Variation of List of Names and Categories of Registered Entities - PAFSA Limited

Overview

The Variation of List of Names and Categories of Registered Entities Notice 2014 was enacted to address the need for the Australian Prudential Regulation Authority (APRA) to update its Register of Entities and the accompanying list of names of registered entities under the Financial Sector (Collection of Data) Act 2001. This legislation was introduced to ensure that the register maintained by APRA accurately reflects the current status of entities subject to registration and data collection requirements. The purpose of this specific variation notice is to remove PAFSA Limited from the register and the list of names of registered entities, as it has ceased to be a registrable corporation under the Act. The notice was issued under the authority of John Hotham, a delegate of APRA, in accordance with the provisions of the Act. This action ensures the ongoing relevance and accuracy of the data collected and managed by APRA, supporting its policy objective of effective oversight and regulation within the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those registered with the Australian Prudential Regulation Authority (APRA). This Act mandates the collection and maintenance of data by APRA, which includes keeping a register of entities and a list of names of these entities. The Act operates within the Commonwealth jurisdiction, providing a framework for regulatory oversight and ensuring that entities comply with financial regulations. In this context, the Act's application extends to removing entities from the register once they no longer meet the criteria for registration, as demonstrated by the removal of PAFSA Limited from the list. This removal was executed under the authority delegated to APRA by subsection 11(2) of the Act, reflecting the regulatory power to adjust the list based on changes in the status of registered entities. The geographic reach of the Act is national, impacting financial entities across Australia. Subordinate instruments may further define or extend the application of the Act, but the primary text provides the foundational legislative framework.

Key Provisions

The main operative sections of the Variation of List of Names and Categories of Registered Entities (C2014G00947) pertain to the removal of PAFSA Limited from the Register of Entities and the List of Names of Registered Entities under the Financial Sector (Collection of Data) Act 2001 (the Act). Section 8 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities, while section 11 requires APRA to keep a list of the names of these entities. The corporation, PAFSA Limited, has ceased to be a registrable corporation as defined in section 7 of the Act, and accordingly, its name and related particulars have been removed from the register under paragraph 10(c) of the Act. Consequently, section 5(3) of the Act confirms that PAFSA Limited is no longer considered a registered entity. This legislative instrument, signed by John Hotham, a delegate of APRA, under subsection 11(2) of the Act, officially varies the list by removing PAFSA Limited's name. The obligations and requirements imposed by the Act on the parties it governs are primarily centred on maintaining accurate and updated records of registered entities. Section 8 places the responsibility on APRA to keep a comprehensive register of entities, ensuring that all entities subject to the Act are duly recorded. Section 11 further requires APRA to maintain a list of the names of these registered entities. The removal of PAFSA Limited from both the register and the list is a procedural requirement, ensuring that the records accurately reflect the current status of entities under the Act. The delegate of APRA, John Hotham, exercises this authority under subsection 11(2), ensuring compliance with the Act’s provisions for updating entity records. The Act does not explicitly outline offences, penalties, or consequences for breaches in the context of this particular notice. However, the general framework of the Financial Sector (Collection of Data) Act 2001 implies that failure to comply with the Act’s requirements could lead to enforcement actions. Typically, breaches of such legislative requirements could result in civil or criminal penalties, depending on the nature and severity of the non-compliance. For instance, if APRA fails to maintain accurate records or fails to update the register and list of registered entities as required, it could face scrutiny or legal action. The specific penalties for such breaches would be determined based on the circumstances and could include fines or other sanctions as prescribed by relevant legislation.