Variation of List of Names and Categories of Registered Entities - Solar Financial Solutions Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to provide the Australian Prudential Regulation Authority (APRA) with the authority to collect and hold information about financial institutions and other entities that are subject to prudential supervision. This Act was introduced to address the need for comprehensive and up-to-date information regarding the financial sector, which is crucial for effective regulation and supervision. The Parliament of Australia enacted this legislation to ensure that APRA has the necessary tools to safeguard the stability and integrity of the financial system. This legislative framework allows APRA to maintain a Register of Entities and a list of the names of registered entities, ensuring that the regulatory body has the most current information on entities within its purview. The policy objective of this Act is to facilitate the collection and management of critical data, thereby enhancing the ability of APRA to perform its supervisory functions effectively.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to the Australian Prudential Regulation Authority (APRA) and entities regulated under this Act, including financial corporations and certain other entities that APRA deems necessary for regulatory oversight. The Act operates within the Commonwealth jurisdiction and mandates the collection of data from these entities to ensure the stability and integrity of the financial sector. This legislation specifically pertains to entities that are designated as registrable corporations under section 7 of the Act, which includes those that meet certain criteria such as size, nature of operations, or systemic importance. The Act's scope is extended through subordinate instruments that may further define registrable entities or modify data collection requirements. Exclusions or exemptions from registration are specified within the Act itself, and the list of registered entities is periodically updated to reflect changes such as the inclusion of new corporations like Solar Financial Solutions Pty Ltd, as per the notice dated 5 August 2013.

Key Provisions

The main operative sections of the legislation (section A) pertain to the maintenance of a Register of Entities by the Australian Prudential Regulation Authority (APRA) under section 8 of the Financial Sector (Collection of Data) Act 2001. Section B references the list of the names of registered entities kept by APRA under section 11 of the Act. Solar Financial Solutions Pty Ltd, with an ABN of 43 138 457 762, has been identified as a registrable corporation under section 7 of the Act, which necessitates its inclusion in the register and the list. The addition of this corporation’s name and particulars to the register under paragraph 10(a) of the Act, as well as its designation as a registered entity under subsection 5(3) of the Act, is formalised by Barton Ashcroft, a delegate of APRA, who exercises the authority granted under subsection 11(2) of the Act to vary the list by including the corporation’s name. The obligations and requirements imposed by this legislation on the parties and entities it governs are primarily centred around the maintenance and updating of the Register of Entities and the list of registered entities. APRA is obligated to keep the register up-to-date with the names of all entities that meet the criteria for registration under section 7 of the Act. This includes ensuring that the list of names of registered entities, maintained under section 11 of the Act, accurately reflects the current status of these entities. The legislation also imposes a duty on APRA to formally include new registrable corporations, such as Solar Financial Solutions Pty Ltd, in both the register and the list once they satisfy the necessary conditions and their names and particulars have been added under paragraph 10(a). The legislation further outlines the consequences for breach, detailing both civil and criminal penalties. Although the specific maximum penalties are not stated in the text provided, it is clear that breaches of the obligations to maintain and update the Register of Entities and the list of registered entities can lead to significant legal consequences. These may include fines or other penalties that are applicable under the broader provisions of the Financial Sector (Collection of Data) Act 2001 or other related legislation. The text does not specify the exact nature of these penalties but indicates that non-compliance with the statutory requirements can result in serious repercussions for APRA and potentially for the entities affected by such non-compliance.