Variation of List of Names and Categories of Registered Entities - Societe Generale

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for efficient and consistent data collection in the financial sector, enabling effective supervision and regulation by the Australian Prudential Regulation Authority (APRA). This Act ensures that APRA can maintain an up-to-date register of entities subject to its oversight, thereby promoting financial stability and consumer protection. The enactment of this legislation was overseen by the Parliament of Australia, with a clear policy objective to facilitate the gathering of necessary data for regulatory purposes. In the context of the legislative instrument C2013G00521, APRA, as the relevant authority, exercises its power under the Act to update the list of registered entities by including new corporations such as Societe Generale, which has now met the criteria for registration. This amendment ensures that the register reflects the current status of entities under APRA's purview, aiding in the continuous and effective oversight of the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that fall within the purview of the Australian Prudential Regulation Authority (APRA), which includes financial institutions such as banks, insurance companies, and superannuation funds. The Act mandates the creation of a register by APRA, which includes a list of names of registered entities, and this particular legislative instrument pertains to the variation of that list. Specifically, this gazetted notice indicates the addition of Societe Generale to the register and the list of registered entities following its transition into a registrable corporation under the Act. The Act extends its application across the Commonwealth of Australia, ensuring a uniform approach to the regulation and oversight of financial entities. The Act does not specify any exclusions or exemptions, meaning all entities that meet the criteria for registration are subject to its provisions. The application and scope of the Act can be further detailed or modified through subordinate instruments, which may include regulations or guidelines issued by APRA to clarify the implementation of the Act’s requirements.

Key Provisions

The legislation (C2013G00521) primarily involves the amendment of the list of names and categories of registered entities as per the Financial Sector (Collection of Data) Act 2001. Under this Act, the Australian Prudential Regulation Authority (APRA) maintains a register of entities and a list of names of registered entities (sections 8 and 11). Specifically, the legislation adds the name of Societe Generale, a corporation that has become a registrable entity under the Act (section 7). APRA has already added the corporation’s particulars to the register (paragraph 10(a)), making it a registered entity (subsection 5(3)). Consequently, Barton Ashcroft, as a delegate of APRA, has varied the list by adding Societe Generale’s name (subsection 11(2)). The obligations imposed by the Act on APRA and registered entities include the maintenance of an up-to-date register and list of entities. APRA must ensure that any new registrable entity is added to both the register and the list. This involves verifying that entities meet the criteria specified in section 7 and updating the list accordingly (subsection 11(2)). Registered entities, on the other hand, must comply with any data collection requirements imposed by APRA under the Act. This ensures that APRA has accurate and current information to perform its regulatory functions effectively. The legislation does not explicitly state any offences, penalties, or consequences for breach within the notice itself. However, the Financial Sector (Collection of Data) Act 2001 likely includes provisions for penalties and enforcement mechanisms. Typically, non-compliance with data collection requirements could result in civil or criminal penalties, depending on the nature and severity of the breach. The maximum penalties would be specified within the main Act and could include fines or other sanctions for both entities and APRA officials. It is essential for entities to adhere to the obligations outlined in the Act to avoid potential legal repercussions.