Variation of List of Names and Categories of Registered Entities - Sunshine Loan Centres Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection and dissemination of information necessary for the effective supervision and regulation of the Australian financial services sector. The Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of the names of these registered entities. The legislation was introduced to address the need for a structured and systematic approach to data collection, ensuring that APRA has access to the relevant information required to perform its regulatory functions effectively. This Act allows APRA to mandate the registration of entities within its purview and subsequently collect pertinent data to maintain financial stability and consumer protection within the sector. This legislative instrument, gazetted on 13 March 2015, involves a variation to the list of registered entities maintained by APRA. Specifically, Barton Ashcroft, a delegate of APRA, has added the name of Sunshine Loan Centres Pty Ltd to the list of registered entities. This addition follows the corporation's attainment of registrable status under the Act and its subsequent entry into APRA's Register of Entities. The policy objective of this variation is to ensure that all entities subject to APRA's oversight are appropriately documented and monitored, thereby enhancing the authority's ability to enforce regulatory standards and safeguard the financial system.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the Australian financial sector that are subject to regulatory oversight by the Australian Prudential Regulation Authority (APRA). Specifically, the Act governs the collection of data from entities that are required to be registered under its provisions, such as banks, insurance companies, and authorised deposit-taking institutions. The Act mandates APRA to maintain a register of these entities and a list of their names, which includes updates when entities become registrable or when their particulars change. The geographic reach of the Act is national, as it applies to entities operating within Australia, regardless of state or territory boundaries. The Act also allows for the extension of its application through subordinate instruments, which can specify additional details or criteria for registration and data collection. Certain entities and transactions may be exempt from the Act's requirements under specific conditions outlined in the legislation or its subordinate instruments. The Act does not, however, specify any exclusions or thresholds in this particular notice regarding the addition of Sunshine Loan Centres Pty Ltd to the list of registered entities.

Key Provisions

The main provisions of the legislation, specifically the Variation of List of Names and Categories of Registered Entities under the Financial Sector (Collection of Data) Act 2001, revolve around the registration and listing of entities by the Australian Prudential Regulation Authority (APRA). Section 8 of the Act mandates that APRA maintains a Register of Entities, which is essentially a record of all entities that are required to be registered under the Act. Section 11 further details that APRA also keeps a list of these registered entities' names. The inclusion of Sunshine Loan Centres Pty Ltd (ABN: 52 092 821 960) in this list is based on its classification as a registrable corporation under section 7 of the Act. Once registered, the corporation's details are added to the register under paragraph 10(a) of the Act, which consequently makes it a registered entity as defined in subsection 5(3) of the Act. The obligations imposed by this legislation primarily rest on APRA. According to the Act, APRA is tasked with maintaining accurate and up-to-date records of all registered entities. This includes the registration of new entities as they become eligible, as seen in the case of Sunshine Loan Centres Pty Ltd. Additionally, APRA is responsible for updating the list of registered entities' names to reflect any changes or additions, ensuring the list remains current and comprehensive. The authority to vary the list is granted to APRA's delegate, as evidenced by the variation made by Barton Ashcroft under subsection 11(2) of the Act. In terms of consequences for non-compliance, the legislation does not explicitly outline specific offences, penalties, or consequences for breach within this notice. However, generally, breaches of the Financial Sector (Collection of Data) Act 2001 can lead to various civil or criminal penalties. These penalties may include fines, imprisonment, or other enforcement actions as determined by the relevant authorities. The exact penalties would depend on the nature and severity of the breach, as well as any other applicable laws or regulations.