Variation of List of Names and Categories of Registered Entities - Schooner Capital Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of data on financial institutions and other relevant entities to ensure the stability and efficiency of the Australian financial system. The Act, administered by the Australian Prudential Regulation Authority (APRA), mandates the maintenance of a Register of Entities and a List of Names of Registered Entities. The primary objective of the Act is to enable APRA to effectively monitor and regulate entities within the financial sector, thereby contributing to the overall stability and integrity of the financial system. This legislative instrument serves as a mechanism for APRA to update the List of Names of Registered Entities by removing the name of Schooner Capital Pty Limited, an entity that has ceased to be a registrable corporation under the Act, reflecting the dynamic nature of the financial sector and the need for ongoing regulatory oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities involved in the financial sector, requiring them to be registered with the Australian Prudential Regulation Authority (APRA). The Act mandates APRA to maintain a Register of Entities and a corresponding list of the names of these registered entities. This legislation affects various entities within the financial sector, including banks, insurance companies, and other financial institutions. The Act's jurisdiction spans the Commonwealth, ensuring a consistent regulatory framework across Australia. APRA, as the enforcing authority, has the power to remove entities from the register when they no longer meet the criteria for registration, as demonstrated in the case of Schooner Capital Pty Limited, whose name and details have been removed following its cessation as a registrable corporation. The Act provides for its provisions to be extended or restricted through subordinate instruments, allowing for flexibility in its application. However, the specific exclusions, exemptions, or thresholds are not detailed in this particular legislative variation.

Key Provisions

The main operative sections of this legislation pertain to the removal of a corporation'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 (the Act). Specifically, section 8 of the Act mandates that APRA maintains a Register of Entities, while section 11 requires that APRA also maintains a list of the names of registered entities. The legislative instrument in question (paragraph 10(c) of the Act) enables APRA to remove the name and particulars of Schooner Capital Pty Limited, an entity that has ceased to be a registrable corporation, from this list. This action is formalised by Barton Ashcroft, a delegate of APRA, under subsection 11(2) of the Act, as evidenced in the dated and signed notice. The obligations and requirements imposed by this Act on the parties or entities it governs include the maintenance and updating of the Register of Entities and the list of registered entities' names. APRA is required to ensure that the register and list are accurate and reflect the current status of entities subject to the Act. This involves the removal of entities that no longer meet the criteria for registration, such as Schooner Capital Pty Limited, which has ceased to be a registrable corporation. The process of updating these records must be conducted in accordance with the provisions outlined in the Act, including the authority granted to APRA under subsection 11(2) to make such variations. The legislation outlines potential consequences for non-compliance with the Act, though specific offences and penalties are not detailed in this particular notice. Generally, under the Financial Sector (Collection of Data) Act 2001, breaches of the Act can lead to civil or criminal penalties, depending on the nature and severity of the breach. Civil penalties may include fines, while criminal penalties could result in imprisonment or substantial fines, depending on the jurisdiction and specific provisions of the Act. The exact penalties would need to be referred to in the broader context of the Act, but they underscore the importance of compliance with APRA's obligations regarding the register and list of registered entities.