Variation of List of Names and Categories of Registered Entities - Private Placement Trust Investors, LLC

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of financial sector data, thereby enabling better regulation and oversight of the financial industry. This Act was introduced to address the need for comprehensive and timely data collection from financial entities, ensuring that the Australian Prudential Regulation Authority (APRA) could effectively monitor and regulate financial institutions to safeguard economic stability. The Australian Parliament enacted this legislation to provide a legal framework for APRA to maintain a register of entities and a list of their names, thus ensuring that all relevant financial entities are properly identified and monitored. The policy objective of the Act is to enhance the effectiveness of financial regulation by ensuring that APRA has access to accurate and up-to-date information about registered entities. This legislative instrument, the Variation of List of Names and Categories of Registered Entities, issued under the Financial Sector (Collection of Data) Act 2001, aims to update the list of registered entities by adding the names of corporations as required by the Act. This specific legislative instrument was issued by Barton Ashcroft, a delegate of APRA, on 25 September 2015. It reflects the ongoing process of updating the list of registered entities to include new entities that have become subject to the regulatory oversight of APRA. This action ensures that the list remains current and reflective of the current financial landscape in Australia.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 (the Act) governs the collection of data from financial sector entities, establishing a framework through which the Australian Prudential Regulation Authority (APRA) maintains a register of these entities and a list of their names. This Act applies to entities within the financial sector, including banks, credit unions, authorised deposit-taking institutions, insurance companies, and other financial institutions that are subject to APRA’s regulatory oversight. The Act’s jurisdiction extends across the Commonwealth of Australia, ensuring a consistent regulatory approach to data collection and management. The scope of the Act includes the entities' conduct and transactions as they pertain to financial operations. Notably, the Act does not specify exclusions or exemptions but relies on subordinate instruments to clarify certain details or extend its application. This Notice, which amends the list of registered entities, is a direct application of the Act, reflecting APRA's role in updating and maintaining the register of entities subject to its regulatory purview.

Key Provisions

The main operative sections of the Gazette C2015G01664 are grounded in the Financial Sector (Collection of Data) Act 2001. Section 8 of the Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities, while section 11 requires APRA to keep a list of the names of these registered entities. The Gazette itself serves to amend this list by adding the name of a new registered entity, Private Placement Trust Investors, LLC, which has become a registrable corporation under section 7 of the Act. This addition is a result of the authority exercised under paragraph 10(a) of the Act, which allows APRA to update the register with the corporation's particulars, thereby formalising its status as a registered entity according to subsection 5(3) of the Act. The obligations imposed by the Act on APRA and other entities primarily revolve around the accurate and timely maintenance of the Register of Entities and the list of registered entity names. APRA is required to ensure that any new registrable corporations are promptly added to the register and that the list of names is kept up-to-date. This involves verifying the corporation's status and details, as stipulated in section 11, and making the necessary amendments. The Act also imposes on APRA the responsibility of ensuring that all entities registered under its purview comply with the data collection requirements as outlined in the Act. In terms of consequences for breach, the Gazette itself does not specify any offences or penalties for failing to comply with the Act's requirements. However, the Act provides for a range of potential penalties for breaches of its data collection and reporting obligations. For example, section 24 of the Act allows for fines up to 5,000 penalty units for individuals and 25,000 penalty units for bodies corporate, depending on the nature and severity of the breach. Additionally, civil or criminal proceedings may be initiated for serious breaches, as outlined in other sections of the Act. The Act's overarching aim is to ensure that financial sector entities comply with data collection requirements to maintain financial stability and integrity.