Variation of List of Names and Categories of Registered Entities - SPAL Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of financial sector data, ensuring that regulators have the necessary information to perform their duties effectively. This Act was introduced to address the need for a comprehensive framework that enables the collection, analysis and dissemination of financial sector data, ultimately contributing to the stability and efficiency of the financial system. The Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a register of entities and a list of names of registered entities, which is essential for regulatory oversight and supervision. The policy objective of this legislation is to provide a robust mechanism for the collection and management of financial sector data, thereby supporting informed decision-making and enhancing the overall resilience of the financial system. This legislative instrument, the Variation of List of Names and Categories of Registered Entities, was introduced in response to the cessation of SPAL Pty Limited as a registrable corporation. As a result of this change, Barton Ashcroft, a delegate of APRA, has varied the list by removing the corporation's name in accordance with the provisions of the Act. This action ensures the continued accuracy and relevance of the list of registered entities, reflecting the current status of entities subject to APRA's regulatory oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector in Australia, encompassing a broad range of organisations such as banks, insurance companies, and superannuation funds. The Act mandates the collection and management of data by the Australian Prudential Regulation Authority (APRA), which maintains a Register of Entities and a list of names of these entities. The Act's jurisdictional reach is national, ensuring a cohesive regulatory framework across all states and territories. The legislation applies to entities that are designated as registrable corporations under the Act. The removal of a specific entity, in this case, SPAL Pty Limited, from the list is a direct application of the Act's provisions, facilitated through a notice issued by a delegate of APRA, as outlined in the gazette. The Act may also extend its application through subordinate instruments, but such extensions are not specified in this particular gazette. Notably, the Act does not detail specific exclusions, exemptions, or thresholds beyond the criteria for registrable corporations.

Key Provisions

The legislation, C2013G00448, primarily pertains to the Financial Sector (Collection of Data) Act 2001, focusing on the variation of the list of names and categories of registered entities. The key provisions are found under sections 8, 11, and 7 of the Act. Section 8 mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities, while section 11 requires APRA to keep a list of the names of these registered entities. Section 7 defines what constitutes a registrable corporation under the Act. Given the cessation of SPAL Pty Limited as a registrable corporation, the Act allows APRA to remove the name of the corporation from both the register and the list, as stipulated in sections 10(c) and 11(2) respectively. The obligations imposed by this legislation on the parties and entities it governs are clear and precise. APRA, as the authority responsible for maintaining the Register of Entities and the list of registered entities' names, must ensure that these records are kept up-to-date. This involves removing the names of entities that no longer meet the criteria for registration. The process begins when a corporation, such as SPAL Pty Limited, ceases to be a registrable entity, necessitating its removal from both the register and the list. This systematic approach ensures the accuracy and relevance of the data collected under the Act. The legislation also delineates the consequences of non-compliance with these provisions. While the specific offences, penalties, or consequences for breach are not detailed in the provided text, the Financial Sector (Collection of Data) Act 2001 generally outlines various penalties for non-compliance. These can include fines and other civil or criminal penalties, depending on the nature and severity of the breach. The Act's overarching purpose is to ensure the integrity and accuracy of the financial sector data collected, thereby safeguarding the financial system's stability and transparency.