Variation of List of Names and Categories of Registered Entities - Sewells Finance Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to provide a legislative framework for the collection of financial sector data by the Australian Prudential Regulation Authority (APRA), thereby addressing the need for effective regulation and supervision of the financial sector. This legislation enables APRA to maintain a Register of Entities and a list of names of registered entities, ensuring that financial institutions are properly monitored and regulated. The policy objective of the Act is to facilitate the efficient and effective regulation of financial entities, thereby enhancing financial stability and consumer protection. This legislative instrument, C2015G00786, issued by APRA under the authority of the Act, demonstrates the practical application of the legislation by removing the name of a specific entity, Sewells Finance Ltd, from the list of registered entities. This action reflects the ongoing management and regulation of financial entities by APRA, ensuring the register and list remain accurate and up-to-date. The instrument highlights the importance of timely and precise regulatory actions in maintaining the integrity of financial oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those that are subject to registration under the Act, such as certain financial corporations. The Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a register of these entities and a corresponding list of their names. The legislative scope encompasses any entity that meets the criteria for registration as defined in the Act, ensuring comprehensive oversight and data collection on the financial entities within the Commonwealth of Australia. The Act allows APRA, through its delegate, to modify the list of registered entities by removing names of those entities that no longer meet the registration criteria, as exemplified in this gazette notice which removes the name of Sewells Finance Ltd from the register and list. The Act does not specify any exclusions or thresholds for entities subject to registration beyond those defined in the Act itself, and the application of the Act is restricted to the Commonwealth jurisdiction. The authority to modify the register and list is exercised under the Act's provisions and is not extended or restricted by any subordinate instruments referenced in this notice.

Key Provisions

The main operative sections of the gazette C2015G00786 pertain to the Financial Sector (Collection of Data) Act 2001. Section 8 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities. This register is a comprehensive listing of entities that are subject to the provisions of the Act. Section 11 of the Act requires APRA to keep a list of the names of these registered entities. This list, referred to as "the list," is intended to be a public record of all entities that are currently registered under the Act. The gazetted notice specifically addresses the removal of a particular entity, Sewells Finance Ltd, from this list, as detailed in subsection 11(2) of the Act. The obligations and requirements imposed by the Act on APRA are to ensure the accuracy and currency of the Register of Entities and the List of Registered Entity Names. When an entity, such as Sewells Finance Ltd, ceases to be a registrable corporation under section 7 of the Act, APRA is required to take appropriate action to remove this entity from both the register and the list. This process is outlined in paragraph 10(c) of the Act, which mandates that APRA must cause the name of the corporation and other relevant particulars to be removed from the register. Once this is done, the entity is no longer considered a registered entity within the meaning of subsection 5(3) of the Act. The gazetted notice signed by Barton Ashcroft, a delegate of APRA, serves to officially vary the list by removing the name of Sewells Finance Ltd. This action is a direct consequence of the corporation ceasing to meet the criteria for registration as per the Act. The notice clearly states that the entity has ceased to be a registrable corporation and, therefore, its name and particulars are removed from the list of registered entities. There are no specific offences or penalties mentioned for failing to comply with the requirements of the Act regarding the removal of an entity from the list, but the omission of an entity from the register and the list is crucial for maintaining the integrity and accuracy of the data collected by APRA.