Variation of List of Names and Categories of Registered Entities - Swan Securitisation Finance Pty Ltd

Overview

The Variation of List of Names and Categories of Registered Entities Financial Sector (Collection of Data) Act 2001 (C2014G01912) was enacted to provide a mechanism for the Australian Prudential Regulation Authority (APRA) to maintain and update the register of registered entities in the financial sector. The 2001 Act was introduced to address the need for a comprehensive and updated database of entities subject to prudential regulation in Australia. This legislative instrument, which is a variation notice, was made under the authority granted by subsection 11(2) of the Act. The policy objective of the Act is to ensure that APRA can effectively regulate and supervise financial institutions by maintaining accurate and current records of registered entities. In this particular case, the notice removes Swan Securitisation Finance Pty Ltd from the register due to its cessation as a registrable corporation.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities involved in the financial sector, requiring them to provide data to the Australian Prudential Regulation Authority (APRA) which maintains a Register of Entities and a list of names of these registered entities. This legislation has a national reach as it is a Commonwealth Act, extending its application across all states and territories of Australia. The Act allows for the removal of entities from its register and associated lists when those entities no longer meet the criteria for registration, as seen in the case of Swan Securitisation Finance Pty Ltd. This particular legislative instrument concerns the removal of Swan Securitisation Finance Pty Ltd from the list of registered entities following its cessation as a registrable corporation, as defined under the Act. The application of the Act can be further extended or refined through subordinate instruments, which may provide additional details or specific conditions under which the Act operates. The scope of the Act does not include any stated exclusions or exemptions beyond those defined in the Act itself, and it applies to the conduct and transactions of entities within the financial sector as defined by the Act.

Key Provisions

Under the Financial Sector (Collection of Data) Act 2001, section 8 establishes that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities, which contains details of entities subject to the Act. Section 11 of the Act mandates APRA to maintain a list of the names of these registered entities. This specific legislative instrument, C2014G01912, addresses the removal of Swan Securitisation Finance Pty Ltd from both the Register of Entities and the list of names of registered entities. The Act defines "registrable corporation" in section 7, and since Swan Securitisation Finance Pty Ltd no longer meets the criteria, it is deemed to have ceased being a registrable corporation under subsection 5(3) of the Act. Consequently, John Hotham, a delegate of APRA, has exercised his authority under subsection 11(2) of the Act to remove the corporation's name from the list. The obligations under this Act require APRA to ensure the Register of Entities and the list of names are up to date and accurate, reflecting the current status of each entity. APRA must remove entities from these records when they cease to meet the criteria for registration. This includes verifying that entities like Swan Securitisation Finance Pty Ltd are no longer registrable corporations and subsequently updating the records accordingly. The Act imposes a clear duty on APRA to maintain these records with precision to ensure regulatory oversight is applied appropriately and effectively. Failure to comply with the requirements of the Act can lead to significant consequences. The Act does not explicitly detail offences, penalties, or civil/criminal consequences for breaches within this specific instrument. However, generally under the Financial Sector (Collection of Data) Act 2001, breaches can attract penalties that may include substantial fines and, in severe cases, criminal charges. The penalties for non-compliance with financial sector regulations are designed to ensure entities adhere to the legislative requirements to maintain the integrity and stability of the financial system. It is therefore imperative for APRA and other governed entities to meticulously follow the provisions of the Act to avoid any adverse legal ramifications.