Variation of List of Names and Categories of Registered Entities - Nimble Australia Pty Ltd

Overview

The Variation of List of Names and Categories of Registered Entities Notice 2015, issued on 6 June 2015, is a statutory instrument under the Financial Sector (Collection of Data) Act 2001. This Act was enacted to facilitate the collection of data by the Australian Prudential Regulation Authority (APRA) from entities it regulates to ensure the prudential soundness of the financial sector. This specific instrument addresses the need to update the list of registered entities maintained by APRA to reflect the addition of a new corporative entity that has become subject to registration under the Act. The enactment of this instrument by APRA serves to align the list of registered entities with the current register, thereby ensuring that all entities subject to APRA’s oversight are accurately recorded and subject to the Act’s provisions. The policy objective is to maintain an up-to-date and accurate registry that supports effective regulatory oversight and compliance within the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, requiring them to provide data to the Australian Prudential Regulation Authority (APRA) for the purposes of prudential supervision. Specifically, the Act mandates the creation and maintenance of a Register of Entities and a corresponding list of names of these registered entities. The Act applies to corporations that meet the criteria of being a registrable corporation as defined in section 7 of the Act. APRA, as the regulatory authority, has the power to add entities to the register and list of names when they become registrable. This legislative instrument concerns the addition of Nimble Australia Pty Ltd to the list of registered entities, reflecting its status as a registrable corporation under the Act. The Act's jurisdictional reach extends to the Commonwealth level, and while it generally applies to all entities meeting the criteria, certain exclusions and exemptions may apply as specified elsewhere in the Act or through subordinate legislation.

Key Provisions

The main operative sections of the legislation (C2015G00922) under the Financial Sector (Collection of Data) Act 2001, specify the actions taken to update the Register of Entities and the List of Names of Registered Entities. Under section 8 of the Act, the Australian Prudential Regulation Authority (APRA) maintains the Register of Entities, while section 11 mandates the maintenance of a list of registered entities’ names. The legislation states that Nimble Australia Pty Ltd, an entity with the ABN 91 135 501 807, has now become a registrable corporation as defined in section 7 of the Act. Pursuant to paragraph 10(a) of the Act, APRA has added the corporation's name and relevant particulars to the register, and by subsection 5(3) of the Act, the corporation has become a registered entity. Consequently, Barton Ashcroft, a delegate of APRA, has exercised their authority under subsection 11(2) of the Act to amend the list by including the corporation's name. The Act imposes certain obligations and requirements on APRA and the registered entities. APRA is tasked with the responsibility of maintaining both the Register of Entities and the List of Names of Registered Entities. This involves ensuring that all registrable corporations are accurately recorded in the register and their names are included in the list. The entities themselves must comply with the registration requirements, providing necessary particulars to APRA as stipulated in the Act. Furthermore, APRA must notify relevant stakeholders of any changes to the list, thereby ensuring transparency and compliance with data collection standards. In terms of legal consequences for breaches, the Act does not explicitly detail specific offences, penalties, or consequences within the provided text. However, non-compliance with registration and data collection requirements can lead to legal actions under the broader framework of the Financial Sector (Collection of Data) Act 2001. The potential penalties for failing to comply with data collection regulations can include fines and other administrative sanctions. The exact penalties may vary based on the severity and nature of the breach, and they are determined according to the provisions of the primary Act and any relevant subordinate legislation or regulations.