Variation of List of Names and Categories of Registered Entities - Sandvik Credit Pty Ltd

Overview

The Variation of List of Names and Categories of Registered Entities instrument, dated 8 September 2014, was issued under the Financial Sector (Collection of Data) Act 2001 (the Act). The purpose of this instrument is to amend the list of registered entities maintained by the Australian Prudential Regulation Authority (APRA), which administers the Act. This legislation was enacted to ensure that APRA can effectively collect data from entities that are subject to prudential regulation, thereby supporting the stability and efficiency of the financial sector in Australia. The enactment of the Act was by the Parliament of Australia, with the policy objective of enabling APRA to gather necessary information to effectively regulate and supervise the financial sector. The instrument updates the list of registered entities by adding Sandvik Credit Pty Ltd, reflecting its new status as a registrable corporation under the Act. This update ensures that APRA’s register is accurate and complete, facilitating compliance and oversight. The instrument is a formal notification issued by a delegate of APRA, in this case, John Hotham, the Senior Manager of Data Collection, exercising powers under the Act to make such amendments. This continuous updating of the register is crucial for maintaining the integrity and effectiveness of financial sector regulation in Australia.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are required to be registered with the Australian Prudential Regulation Authority (APRA). The Act mandates the creation and maintenance of a Register of Entities, which includes detailed information about these entities, as well as a separate List of Names of registered entities. The scope of this legislation extends to any corporation or entity that falls under the definition of a registrable corporation as outlined in section 7 of the Act. The geographic and jurisdictional reach of the Act is national, as it is a Commonwealth Act applicable across Australia. The Act allows for the addition and variation of the list of registered entities through subordinate instruments, such as the Notice issued by John Hotham, a delegate of APRA, under subsection 11(2) of the Act. This Notice specifically pertains to the inclusion of Sandvik Credit Pty Ltd in the register and list of names, reflecting its status as a registered entity following its designation as a registrable corporation under section 7 of the Act. The Act does not specify any exclusions, exemptions, or thresholds in this context, focusing instead on the procedural aspect of entity registration and data collection.

Key Provisions

The Financial Sector (Collection of Data) Act 2001 (the Act) mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities (section 8) and a List of Names of Registered Entities (section 11). Under this authority, the Act allows for the variation of this list to include additional registered entities, as detailed in the Gazette (C2014G01528). The Gazette specifies that Sandvik Credit Pty Ltd (ABN: 90 161 934 176) has become a registrable corporation as per section 7 of the Act, and has been added to the register under paragraph 10(a) of the Act. Consequently, Sandvik Credit Pty Ltd is now recognised as a registered entity under subsection 5(3) of the Act. Accordingly, John Hotham, acting as a delegate of APRA, has exercised his power under subsection 11(2) of the Act to amend the list by including the name of this corporation. The Act imposes specific obligations on APRA to ensure that the Register of Entities is accurate and up-to-date. This includes the responsibility to add the names of entities that meet the criteria for registration. Additionally, the Act requires that any variation to the list of registered entities be documented and formally notified, as evidenced by the Gazette entry. This process ensures transparency and compliance with the legislative requirements, thereby maintaining the integrity of the financial sector oversight by APRA. Breaches of the requirements set out in the Act can result in civil or criminal consequences. While specific offences and penalties are not detailed in the text, the Act generally empowers the enforcement of compliance through the courts. In the context of APRA's responsibilities, failure to maintain an accurate register or list could lead to legal action against APRA or its delegates, potentially resulting in penalties for non-compliance. The maximum penalties for breaches of the Act are not specified in the text but could include fines or other sanctions as prescribed by relevant legislation. These consequences underscore the importance of adhering to the Act's provisions to avoid adverse legal outcomes.