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

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Parliament of Australia, establishes the framework for the collection of data within the financial sector to ensure the stability and integrity of the sector. This legislation was introduced to address the need for comprehensive and accurate data collection, analysis, and regulation to safeguard the financial system. The Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a register of entities and lists of registered entities, ensuring that all entities subject to regulation are appropriately documented and monitored. The policy objective of the Act is to maintain financial stability and consumer protection by enabling APRA to effectively regulate and oversee financial entities. The Gazette C2015G01677, dated 25 September 2015, pertains to the variation of the list of names and categories of registered entities under the Act. This particular gazette notice addresses the addition of Prudential Arizona Reinsurance Universal Company to APRA's register and list of registered entities. Barton Ashcroft, a delegate of APRA, exercises the authority under subsection 11(2) of the Act to update the list by including the names of newly registered entities. This amendment ensures that the list remains current and reflective of all entities subject to APRA's oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to the Australian Prudential Regulation Authority (APRA), which is responsible for maintaining a Register of Entities and a list of names of registered entities as part of its regulatory functions. The Act specifically applies to entities that meet the criteria for being registrable corporations under section 7 of the Act. This includes financial institutions and other entities that APRA oversees to ensure compliance with regulatory standards and the protection of consumers. The Act has a broad jurisdictional reach as it pertains to the Commonwealth level, and its application extends to any entity that APRA deems necessary to include in its regulatory oversight. Exclusions or exemptions from the Act's application are not explicitly stated in the notice, and it is presumed that the Act applies broadly to all entities that fall within its definition of registrable corporations. The scope of the Act can be further extended or restricted through subordinate instruments, which allow APRA to add or remove entities from the register as necessary.

Key Provisions

The key operative sections of this legislation, as outlined in the Gazette, involve the variation of the List of Names and Categories of Registered Entities under the Financial Sector (Collection of Data) Act 2001 (the Act). Specifically, section 8 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities (the register), while section 11 requires APRA to keep a list of the names of registered entities (the list). As Prudential Arizona Reinsurance Universal Company has become a registrable corporation as defined in section 7 of the Act, and APRA has added its name and particulars to the register under paragraph 10(a) of the Act, the corporation is now a registered entity under subsection 5(3) of the Act. Consequently, Barton Ashcroft, a delegate of APRA, has varied the list by adding the corporation's name under subsection 11(2) of the Act. The Act imposes certain obligations on APRA in maintaining the register and the list of registered entities. Under section 8, APRA must ensure that the register is accurate and up-to-date, reflecting all entities that are subject to prudential supervision. Section 11 further requires APRA to maintain the list of names of these registered entities, ensuring that all registrable corporations are duly listed. This includes the addition of new entities, such as Prudential Arizona Reinsurance Universal Company, and the removal of entities no longer meeting the criteria for registration. APRA must also ensure that the details of each registered entity are correctly recorded and updated in the register under section 10(a), which in this case involves the addition of Prudential Arizona Reinsurance Universal Company. Failure to comply with the provisions of the Act may result in civil or criminal consequences. Although the specific offences and penalties are not detailed in the Notice, the Act generally provides for penalties in cases of non-compliance. For example, under section 18, APRA can impose penalties for non-compliance with data collection requirements, which may include fines up to a maximum of $210,000 for corporations. Additionally, section 19A of the Act allows for the imposition of pecuniary penalties for serious or repeated contraventions, which can be up to $1.05 million for corporations. Furthermore, section 19B of the Act provides for criminal penalties, including fines of up to $210,000 and imprisonment for up to two years for individuals found guilty of intentionally or recklessly contravening the Act. It is important to note that these penalties are applicable to any entity or individual found to be in breach of the Act's provisions.