Variation of List of Names and Categories of Registered Entities - QuickFee Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Parliament of Australia to provide a framework for the collection of data by the Australian Prudential Regulation Authority (APRA) in relation to the financial sector. The Act was introduced to address the need for comprehensive and efficient data collection mechanisms to ensure the stability and integrity of the financial system. The policy objective of the Act is to facilitate effective supervision and regulation of authorised deposit-taking institutions and certain other entities in the financial sector by enabling APRA to gather necessary information. The 2014 gazetted instrument amends the list of names of registered entities maintained by APRA under section 11 of the Act, reflecting the addition of QuickFee Pty Limited as a new registrable corporation. This variation ensures that the list remains current and accurate, supporting the ongoing regulatory oversight mandated by the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that fall within the scope of the Act, specifically those that are required to be registered by the Australian Prudential Regulation Authority (APRA). The Act mandates APRA to maintain a Register of Entities and a List of Names of Registered Entities, ensuring that all relevant corporations are documented and monitored. This Act applies to corporations that meet the criteria for registration as set out in the Act, such as QuickFee Pty Limited, which has been added to the register due to its status as a registrable corporation. The Act has a Commonwealth reach, impacting entities across Australia and ensuring a consistent regulatory approach. The Act does not specify exclusions or exemptions, but the application of its provisions can be extended or restricted through subordinate instruments. This particular legislative instrument, issued by a delegate of APRA, directly affects the administration of the list by updating it with the names of newly registered entities, thereby ensuring compliance with the Act’s requirements.

Key Provisions

The main operative sections of the Financial Sector (Collection of Data) Act 2001 pertain to the registration of entities, maintenance of a list of these entities, and the authority to vary this list. Section 8 of the Act establishes that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities. Section 11 requires APRA to keep a list of the names of registered entities. The legislative instrument specifies that QuickFee Pty Limited (ABN 75 135 670 674) has become a registrable corporation under section 7 of the Act, which is then added to the register under paragraph 10(a) of the Act. Consequently, the corporation becomes a registered entity as defined in subsection 5(3) of the Act. Pursuant to subsection 11(2), John Hotham, as a delegate of APRA, varies the list by adding the corporation’s name. The Act imposes several obligations and requirements on the parties it governs. APRA must ensure that the Register of Entities is accurately maintained and updated as per section 8. Section 11 mandates APRA to keep a list of the names of all registered entities, which must be regularly updated to reflect any changes. The authority to vary the list, as provided under subsection 11(2), must be exercised correctly and in accordance with the Act’s provisions. These obligations ensure that the register and the list are up-to-date and reflective of the current status of registered entities. The Act includes provisions for offences, penalties, and consequences for non-compliance. While the specific offences and penalties are not detailed in the legislative instrument itself, the Act generally provides for various sanctions under the broader legislative framework. These can include civil penalties for non-compliance, which may vary depending on the severity and nature of the breach. Additionally, criminal penalties may apply for more serious violations, with maximum penalties often stipulated in the primary legislation or related regulations. The overarching intent is to enforce compliance and ensure the integrity and accuracy of the data collected and maintained by APRA.