Variation of List of Names and Categories of Registered Entities - Sales Assistance Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection and management of data in the financial sector, ensuring that appropriate regulatory bodies, such as the Australian Prudential Regulation Authority (APRA), can efficiently monitor and manage risks. This legislation allows APRA to maintain a Register of Entities and a corresponding List of Names of Registered Entities. The policy objective of the Act is to provide a structured framework for the supervision and regulation of financial institutions, thereby contributing to the stability and integrity of the financial system. The 2014 gazetted instrument under this Act pertains to the variation of the List of Names of Registered Entities by removing the name of Sales Assistance Pty Ltd, reflecting its cessation as a registrable corporation. This action aligns with the Act’s purpose of ensuring that the register accurately reflects the current status of entities subject to APRA’s oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, requiring the Australian Prudential Regulation Authority (APRA) to maintain a register of such entities and a list of their names. This Act applies to entities such as banks, credit unions, authorised deposit-taking institutions, and other entities specified under the Act. The legislation operates on a national level, ensuring consistent data collection and regulation across Australia. The scope of the Act includes the maintenance and updating of the register and list of registered entities, ensuring that entities which no longer meet the criteria for registration are appropriately removed. The exclusion of entities from the register is specified within the Act, with particulars of the cessation of registration as outlined in the subordinate instrument issued by a delegate of APRA, such as in the case of Sales Assistance Pty Ltd. This instrument provides the authority to remove the names and particulars of entities that have ceased to be registrable under the Act, reflecting the dynamic nature of the financial sector and the need for accurate and up-to-date regulatory oversight.

Key Provisions

The main operative sections of the Gazette (C2014G00857) concern the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. Specifically, this document addresses the removal of Sales Assistance Pty Ltd from the Register of Entities (section 8) and the List of Names of Registered Entities (section 11) maintained by the Australian Prudential Regulation Authority (APRA). The corporation, Sales Assistance Pty Ltd, has ceased to be a registrable entity under section 7 of the Act, which mandates its removal from the register. This cessation is further formalised by the removal of the corporation’s name and related particulars under paragraph 10(c) of the Act, leading to its status as a former registered entity as per subsection 5(3). The obligations and requirements imposed by this Act on APRA and other entities are primarily administrative. APRA is mandated to maintain accurate and up-to-date records of registered entities and their relevant particulars. This includes the duty to update the Register of Entities and the List of Names of Registered Entities whenever a registrable entity ceases to meet the criteria for registration. The document specifies that APRA, through a delegate, has executed these duties by removing the name of Sales Assistance Pty Ltd from both the register and the list, ensuring compliance with the statutory obligations set forth in the Act. There are no explicit offences or penalties detailed in the Gazette itself. However, the overarching legislation, the Financial Sector (Collection of Data) Act 2001, provides a framework that may include penalties for non-compliance. For instance, entities that fail to provide required data or comply with data collection requirements might face civil or criminal penalties, including fines and imprisonment, as stipulated in the primary Act. The maximum penalties would depend on the specific provisions of the Act and the nature of the breach. In summary, the Gazette details the procedural steps taken by APRA to remove a corporation from the list of registered entities due to its cessation as a registrable entity. This action is in line with the statutory obligations under the Financial Sector (Collection of Data) Act 2001, ensuring that the register and list remain accurate and reflective of current registrants. While the Gazette itself does not outline penalties, the underlying Act includes provisions for civil and criminal consequences for non-compliance, reinforcing the importance of accurate data management within the financial sector.