Variation of List of Names and Categories of Registered Entities - NMRB Finance Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to ensure that the Australian Prudential Regulation Authority (APRA) can efficiently collect and manage data on entities within the financial sector. This legislation was introduced to address the need for a robust framework for the collection and management of data related to financial entities, ensuring that APRA has the necessary information to oversee and regulate the sector effectively. The Act empowers APRA to maintain a Register of Entities and a list of the names of registered entities, facilitating the identification and monitoring of entities under its purview. Pursuant to this Act, the Australian Prudential Regulation Authority, as the relevant legislature, issued a legislative instrument on 16 January 2014, varying the list of registered entities by removing NMRB Finance Limited. The policy objective behind this variation is to ensure that the list accurately reflects the current status of entities subject to registration, thereby maintaining the integrity and relevance of the data held by APRA.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector in Australia, requiring the collection of data by the Australian Prudential Regulation Authority (APRA). Specifically, APRA maintains a Register of Entities and a list of names of registered entities under sections 8 and 11 of the Act, respectively. The Act mandates the inclusion and exclusion of entities based on their status and compliance with regulatory definitions. This Notice pertains to the removal of NMRB Finance Limited from APRA's Register of Entities and the corresponding list due to its cessation as a registrable corporation under the Act. The removal was executed by Barton Ashcroft, a delegate of APRA, under the authority conferred by subsection 11(2) of the Act. The Act's application is nationwide and extends to any entity falling under APRA's regulatory purview. The exclusion of NMRB Finance Limited from the list and register is a direct consequence of its no longer meeting the criteria as a registrable corporation.

Key Provisions

The primary sections of the gazette C2014G00171 pertain to the removal of NMRB Finance Limited from the Register of Entities and the corresponding list of names of registered entities under the Financial Sector (Collection of Data) Act 2001. According to section 8, the Australian Prudential Regulation Authority (APRA) maintains the Register of Entities, while section 11 dictates that APRA also keeps a list of the names of these registered entities. The gazette specifically addresses the cessation of NMRB Finance Limited as a registrable corporation under section 7 and its subsequent removal from the register and list under sections 10(c) and 11 respectively. The obligations imposed by the Act on APRA and other entities include maintaining an up-to-date register of entities and ensuring the list of registered entities accurately reflects the current status of each entity. Section 8 of the Act mandates that APRA diligently keeps the register, while section 11 requires the maintenance of the list of registered entities' names. These sections ensure that APRA's records are current and reliable, reflecting the true status of entities subject to the Act's provisions. The gazette specifies that NMRB Finance Limited has ceased to be a registrable corporation and has thus been removed from the register and list, pursuant to the authority granted under section 10(c) and subsection 11(2) of the Act. This formal notification and action by APRA, represented by Barton Ashcroft, are in accordance with the Act's requirements to ensure that the register and list remain accurate and reflective of the current legal status of entities. Any failure to comply with these provisions could lead to civil or administrative penalties under the Act. However, the gazette does not detail specific penalties for non-compliance in this context, suggesting that the primary focus is on the accurate and timely update of records rather than punitive measures for non-compliance.