Variation of List of Names and Categories of Registered Entities - Prudential Arizona Reinsurance Term Company

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to ensure that the Australian Prudential Regulation Authority (APRA) could effectively collect and manage data related to entities in the financial sector. This Act was introduced to address the need for a comprehensive and updated register of financial sector entities, facilitating better regulatory oversight and compliance. APRA, as the relevant legislative body, is responsible for maintaining a register of entities and a list of names of registered entities under sections 8 and 11 of the Act, respectively. The policy objective of the Act is to provide a robust framework for the collection and management of data, ensuring that financial sector entities are properly regulated and supervised. This particular legislative instrument, gazetted on 17 December 2015, pertains to the variation of the list of names and categories of registered entities by adding the name of Prudential Arizona Reinsurance Term Company. As a result of this addition, the corporation is now recognised as a registrable entity under the Act, reflecting its inclusion in APRA's register and list. This update is in accordance with subsection 11(2) of the Act, which empowers a delegate of APRA, in this case Barton Ashcroft, to vary the list by adding the names of corporations that meet the criteria for registration.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are required to register with the Australian Prudential Regulation Authority (APRA). The Act mandates the maintenance of a Register of Entities, which includes detailed information about each registered entity, as well as a List of Names of Registered Entities. This legislation applies to entities such as banks, credit unions, insurance companies, and other financial institutions that are subject to prudential regulation in Australia. The Act’s jurisdiction covers the entire Commonwealth of Australia, ensuring uniform regulatory oversight across all states and territories. Notably, the Act does not specify particular exclusions or exemptions, but rather operates broadly across the defined sector. The scope and application of the Act can be further extended or restricted through subordinate instruments, allowing for adjustments to the list of registered entities as new entities enter the financial sector or existing entities change their registrable status. This ensures that the regulatory framework remains current and comprehensive, adapting to the evolving financial landscape.

Key Provisions

The main sections of the instrument pertain to the updating of the Register of Entities and the List of Names of Registered Entities under the Financial Sector (Collection of Data) Act 2001 (the Act). Specifically, section 8 of the Act requires the Australian Prudential Regulation Authority (APRA) to maintain a register of entities, while section 11 mandates that APRA also maintain a list of the names of registered entities. Pursuant to these provisions, and following the addition of Prudential Arizona Reinsurance Term Company to the register under paragraph 10(a) of the Act (section C), this instrument varies the list by adding the names of the corporations (section E). The obligations and requirements imposed by the Act on APRA and the entities it governs include the maintenance of the register and the list of registered entities, ensuring that these records are accurate and up-to-date. This involves APRA recording the names and other particulars of entities that meet the criteria for registration, such as Prudential Arizona Reinsurance Term Company, and reflecting these changes in the list of registered entities. The instrument confirms that APRA, through its delegate Barton Ashcroft, has exercised its powers under subsection 11(2) of the Act to update the list by adding the names of new entities. The Act does not specify any offences, penalties, or civil or criminal consequences for failure to comply with the requirements to maintain the register and list of registered entities. However, non-compliance with the Act’s broader data collection and reporting obligations could potentially lead to regulatory action by APRA, including fines or other enforcement measures. It is important for entities to ensure they are correctly registered and that APRA’s records are kept current to avoid any regulatory issues.