Variation of List of Names and Categories of Registered Entities - Triumph II Investments (Ireland) Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of data by the Australian Prudential Regulation Authority (APRA) to ensure the safety and soundness of the financial sector. This legislation was introduced to address the need for a comprehensive and up-to-date register of entities within the financial sector, thereby enhancing APRA's ability to monitor and regulate these entities effectively. The Australian Parliament enacted this Act to empower APRA to maintain a register of entities and a list of their names, enabling the authority to efficiently collect and manage data relevant to financial entities. The policy objective behind this Act is to safeguard the stability and integrity of Australia's financial system by ensuring that APRA has the necessary tools and information to oversee and regulate financial entities appropriately.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities regulated by the Australian Prudential Regulation Authority (APRA), which includes a wide range of financial institutions such as banks, insurance companies, authorised deposit-taking institutions, and superannuation funds. The Act mandates APRA to maintain a Register of Entities and a List of Names and Categories of these registered entities. The geographic reach of the Act is national, as it applies to entities operating across Australia. The Act applies to entities that meet the criteria of being a registrable corporation as defined in section 7 of the Act. The list of registered entities is subject to change as new entities become registrable corporations and is updated accordingly. This Notice, dated 4 October 2013, made by Barton Ashcroft, a delegate of APRA, updates the List by adding the names of new corporations that have become registered entities, thus ensuring that the List remains current and comprehensive. There are no stated exclusions, exemptions, or thresholds in this specific Notice, although the overarching Act may contain provisions that exclude certain entities or types of data under specific circumstances. The Act may extend its application through subordinate instruments, which allow for detailed regulations and operational guidelines to be established.

Key Provisions

The main operative sections of this legislation pertain to the Financial Sector (Collection of Data) Act 2001, which governs the maintenance and updating of the Register of Entities and the List of Names and Categories of Registered Entities. Section 8 of the Act mandates the Australian Prudential Regulation Authority (APRA) to maintain the Register of Entities, while section 11 requires APRA to keep a list of registered entities' names. The legislative instrument (C2013G01507) specifically addresses the addition of Triumph II Investments (Ireland) Limited to both the register and the list, as per sections 7, 10(a), and 5(3) of the Act. Under the Act, APRA is required to ensure that the Register of Entities and the List of Names and Categories of Registered Entities are accurate and up-to-date. This involves the registration of new entities that meet the criteria outlined in the Act, such as Triumph II Investments (Ireland) Limited becoming a registrable corporation. APRA must, therefore, include the name of the corporation and relevant particulars in the register (section 10(a)) and add the corporation's name to the list of registered entities (section 11). This process ensures that all entities subject to the Act are properly documented and monitored. The Act imposes several obligations on APRA, including the responsibility to ensure the accuracy and currency of the Register of Entities and the List of Names and Categories of Registered Entities. APRA must also ensure that any new registrable corporations, such as Triumph II Investments (Ireland) Limited, are appropriately added to these records. This necessitates the timely collection and verification of relevant information about new entities and their compliance with the Act’s requirements. There are no specific offences or penalties outlined in this legislative instrument for failure to comply with the Act's requirements concerning the register and the list of registered entities. However, the overarching Financial Sector (Collection of Data) Act 2001 does provide for penalties in other contexts. For example, misleading or deceptive conduct under the Act can lead to fines of up to $1.2 million for individuals and $6 million for corporations, as stipulated in section 12GA of the Act. The Act also allows for the imposition of civil penalties for non-compliance, which may include fines or other sanctions deemed appropriate by the relevant authorities.