Variation of List of Names and Categories of Registered Entities - Turner Securities Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to provide a framework for the collection of data by the Australian Prudential Regulation Authority (APRA) from financial sector entities. The Act was introduced to address the need for consistent and comprehensive data collection from financial institutions to enable effective prudential regulation and oversight. The problem it sought to address was the lack of a cohesive system for collecting and managing data from financial entities, which hindered the ability of regulators to monitor and respond to potential risks within the financial sector. The policy objective of the Act is to ensure that APRA has the necessary tools and authority to collect and manage data from registered entities effectively, thereby enhancing the stability and integrity of Australia's financial system. This legislation empowers APRA to maintain a register of entities and a list of registered entities' names, facilitating the collection of data from these entities. The 2013 Gazette Notice, issued under the authority of the Act, specifies the variation of the list by adding the names of new registered entities, such as Turner Securities Ltd, to ensure that APRA's records remain current and comprehensive. This ongoing process underscores the importance of maintaining accurate and up-to-date records to support effective regulatory oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector in Australia, specifically those that are subject to registration by the Australian Prudential Regulation Authority (APRA). This Act mandates APRA to maintain a Register of Entities and a List of Names of these registered entities, ensuring that all relevant financial sector entities are properly identified and monitored. The legislative framework enables APRA to collect necessary data and enforce compliance, thereby safeguarding the stability and integrity of the financial system. The geographic reach of the Act is national, as it applies across Australia, encompassing various entities such as banks, insurance companies, and other financial institutions as defined under the Act. The Act’s application extends to all entities that meet the criteria for registration, without explicit exclusions or thresholds specified in the primary legislation, though the scope may be further detailed through subordinate instruments. In this context, the inclusion of Turner Securities Ltd in the List of Names and Categories of Registered Entities signifies its recognition as a registered entity under the Act.

Key Provisions

The main operative sections of this legislation are sections 8, 11, and 11(2) of the Financial Sector (Collection of Data) Act 2001. Section 8 of the Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities, while section 11 requires APRA to keep a list of the names of registered entities. Under section 11(2), Barton Ashcroft, as a delegate of APRA, is authorised to vary this list by adding the names of corporations that meet the criteria for registration. The document specifies that Turner Securities Ltd, with the Australian Business Number (ABN) 85 122 088 617, has been identified as a registrable corporation according to section 7 of the Act. The obligations imposed by the Act on the parties involved are primarily administrative. APRA, as the regulatory authority, must ensure that the Register of Entities is up-to-date and accurate, and that the list of registered entities reflects the current status of entities subject to the Act. This includes adding the names of corporations that meet the criteria for registration, such as Turner Securities Ltd, to both the register and the list of registered entities. Barton Ashcroft, acting on behalf of APRA, has the authority to make these additions to the list as per section 11(2) of the Act. The legislation does not explicitly detail offences, penalties, or consequences for breaches. However, by implication, failure to accurately maintain the register and list of registered entities could result in regulatory non-compliance. While specific penalties are not outlined in this particular notice, breaches of the Financial Sector (Collection of Data) Act 2001 or related regulations could lead to enforcement actions by APRA, including fines, legal proceedings, or other regulatory sanctions as provided under the broader regulatory framework. The absence of explicit penalties in this notice does not negate the potential for significant repercussions for non-compliance with the Act.