Variation of List of Names and Categories of Registered Entities - Southern Finance Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to provide the Australian Prudential Regulation Authority (APRA) with the legislative framework necessary to collect and maintain data on entities within the financial sector. The Act addresses the need for a comprehensive and up-to-date register of financial entities to ensure effective regulation and oversight, thereby protecting consumers and maintaining financial stability. This legislation was passed by the Parliament of Australia, reflecting a policy objective to enhance the regulatory environment by ensuring that APRA has the requisite information to monitor and regulate financial entities effectively. The Act allows APRA to compile and maintain a list of registered entities, including their names, which is crucial for the enforcement of financial regulations. The 2013 variation of this list, as demonstrated in the gazette, highlights the dynamic nature of the register, ensuring that it remains accurate and reflective of the current financial landscape.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are required to be registered with the Australian Prudential Regulation Authority (APRA). This Act mandates that APRA maintains a Register of Entities and a List of Names of registered entities, which includes corporations such as Southern Finance Limited. The Act governs the process for the registration and deregistration of entities, ensuring that the list accurately reflects the status of financial sector entities. The geographic and jurisdictional reach of the Act is national, as it applies across Australia, and it is administered by the Commonwealth through APRA. The removal of Southern Finance Limited from the list, as outlined in this gazette, is an administrative action taken pursuant to the authority granted under the Act, reflecting the corporation's cessation as a registrable entity. The Act itself does not specify exclusions, exemptions, or thresholds, but it provides the framework within which these may be defined through subordinate instruments. This ensures that the register and list are kept up to date and reflective of the current entities operating within the financial sector in Australia.

Key Provisions

The primary operative sections of this legislation are section 8, which pertains to the keeping of a Register of Entities by APRA, and section 11, which concerns the list of names of registered entities. Under section 8, APRA is mandated to maintain a register of entities, and section 11 requires APRA to keep a list of the names of these registered entities. This legislative instrument specifically addresses the cessation of registration of Southern Finance Limited (ABN: 80 007 352 089), which has ceased to be a registrable corporation as defined under section 7 of the Act. Consequently, the name of Southern Finance Limited is removed from both the register and the list as per the provisions of section 11(2). The Act imposes several obligations on the parties it governs. APRA is required to maintain accurate and up-to-date records of all registered entities, including the details necessary for the register and the list. When an entity ceases to be a registrable corporation, APRA must ensure that this change is reflected by removing the relevant entity’s particulars from both the register and the list. Additionally, APRA must act under the authority granted by subsection 11(2) to make necessary variations to the list of registered entities, as demonstrated in this instrument. Breaching the requirements of the Financial Sector (Collection of Data) Act 2001 can lead to various consequences. The Act does not explicitly outline offences or penalties within this specific legislative instrument. However, the overarching Act may include provisions for penalties and enforcement actions for non-compliance. Typically, breaches of financial sector regulations can result in civil penalties, such as fines, or criminal penalties, which can include imprisonment, depending on the severity and nature of the breach. The specific maximum penalties would be defined within the main Act and related regulations, and could vary based on jurisdictional and legislative updates. In summary, the Financial Sector (Collection of Data) Act 2001 requires APRA to maintain and update records of registered entities. This particular legislative instrument reflects the removal of Southern Finance Limited from these records, fulfilling the obligations under section 11(2). While the specific penalties for non-compliance are not detailed in this instrument, they are addressed in the broader legislative framework, potentially including fines or imprisonment.