Variation of List of Names and Categories of Registered Entities - P4 Finance Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for the Australian Prudential Regulation Authority (APRA) to collect and maintain information about entities that are subject to prudential standards. The Act facilitates the regulation of financial institutions by ensuring that APRA has the necessary data to monitor and manage these entities effectively. The Australian Parliament introduced this legislation to enhance the regulatory framework governing the financial sector, aiming to maintain stability and protect consumers. This particular legislative instrument, issued under the authority of the Act, pertains to the variation of the list of names and categories of registered entities. Specifically, it records the addition of P4 Finance Pty Ltd to APRA's register and list, following the corporation's recognition as a registrable entity. This administrative action ensures that APRA's records are up-to-date and reflect the current entities that are subject to its regulatory oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 governs the collection and management of data within Australia's financial sector, specifically targeting entities that fall under the purview of the Australian Prudential Regulation Authority (APRA). This Act applies to entities that are required to be registered with APRA, including financial corporations such as banks, insurance companies, and superannuation funds, which are defined in section 7 of the Act. The scope of the Act is broad, covering various types of financial institutions and their conduct. It extends across the Commonwealth, meaning it applies nationally. The Act allows for the addition of new entities to its register through subordinate instruments, such as the one referenced in this gazette, which extends the application by adding P4 Finance Pty Ltd to the list of registered entities. This legislative instrument ensures that APRA's register is updated to reflect changes in the financial sector, ensuring all relevant entities are properly monitored and regulated. There are no stated exclusions or exemptions in the text provided, and the thresholds for registration are defined within the Act itself.

Key Provisions

The primary sections of the Gazette C2015G01750 pertain to the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. Specifically, section 11 of the Act requires the Australian Prudential Regulation Authority (APRA) to maintain a list of the names of registered entities, which includes corporations such as P4 Finance Pty Ltd. Pursuant to this legislative requirement, the Gazette entry details the addition of P4 Finance Pty Ltd’s name and other relevant particulars to the register maintained by APRA under section 8, and subsequently to the list under section 11. The inclusion of P4 Finance Pty Ltd in the list signifies its status as a registered entity as defined in subsection 5(3) of the Act. The Act imposes several obligations and requirements on APRA, including the maintenance and updating of the register and the list of registered entities. Section 8 mandates that APRA keep a register of entities, while section 11 requires the authority to maintain a list of the names of these entities. By virtue of these provisions, APRA must ensure that the list accurately reflects the current status of all registered entities, including new additions such as P4 Finance Pty Ltd. The obligation extends to ensuring that all particulars related to these entities are current and properly documented, facilitating compliance and oversight within the financial sector. The Gazette entry also serves to highlight potential consequences for non-compliance with the Act. While specific offences and penalties are not detailed in the notice itself, the Act generally provides for both civil and criminal penalties for breaches. These may include fines and imprisonment for serious violations, depending on the nature and severity of the breach. The exact penalties can vary, but they are designed to enforce compliance and maintain the integrity of the financial sector’s data collection processes. Adherence to the Act’s requirements is thus crucial for all registered entities, including P4 Finance Pty Ltd, to avoid any adverse legal consequences.