Variation of List of Names and Categories of Registered Entities - Reverse Mortgage Services Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to provide a framework for the collection of data and information from entities within the financial sector, with the overarching aim of maintaining financial stability and protecting consumers. The Act was introduced to address the need for a comprehensive and systematic approach to gathering and analysing data from financial entities, enabling regulatory authorities to effectively monitor and supervise the sector. This legislation was enacted by the Parliament of Australia, reflecting a commitment to ensuring robust oversight and regulation of financial institutions. This particular legislative instrument, a notice issued by Barton Ashcroft, a delegate of the Australian Prudential Regulation Authority (APRA), is an example of the Act's application in practice. The notice details the removal of a specific entity, Reverse Mortgage Services Pty Ltd, from APRA's Register of Entities and the corresponding list of registered entities. This action was taken as the corporation had ceased to be a registrable entity under the Act, and its particulars were removed from the register as per the provisions of the Act. The policy objective of this legislative instrument is to ensure that the register and list maintained by APRA remain accurate and up-to-date, reflecting the current status of entities within the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities involved in the financial sector, ensuring the Australian Prudential Regulation Authority (APRA) can effectively monitor and regulate these entities. The Act mandates the creation and maintenance of a Register of Entities and a List of Names of Registered Entities, which includes details about entities subject to regulatory oversight. The legislation applies nationally, affecting all entities within Australia's financial sector, and requires APRA to manage and update the register and list accordingly. The specific instrument detailed here pertains to the removal of Reverse Mortgage Services Pty Ltd from both the register and the list, following the entity's cessation as a registrable corporation. This action is authorised under the Act's provisions and executed by a delegate of APRA, who has the authority to vary the list of registered entities. The scope of the Act is further extended through subordinate instruments, allowing for detailed regulation and administration of the financial sector's data collection processes.

Key Provisions

The key provisions of the Gazette C2013G00060 focus on the removal of a company's name from the list of registered entities maintained by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001. Specifically, section 11 of the Act mandates that APRA maintains a list of the names of registered entities. In this case, Reverse Mortgage Services Pty Ltd, previously a registrable corporation, has ceased to be a registrable entity as per section 7 of the Act. Consequently, Barton Ashcroft, a delegate of APRA, has exercised his authority under subsection 11(2) of the Act to remove the corporation's name from the list, thereby effectuating the change as per the provisions of paragraph 10(c). Under the Act, APRA has specific obligations to maintain the register and the list of names of registered entities. This includes updating the list to reflect any changes in the status of entities, such as the cessation of registration for Reverse Mortgage Services Pty Ltd. The authority to modify the list lies with designated delegates of APRA, who are tasked with ensuring that the register remains accurate and up-to-date. This process involves verifying the entity's status and, where applicable, removing their details from both the register and the list. Breaches of the requirements set out in the Financial Sector (Collection of Data) Act 2001 can lead to serious consequences. While the specific section pertaining to penalties is not detailed in the Gazette, the Act generally imposes both civil and criminal penalties for non-compliance. Civil penalties may include fines, while criminal penalties could result in imprisonment, depending on the severity of the breach. The exact penalties would be determined by the courts, taking into account the nature and circumstances of the offence. In summary, the Gazette C2013G00060 details the administrative action taken by APRA to remove Reverse Mortgage Services Pty Ltd from its list of registered entities under the Financial Sector (Collection of Data) Act 2001. This action is in line with the statutory obligations of APRA to maintain accurate records and the authority granted to its delegates to make necessary adjustments. Non-compliance with the Act can lead to significant civil and criminal penalties, reinforcing the importance of adhering to the legislative requirements.