Variation of List of Names and Categories of Registered Entities - Plenary Health (Casey) Finance Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of data by the Australian Prudential Regulation Authority (APRA) from entities within the financial sector, ensuring that such data is accurate and up-to-date. The Act was introduced to address the need for a structured and efficient system for collecting data from registered entities, thereby enabling better oversight and regulation of the financial sector. This legislative measure was enacted by the Australian Parliament and its primary objective is to ensure that APRA has the necessary data to effectively regulate and supervise entities within the financial sector. This recent gazette, issued on 18 June 2015, demonstrates the application of the Act in practice by removing the name of a corporation that has ceased to be a registrable entity from APRA's list of registered entities. This action reflects the ongoing management and maintenance of the register as mandated by the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001, administered by the Australian Prudential Regulation Authority (APRA), pertains to the registration and regulation of entities within the financial sector in Australia. This Act applies to entities that are considered registrable corporations as defined in section 7 of the Act, which includes financial institutions and other entities deemed necessary for the collection and regulation of financial data. The scope of the Act extends to the maintenance of a Register of Entities and a list of names of these registered entities, as stipulated in sections 8 and 11 respectively. The Act’s jurisdiction is national, applying across all states and territories of Australia. Notably, the Act provides mechanisms for the exclusion of entities that no longer meet the criteria for registration, as demonstrated in this particular legislative instrument which removes Plenary Health (Casey) Finance Pty Ltd from the register and the associated list of names following its cessation as a registrable corporation. This exclusion is effected through subordinate instruments and is a reflection of the Act’s broader purpose to ensure that only relevant and active entities are included in the regulatory framework.

Key Provisions

The Financial Sector (Collection of Data) Act 2001 (the Act) mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities (section 8) and a list of the names of registered entities (section 11). This list includes entities that are required to submit data to APRA under the Act. The regulation, C2015G00997 (Gazette), pertains to the variation of this list by removing the name of a specific corporation, Plenary Health (Casey) Finance Pty Ltd, from it. This variation is pursuant to subsection 11(2) of the Act, where the name and particulars of the corporation have been removed from the register because it no longer qualifies as a registrable corporation under section 7 of the Act (subsection 5(3)). The Act imposes several obligations on entities required to be registered and on APRA itself. Registered entities must comply with the data collection requirements as stipulated under the Act, ensuring that they provide accurate and timely information to APRA. APRA, on the other hand, is responsible for maintaining the Register of Entities and updating it as necessary. This includes removing entities from the register when they no longer meet the criteria for registration, as illustrated by the case of Plenary Health (Casey) Finance Pty Ltd. The regulation ensures that the list of registered entities is kept current and accurate, reflecting the entities that are actively subject to APRA's regulatory oversight. Breaching the obligations set out in the Act can lead to various consequences. While specific offences and penalties are not detailed in the regulation, the Act does provide for both civil and criminal penalties for non-compliance. These can include fines and, in more severe cases, imprisonment. The maximum penalties are not specified in the gazette but can be found in the main body of the Act. It is essential for entities to adhere to the requirements to avoid facing these potential legal consequences.