Variation of List of Names and Categories of Registered Entities - Trident Jet (Australia) Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection, analysis, and dissemination of data within the financial sector by the Australian Prudential Regulation Authority (APRA). This Act addresses the need for a systematic approach to the collection of financial data to ensure the stability and efficiency of the financial system. APRA, as the relevant authority, is tasked with maintaining a Register of Entities and a list of the names of these registered entities, which are crucial for regulatory oversight and enforcement. The policy objective of the Act is to enable effective regulation by ensuring that APRA has up-to-date and accurate information on entities subject to its oversight. The legislation allows APRA to update this information as entities change their status, such as when a registrable corporation ceases to exist and is consequently removed from the register and list. This ensures that the regulatory framework remains relevant and effective in managing financial risks.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 governs the collection of data by the Australian Prudential Regulation Authority (APRA) regarding registered entities within the financial sector. This Act applies to entities such as banks, credit unions, insurance companies, and other financial institutions that are registered with APRA, ensuring that these entities comply with regulatory standards and provide necessary data for the oversight and stability of the financial sector. The Act extends its reach across the Commonwealth of Australia, mandating compliance from all entities operating within the financial sector. Notably, the Act allows for the exclusion of certain entities based on specific criteria and thresholds that determine registrability. Additionally, the scope of the Act can be extended or restricted through subordinate instruments, enabling APRA to adapt the regulatory framework to emerging financial trends or specific industry needs. This legislative approach ensures that the financial sector remains robust and well-regulated.

Key Provisions

The Financial Sector (Collection of Data) Act 2001 (the Act) encompasses several key sections pertinent to the management of the register and list of registered entities. Section 8 of the Act establishes that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities. This register is essential for tracking and monitoring entities subject to data collection requirements under the Act. Section 11 of the Act stipulates that APRA also maintains a list of the names of registered entities. This list is integral for identifying entities that are currently registered and subject to the Act's provisions. Under the Act, APRA is tasked with specific obligations to ensure the register and list are accurate and up-to-date. When a company such as Trident Jet (Australia) Pty Ltd ceases to be a registrable corporation, as defined in section 7, APRA must act to reflect this change. Pursuant to section 10(c), APRA removes the corporation's name and related particulars from the register, ensuring that it no longer appears as a registered entity. Additionally, under section 11(2), APRA is required to update the list by removing the corporation's name, thereby ensuring the list accurately represents the current status of registered entities. Failure to comply with the provisions of the Act can result in serious consequences. While the specific Act does not detail penalties in the provided excerpt, breaches of similar legislative frameworks typically result in civil or criminal penalties. Civil penalties may include fines that can be substantial, depending on the severity and intent behind the breach. Criminal penalties could range from fines to imprisonment, depending on the nature and impact of the non-compliance. These consequences are designed to enforce adherence to the Act and ensure the integrity of the data collection process.