Variation of List of Names and Categories of Registered Entities - Sumitomo Mitsui Finance Australia Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of data by the Australian Prudential Regulation Authority (APRA) from entities within the financial sector, ensuring that APRA can effectively monitor and regulate these entities to maintain financial stability. The Act establishes the framework for APRA to maintain a Register of Entities and a list of names of registered entities, enabling it to perform its regulatory functions. The Variation of List of Names and Categories of Registered Entities, gazetted on 8 May 2014, addresses the need to update the list of registered entities when a registrable corporation ceases to be such an entity. This legislative instrument was introduced to correct the register and list by removing the name of Sumitomo Mitsui Finance Australia Limited, which has ceased to be a registrable corporation under the Act. The policy objective of this variation is to ensure that the register and list maintained by APRA accurately reflect the current status of entities within the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 governs the collection and management of data within Australia's financial sector, applying to entities such as financial institutions and corporations regulated by the Australian Prudential Regulation Authority (APRA). This Act mandates the maintenance of a Register of Entities, which includes details of all registered entities, and a separate list of names of these entities. The geographic reach of the Act is national, encompassing entities operating within Australia. The Act's provisions apply to all entities that fall under the regulatory purview of APRA, which includes various types of financial institutions. In the specific case of Sumitomo Mitsui Finance Australia Limited, the entity has ceased to be a registrable corporation, leading to its removal from both the Register of Entities and the list of names as per the Act's stipulations. The Act's application can be further detailed through subordinate instruments, which provide additional rules and specifications for entities and data collection processes.

Key Provisions

The main operative sections of this legislation pertain to the removal of Sumitomo Mitsui Finance Australia Limited from the register of entities maintained by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001. Section 8 of the Act mandates APRA to maintain the register, and section 11 specifies that APRA is responsible for maintaining a list of the names of these registered entities. The corporation in question, Sumitomo Mitsui Finance Australia Limited, has ceased to be a registrable corporation as per section 7 of the Act. Consequently, APRA has removed the name of the corporation and related particulars from the register under paragraph 10(c) of the Act, and the corporation is no longer a registered entity as defined in subsection 5(3) of the Act. This process culminates in the variation of the list by removing the corporation's name under subsection 11(2) of the Act. The obligations imposed on APRA by the Act include maintaining an accurate and up-to-date register of entities and a corresponding list of their names. This is crucial for ensuring the integrity and relevance of the data collected under the Act. APRA is mandated to update these records promptly whenever a registered entity ceases to meet the criteria for registration. This responsibility ensures that the financial sector data remains accurate and reflective of the current landscape. APRA must also ensure that any changes to these records are documented and signed by a delegate, as evidenced by the signature of John Hotham, a delegate of APRA, in the given notice. The legislation does not explicitly outline specific offences, penalties, or consequences for non-compliance with the Act's requirements. However, any failure by APRA to maintain accurate and timely records could potentially lead to broader regulatory issues within the financial sector. For instance, if the register or list of names is not updated correctly, it could result in oversight failures, leading to broader civil or criminal consequences under other related legislation. While this specific notice does not detail penalties, it is implicit that APRA must adhere to its obligations to avoid such repercussions.