Variation of List of Names and Categories of Registered Entities - Stanbrick Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Parliament of Australia to establish a framework for the collection and dissemination of data concerning the financial sector, thereby facilitating the regulation and supervision of financial institutions. This legislation was introduced to address the need for comprehensive and timely data to ensure the stability and integrity of the financial system. The Australian Prudential Regulation Authority (APRA) is responsible for maintaining the Register of Entities and the List of Names of Registered Entities, as outlined in sections 8 and 11 of the Act, respectively. This authority is tasked with ensuring that the data collected is accurate and up to date, which is crucial for effective regulatory oversight. The policy objective of the Act is to provide APRA with the necessary tools to monitor and manage the financial sector effectively, ultimately contributing to the financial stability of the nation. Through the amendment of the list of registered entities, such as the removal of Stanbrick Pty. Ltd. as seen in the 2013 Gazette Notice, APRA ensures the register reflects the current status of entities within the financial sector.

Scope and Application

The gazetted legislation C2013G01696 pertains to the Financial Sector (Collection of Data) Act 2001 and specifically addresses the variation of the list of names and categories of registered entities. This Act applies to the Australian Prudential Regulation Authority (APRA), which maintains a Register of Entities and a list of registered entities as outlined in sections 8 and 11 of the Act. The Act regulates entities within the financial sector, ensuring that data is collected and managed in a way that supports the prudential regulation of financial institutions. The scope of the Act includes entities that are considered registrable corporations under section 7 of the Act. In this instance, the Act has been applied to Stanbrick Pty. Ltd., which has ceased to be a registrable corporation. Consequently, the name of Stanbrick Pty. Ltd. has been removed from the register and the list of registered entities, reflecting its change in status. The jurisdiction of this Act is national, as it falls under Commonwealth legislation, thereby extending its reach across all states and territories of Australia. No exclusions or exemptions are explicitly mentioned in this gazetted variation, and the application of the Act can be further detailed or restricted through subordinate instruments issued by APRA.

Key Provisions

The main operative sections of the legislation, under the Financial Sector (Collection of Data) Act 2001, pertain to the administration of the Register of Entities and the List of Names of Registered Entities. Section 8 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintains a register of entities. Section 11 of the Act requires that APRA also maintains a list of the names of these registered entities. This specific legislative instrument, dated 13 November 2013, pertains to the removal of Stanbrick Pty. Ltd. from both the register and the list due to its cessation as a registrable corporation as defined in section 7 of the Act. The removal is authorised under subsection 11(2) of the Act, executed by Barton Ashcroft, a delegate of APRA. The obligations and requirements imposed by the Act on the parties it governs include the necessity for APRA to meticulously maintain up-to-date records of registered entities. This entails not only the inclusion of entities that meet the criteria for registration but also the prompt removal of entities that no longer qualify. In this instance, upon determining that Stanbrick Pty. Ltd. had ceased to be a registrable corporation, APRA was obligated to remove its details from both the register and the list, ensuring that these records accurately reflect the current status of registered entities. This process is essential for regulatory oversight and compliance purposes, ensuring that only entities that meet the regulatory criteria are subject to the data collection and reporting requirements under the Act. The legislation does not explicitly detail specific offences, penalties, or consequences for non-compliance within this context. However, under the overarching framework of the Financial Sector (Collection of Data) Act 2001, non-compliance with data collection and reporting requirements can lead to significant civil and criminal penalties. These may include substantial fines and, in severe cases, imprisonment for individuals found guilty of wilful non-compliance. The precise penalties would depend on the nature and extent of the breach, as well as the specific provisions of the Act that were violated. It is essential for entities governed by the Act to adhere strictly to their obligations to avoid such adverse consequences.