Variation of List of Names and Categories of Registered Entities - Skandinaviska Enskilda Banken AB (publ)

Overview

The Variation of List of Names and Categories of Registered Entities instrument was introduced under the Financial Sector (Collection of Data) Act 2001. This legislation was enacted by the Parliament of Australia to ensure the Australian Prudential Regulation Authority (APRA) could maintain a register of entities within the financial sector and to collect necessary data for regulatory purposes. The 2013 variation, dated 1 October 2013, addresses the need to update the list of registered entities to include Skandinaviska Enskilda Banken AB (publ), which has become a registrable corporation. This update ensures that APRA's records remain current and reflective of the financial entities it oversees, thereby supporting the policy objective of effective financial sector regulation. The enactment of this variation demonstrates APRA's commitment to maintaining an accurate and comprehensive register, facilitating better oversight and data collection within the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those required to be registered with the Australian Prudential Regulation Authority (APRA). This legislation mandates the maintenance of a register of entities and a list of their names, ensuring transparency and oversight in the financial sector. The Act applies to a wide range of entities, including banks, insurance companies, and other financial institutions that are considered registrable corporations under the Act. The geographic reach of the Act is national, with its provisions extending across the Commonwealth of Australia. The Act’s application is not restricted by state or territory boundaries, ensuring a uniform regulatory approach. The Act does not explicitly state exclusions or thresholds, but it does allow for variation of the list of registered entities through subordinate instruments such as this Notice. This Notice, issued by a delegate of APRA, specifically adds the name of Skandinaviska Enskilda Banken AB (publ) to the list of registered entities, reflecting its status as a registrable corporation under the Act.

Key Provisions

The main operative sections of this legislation pertain to the modification of the list of names and categories of registered entities, as directed by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001. Section 11(2) of the Act empowers APRA to vary the list of names of registered entities, which currently involves the addition of Skandinaviska Enskilda Banken AB (publ) as a new registrable corporation. This amendment is grounded in the authority conferred by subsection 11(2) and follows the inclusion of the corporation's details in the register under section 10(a) of the Act, thereby recognising the corporation as a registered entity under subsection 5(3). APRA bears the obligation of maintaining a comprehensive register of entities, as outlined in section 8 of the Act. This register serves as the central repository for all entities subject to data collection requirements under the Act. Furthermore, section 11 mandates that APRA also maintains a list of the names of these registered entities, ensuring transparency and accessibility of this information. The incorporation of Skandinaviska Enskilda Banken AB (publ) into this list signifies a formal recognition of its status as a registrable corporation and its inclusion in the regulatory framework. The legislation imposes several obligations on APRA and the entities it governs. APRA is responsible for ensuring that the register is updated to include all relevant entities, such as Skandinaviska Enskilda Banken AB (publ), once they meet the criteria for registration as defined in section 7 of the Act. Registered entities, in turn, must comply with the data collection requirements stipulated by the Act, which may include providing financial and operational data as required by APRA. This dual obligation ensures that APRA has the necessary information to perform its regulatory functions effectively. Breaches of the provisions outlined in the Act may result in both civil and criminal consequences. Under the Act, individuals or entities found in violation of the data collection requirements could face civil penalties, which may include fines up to a maximum of $105,000 for individuals and $525,000 for bodies corporate, as prescribed by section 18 of the Act. Additionally, criminal penalties may apply, including fines of up to $210,000 for individuals and $1,050,000 for bodies corporate, along with potential imprisonment terms as specified in section 19. These stringent penalties underscore the importance of compliance with the Act's requirements and the potential repercussions of non-compliance.