Variation of List of Names and Categories of Registered Entities - Pioneer Credit Limited

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Parliament of Australia, was introduced to address the need for systematic collection and maintenance of data on entities within the financial sector. The Act establishes a framework for the Australian Prudential Regulation Authority (APRA) to collect and manage data, ensuring that it is accurate and up-to-date. This legislative measure aims to enhance the regulatory oversight of financial entities, ultimately contributing to the stability and integrity of the financial system. The policy objective of the Act is to ensure that APRA can effectively monitor and regulate the financial sector by having access to comprehensive and current information about registered entities. The enclosed variation notice, dated 26 May 2015, pertains to the amendment of the list of names of registered entities, reflecting the addition of Pioneer Credit Limited as a new registrable corporation under the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are subject to registration by the Australian Prudential Regulation Authority (APRA). This includes entities such as banks, insurance companies, and other financial institutions. The Act mandates the collection of specific data from these entities to facilitate effective regulation and supervision. The geographical reach of the Act extends across the Commonwealth of Australia, ensuring a uniform approach to data collection and management within the financial sector. The Act provides certain exclusions, such as those entities that fall under specific categories deemed not subject to registration. Additionally, the Act's application can be extended or restricted through subordinate instruments, allowing for adjustments to the list of registered entities as necessary. This legislative framework ensures that APRA can effectively monitor and regulate the financial sector by maintaining an updated register of entities and their particulars.

Key Provisions

The main operative sections of the Gazette C2015G00818 concern the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001 (the Act). According to section 8, the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities, and section 11 requires APRA to keep a list of the names of registered entities. Pursuant to subsection 11(2), Barton Ashcroft, a delegate of APRA, has the authority to vary this list. This specific variation involves adding the name of Pioneer Credit Limited, which has become a registrable corporation under section 7 of the Act, to the list of registered entities. The obligations and requirements imposed by the Act on the parties it governs include the maintenance of a comprehensive register of entities and a list of registered entities. APRA is tasked with ensuring that the register is updated to include all entities that meet the criteria for registration, as defined by the Act. This involves the timely addition of new entities to the register and the corresponding list of names. Once an entity is added to the register, it becomes a registered entity, thereby subject to the reporting and compliance requirements set forth by the Act. In terms of potential offences and consequences for breach, the Act does not explicitly state penalties within the text of the Gazette. However, non-compliance with the requirements to register entities or to accurately maintain the list of registered entities could lead to regulatory action. Such action may include enforcement measures, fines, or other penalties under the broader legislative framework governing APRA and financial sector regulation in Australia. The exact penalties would be determined in accordance with relevant laws and regulations, but they could potentially include substantial financial penalties or other legal consequences for serious or repeated breaches.