Variation of List of Names and Categories of Registered Entities - Reco Sunshine Private Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to ensure that the Australian Prudential Regulation Authority (APRA) could collect and manage information about financial sector entities effectively. This Act provides the statutory framework for APRA to maintain a Register of Entities and a list of names of registered entities, facilitating oversight and regulation. The 2015 Gazetted instrument under this Act pertains to the removal of a specific entity, Reco Sunshine Private Limited, from the register and the associated list of names. This removal follows the cessation of the corporation’s status as a registrable entity under the Act, reflecting the policy objective of maintaining accurate and current records of entities subject to APRA’s regulatory purview. This legislative framework and the subsequent administrative action highlight the importance of up-to-date and precise data management in the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are subject to regulation by the Australian Prudential Regulation Authority (APRA). This includes various financial institutions such as banks, credit unions, authorised deposit-taking institutions, insurance companies, and authorised financial market operators. The Act requires these entities to provide data to APRA, which is then used to ensure the safety and soundness of the financial system. The jurisdiction of this Act is national, as it is a Commonwealth Act, applying across all states and territories of Australia. The Act provides APRA with the authority to maintain a register of entities and a list of names of registered entities, as well as to collect data from these entities. The Act also allows for the exclusion of certain entities if they meet specific criteria, and its application can be extended or restricted through subordinate instruments. This particular legislative instrument, issued under the authority of APRA, pertains to the removal of Reco Sunshine Private Limited from the list of registered entities following its cessation as a registrable corporation, as defined in the Act.

Key Provisions

This legislation, gazetted as C2015G00784, outlines a variation to the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. Specifically, section 11(2) of the Act authorises the Australian Prudential Regulation Authority (APRA) to amend the list of registered entities. The authority has exercised this power to remove the name of Reco Sunshine Private Limited from the list of registered entities, as stipulated in section 11 of the Act. APRA's obligations under the Act include maintaining a register of entities (section 8) and a list of registered entities' names (section 11). The process for removing Reco Sunshine Private Limited from these records involves a series of actions. Firstly, APRA must determine that the corporation has ceased to be a registrable entity as defined in section 7. This determination leads to the removal of the corporation's name and related particulars from the register, in accordance with paragraph 10(c) of the Act. Finally, the corporation is officially removed from the list of registered entities under subsection 5(3) of the Act. The legislation does not explicitly outline specific offences, penalties, or consequences for failing to comply with the Act's requirements. However, it is reasonable to infer that any failure to accurately maintain the register and list of registered entities could result in regulatory scrutiny or enforcement actions by APRA. While the Act does not detail specific penalties, the omission of a company's name from the register or list when it should be included could potentially lead to non-compliance issues and subsequent penalties under the broader regulatory framework governed by APRA.