Variation of List of Names and Categories of Registered Entities - Nomura Special Investments Singapore Pte. Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for efficient and effective data collection within the financial sector, ensuring the stability and integrity of financial institutions. This Act empowers the Australian Prudential Regulation Authority (APRA) to collect and manage data relating to financial entities, which is crucial for regulatory oversight and policy-making. The policy objective of the Act is to facilitate the collection and analysis of data that underpins the soundness and compliance of financial institutions, thereby contributing to the overall health of the financial sector. The 2015 Gazette variation, C2015G01659, pertains to the amendment of the list of names of registered entities, reflecting the evolving landscape of financial entities that require regulatory oversight. This specific variation, signed by Barton Ashcroft as a delegate of APRA, was enacted to update the register to include the addition of Nomura Special Investments Singapore Pte. Ltd., acknowledging its status as a registrable corporation under the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are subject to regulation by the Australian Prudential Regulation Authority (APRA). Specifically, it pertains to entities that meet the criteria for being a registrable corporation as defined in section 7 of the Act. The Act mandates APRA to maintain a Register of Entities and a list of the names of these registered entities. In this context, the Act has been exercised to add the name of Nomura Special Investments Singapore Pte. Ltd. to the register, making it a registered entity under the Act. The geographic or jurisdictional reach of the Act extends nationally, as it is a Commonwealth Act. This legislation does not specify exclusions or exemptions but implies that entities falling within its scope are subject to the regulatory framework established by APRA. The application of the Act can be extended or restricted through subordinate instruments, which provide further details on the entities and the specific data collection processes.

Key Provisions

The primary operative sections of this legislation concern the variation of the list of names and categories of registered entities as maintained by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001 (section 11). The list, which includes the names of registered entities, is kept under section 11 of the Act. Pursuant to subsection 11(2), Barton Ashcroft, a delegate of APRA, has the authority to add the names of new corporations to this list. In this particular case, Nomura Special Investments Singapore Pte. Ltd. has been added to the list following its classification as a registrable corporation under section 7 of the Act. The Act imposes several obligations and requirements on the parties it governs. Firstly, APRA must maintain the Register of Entities as per section 8, ensuring that it is up to date and accurately reflects all registered entities. Under section 10(a), APRA is responsible for adding the names and particulars of new registrable corporations to the register. Once a corporation is added to the register, it automatically becomes a registered entity as defined under subsection 5(3) of the Act. Barton Ashcroft, as a delegate of APRA, must follow the procedure outlined in subsection 11(2) when varying the list of registered entities. The legislation also outlines the potential consequences of non-compliance. While the specific offences, penalties, or consequences for breach are not detailed in this particular variation notice, the Financial Sector (Collection of Data) Act 2001 generally provides for civil and criminal penalties for non-compliance. In particular, section 16 of the Act stipulates that failure to comply with an order or direction from APRA can result in a civil penalty. The maximum penalty for such offences can be significant, depending on the nature and severity of the breach. Additionally, criminal penalties may apply in cases of serious misconduct, with maximum penalties varying based on the specific offence. It is important to note that the enforcement of these penalties would be subject to the provisions of the Act and relevant case law.