Variation of List of Names and Categories of Registered Entities - Swedbank AB (publ)

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a framework for the collection of data by the Australian Prudential Regulation Authority (APRA) from financial sector entities, ensuring these entities are registered and regulated appropriately. This legislation was introduced to address the need for comprehensive oversight and regulation of entities within the financial sector to maintain stability and protect consumers. The Australian Parliament enacted this Act to empower APRA with the necessary authority to collect and manage data from financial entities, ensuring that the financial sector operates within a regulatory framework designed to mitigate systemic risks. The policy objective of the Act is to enhance the regulatory environment of the financial sector by ensuring entities are appropriately registered and that APRA can effectively monitor and manage financial risks. In accordance with the Act, APRA maintains a Register of Entities and a list of names of these registered entities. The 2013 Gazette notice, C2013G00985, pertains to the variation of the list of names of registered entities under the Act. Barton Ashcroft, a delegate of APRA, varied the list by adding Swedbank AB (publ) as a registered entity, reflecting its status as a registrable corporation under the Act. This variation ensures the register remains current and accurate, facilitating APRA's oversight and regulatory functions.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are deemed registrable corporations under its provisions, and mandates the Australian Prudential Regulation Authority (APRA) to maintain a register of such entities as well as a list of their names. This legislative framework is designed to ensure that APRA, as the regulator, has accurate and up-to-date information on entities that fall within its purview, facilitating effective oversight and regulation. The Act's scope extends to the national level, given that APRA is a Commonwealth authority. The Act allows for the inclusion of additional entities in the register and list through subordinate instruments, such as the one referenced here, which specifically adds Swedbank AB (publ) to the list of registered entities. This addition is made following the corporation's classification as a registrable entity under the Act, and subsequent entry into APRA's register. There are no explicit exclusions or exemptions stated in this particular legislative instrument, but the overarching Act may contain provisions that exclude certain types of entities or transactions from its ambit.

Key Provisions

The gazetted legislation C2013G00985 amends the Financial Sector (Collection of Data) Act 2001 by varying the list of names and categories of registered entities. According to section 8 of the Act, the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities. The list of names of these registered entities is maintained under section 11 of the Act. In this instance, Swedbank AB (publ) has been identified as a registrable corporation under section 7 of the Act. Consequently, under paragraph 10(a) of the Act, APRA has added the corporation's name and other relevant details to the register, making it a registered entity as per subsection 5(3) of the Act. Barton Ashcroft, as a delegate of APRA, has exercised the authority under subsection 11(2) of the Act to modify the list by including the names of these corporations. The Act imposes specific obligations on APRA to ensure that the register and the list of registered entities are kept up to date. Section 8 requires APRA to maintain the Register of Entities, which includes details of all entities that are subject to prudential regulation. Section 11 mandates that APRA also keeps a list of the names of these registered entities. This dual responsibility ensures that all relevant entities are accurately documented and identifiable. Section 10(a) further mandates that when a new entity, such as Swedbank AB (publ), becomes a registrable corporation, APRA must update the register with the necessary information. The inclusion of the corporation's name on the list, as per subsection 11(2), ensures that the list reflects the current status of all registered entities. Breaching the requirements of the Act can lead to significant consequences. While the specific provisions regarding offences, penalties, and consequences for non-compliance are not detailed in the gazetted legislation, the Act generally provides for enforcement actions against entities that fail to comply with its provisions. Penalties can range from fines to more severe sanctions depending on the nature and severity of the breach. In some cases, non-compliance can also lead to civil or criminal liability for the entity or its officers. The exact penalties are typically outlined in other sections of the Act and related regulations, but the overarching intent is to ensure that all entities adhere to the statutory requirements for the effective regulation of the financial sector.