Variation of List of Names and Categories of Registered Entities - Spinnaker Capital Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Parliament of Australia, was introduced to ensure that the Australian Prudential Regulation Authority (APRA) can effectively collect and maintain data relating to financial sector entities. This Act aims to provide APRA with the necessary powers to maintain a comprehensive register of entities, facilitating regulatory oversight and compliance within the financial sector. The problem it addresses is the need for a robust and up-to-date system of entity registration to support the effective regulation of the financial sector, thereby ensuring financial stability and protecting the interests of consumers. In accordance with the Act, APRA maintains a register of entities and a list of names of registered entities. The 2013 variation to the list of names and categories of registered entities reflects the removal of Spinnaker Capital Pty Limited from the register, as it has ceased to be a registrable corporation under the Act. This amendment is a direct response to the cessation of the corporation's status as a registered entity and aligns with the policy objective of maintaining an accurate and current list of financial sector entities.

Scope and Application

The Financial Sector (Collection of Data) Act 2001, which is applicable throughout the Commonwealth of Australia, mandates the Australian Prudential Regulation Authority (APRA) to maintain a register of entities and a list of names of registered entities. This Act applies to entities regulated by APRA, specifically those within the financial sector, encompassing banks, credit unions, insurance companies, and other financial institutions that fall under APRA’s regulatory purview. The Act ensures that APRA can collect necessary data to effectively supervise and regulate these entities. The removal of Spinnaker Capital Pty Limited from both the register and the list of names of registered entities is a direct consequence of the corporation ceasing to be a registrable entity under the Act. This administrative action was authorised by a delegate of APRA and is in accordance with the legislative framework provided by the Act, which allows for the amendment of the list through a formal notice. This ensures the list remains current and reflective of the entities that are subject to APRA’s regulatory oversight.

Key Provisions

The gazetted notice, dated 5 December 2013, outlines a variation to the list of names and categories of registered entities maintained by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001 (section 11(2)). The notice specifies that Spinnaker Capital Pty Limited (ABN: 21 093 180 208), which had been a registrable corporation, has ceased to be one as defined in section 7 of the Act. As a result, APRA has removed the name and associated details of the corporation from its Register of Entities (section 8) and the list of registered entities (section 11). This change was made in accordance with paragraph 10(c) of the Act, and the corporation is no longer considered a registered entity under subsection 5(3) of the Act. APRA's obligations under the Act include maintaining an accurate and up-to-date register of entities and a list of registered entities, ensuring that all entities subject to registration are properly categorised and monitored. This involves not only the initial registration of entities but also the timely and accurate updating of this information, including the removal of entities that no longer meet the criteria for registration. The Act mandates that APRA must act promptly to remove the details of entities that have ceased to be registrable, as evidenced by the action taken regarding Spinnaker Capital Pty Limited. While the gazetted notice does not explicitly detail specific offences or penalties for non-compliance with the Act's provisions, it is understood that breaches of the Financial Sector (Collection of Data) Act 2001 can lead to significant consequences. Generally, non-compliance with data collection requirements can result in civil or criminal penalties. Civil penalties may include substantial fines, depending on the severity and impact of the breach, as outlined in section 12 of the Act. Criminal penalties, applicable in cases of serious or wilful breaches, can lead to fines and imprisonment, with maximum penalties varying according to the specific offence under the Act. It is essential for entities to adhere to the Act's requirements to avoid these potential legal ramifications.