Variation of List of Names and Categories of Registered Entities - Performance Group Holdings Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for comprehensive and timely data collection in the financial sector, enabling better regulatory oversight and risk management. This Act empowers the Australian Prudential Regulation Authority (APRA) to collect data from financial institutions and other relevant entities, ensuring that these institutions maintain adequate capital and liquidity standards. The policy objective of the Act is to enhance the stability and efficiency of the financial system by ensuring that APRA has the necessary data to perform its regulatory functions effectively. The Act includes provisions for the registration of entities, the collection and disclosure of data, and the enforcement of compliance with regulatory requirements. On 11 June 2014, a Gazette Notice was issued under the authority of the Financial Sector (Collection of Data) Act 2001 to vary the list of registered entities maintained by APRA. The Notice, signed by John Hotham, a delegate of APRA, details the removal of Performance Group Holdings Pty Ltd (ABN: 23 053 969 887) from the Register of Entities and the corresponding list of registered entities. This action follows the cessation of the corporation's status as a registrable entity, in accordance with the provisions of the Act, ensuring that the register and list accurately reflect the current status of registered entities.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those that are registered under the Act. The Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a List of Names of Registered Entities. In the case of Performance Group Holdings Pty Ltd, which has ceased to be a registrable corporation as defined in section 7 of the Act, APRA has removed the corporation's name and related details from the register under paragraph 10(c) of the Act. Consequently, the corporation is no longer considered a registered entity as per subsection 5(3) of the Act. Pursuant to subsection 11(2) of the Act, John Hotham, a delegate of APRA, has varied the List by removing the name of the corporation. This legislative action is geographically confined to the Commonwealth jurisdiction and does not extend to state or territory laws. The Act does not specify exclusions, exemptions, or thresholds, and its application can be further detailed or restricted through subordinate instruments.

Key Provisions

The Financial Sector (Collection of Data) Act 2001 contains several key provisions, particularly those relevant to the registration and monitoring of entities within the financial sector. Under section 8, the Australian Prudential Regulation Authority (APRA) is responsible for maintaining a Register of Entities. This register is a comprehensive list of all entities that are subject to the regulatory oversight of APRA. Section 11 of the Act requires APRA to keep a separate list of the names of these registered entities. This list serves as a public record, identifying which entities are currently registered under the Act. The obligations imposed by the Act on the parties and entities it governs include the requirement for APRA to ensure the accuracy and currency of both the Register of Entities and the list of registered entities' names. APRA must regularly update these records to reflect any changes in the status of the entities, such as when an entity ceases to be a registrable corporation. For instance, when a company like Performance Group Holdings Pty Ltd ceases to be a registrable corporation, as defined in section 7 of the Act, APRA is required to remove the relevant details from both the Register and the list of names. In cases where an entity has ceased to be a registrable corporation, the Act stipulates that APRA must take specific steps to reflect this change. Under paragraph 10(c) of the Act, APRA is required to remove the name and particulars of the corporation from the register. This administrative action ensures that the register remains a true and current reflection of the entities under APRA's purview. Following this, the corporation will no longer be considered a registered entity under the Act, as outlined in subsection 5(3). Consequently, the list of registered entities' names must also be updated accordingly. There are no specific offences, penalties, or civil/criminal consequences outlined in the legislation for the failure to update the register or the list of registered entities' names. However, the Act's primary focus is on ensuring accurate and timely data collection and maintenance by APRA. The consequences of non-compliance would likely be administrative in nature, with APRA taking corrective actions to rectify inaccuracies in its records. This ensures that the regulatory framework remains effective and that the public has access to up-to-date information about registered entities.