of the Act. The obligations and requirements imposed by the Act on the parties it governs are primarily centred around the accurate and timely maintenance of the Register of Entities and the list of names. Under section 8, APRA is mandated to keep the Register of Entities, ensuring that it includes all registrable corporations as defined in section 7. Section 11 further imposes the requirement on APRA to maintain a list of the names of these entities. This ensures transparency and accessibility of information regarding registered entities. The act of adding National Motor Loans Pty Ltd to both the register and the list is a fulfilment of these obligations, ensuring that the list is kept up-to-date and accurate. The legislation also outlines potential consequences for any breaches of its provisions. While the notice itself does not explicitly state the penalties for non-compliance, the Financial Sector (Collection of Data) Act 2001, in general, provides for both civil and criminal penalties for breaches. For instance, under section 14 of the Act, a person who contravenes a provision of the Act may be subject to a civil penalty. The maximum penalty for such contraventions can vary but is significant enough to deter non-compliance. Additionally, criminal penalties may also apply, depending on the nature and severity of the breach, as outlined in the broader provisions of the Act. This ensures that entities and individuals are held accountable for any failures to comply with the Act’s requirements.