Variation of List of Names and Categories of Registered Entities - Prudential Retirement Insurance and Annuity Company

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to ensure that the Australian Prudential Regulation Authority (APRA) could effectively monitor and regulate financial institutions. The Act provides APRA with the necessary powers to collect and maintain data on registered entities, thereby enabling the oversight of financial stability within the sector. This legislative framework addresses the need for a comprehensive and up-to-date database of financial entities to facilitate effective regulation and risk management. The enactment of this Act was carried out by the Parliament of Australia, with the policy objective of enhancing financial sector stability and consumer protection by ensuring that APRA has the requisite information to monitor and regulate financial institutions efficiently. On 25 September 2015, Barton Ashcroft, a delegate of APRA, exercised the authority granted under subsection 11(2) of the Act to amend the list of registered entities by adding the names of corporations that have become registrable under the Act. This amendment ensures that APRA's register accurately reflects the current entities subject to its regulatory purview, thus maintaining the integrity and effectiveness of financial sector oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities involved in the financial sector in Australia and is administered by the Australian Prudential Regulation Authority (APRA). The Act mandates the registration of specific entities within APRA's register and requires the maintenance of a public list of these registered entities. This list is periodically updated to reflect changes such as the registration of new entities. In this instance, Prudential Retirement Insurance and Annuity Company, having become a registrable corporation, has been added to the register and its particulars included in the public list. The Act's application is not limited by geographic boundaries within Australia, applying uniformly across the Commonwealth. The legislation provides for the extension and restriction of its application through subordinate instruments, which may detail specific conditions or exceptions relevant to particular entities or circumstances. This notice, signed by a delegate of APRA, serves to update the list of registered entities, ensuring the register remains current and reflective of all entities required to be registered under the Act.

Key Provisions

The legislative instrument primarily operates by amending the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001 (the Act). Under section 11(2) of the Act, Barton Ashcroft, a delegate of the Australian Prudential Regulation Authority (APRA), is authorised to vary the list of registered entities. This amendment is specifically directed towards adding the names of corporations that have been added to the register under section 8 of the Act and have become registrable corporations as defined in section 7 of the Act. This is evidenced by the addition of Prudential Retirement Insurance and Annuity Company to the list, as per the Notice dated 25 September 2015. The Act imposes several obligations and requirements on APRA and the registered entities. APRA must maintain a Register of Entities, which includes the names and particulars of registered entities, as stipulated in section 8. Furthermore, APRA is required to keep a separate list of these registered entities under section 11. This list must be updated whenever a new entity becomes registrable under the Act, ensuring that all entities subject to regulatory oversight are properly documented and identified. Registered entities themselves are required to comply with the data collection provisions outlined in the Act, which mandates the provision of specific information to APRA for prudential supervision purposes. In terms of consequences for non-compliance, the Act does not explicitly detail specific offences, penalties, or consequences for breach in the provided text. However, the overarching regulatory framework suggests that failure to comply with the data collection requirements or other obligations imposed by the Act could potentially result in regulatory action by APRA. This might include enforcement actions, fines, or other penalties as deemed appropriate by APRA under its regulatory powers. While the exact penalties are not specified in the provided excerpt, they would likely be aligned with the broader objectives of ensuring financial stability and regulatory compliance within the sector.