Variation of List of Names and Categories of Registered Entities - UFL Australia Pty Limited

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to provide a framework for the collection and use of financial sector data by the Australian Prudential Regulation Authority (APRA). The primary objective of the Act is to ensure that APRA has the necessary information to effectively supervise and regulate entities within the financial sector. This Act was introduced to address the need for a comprehensive and systematic approach to data collection and management in the financial sector, thereby enhancing the regulatory capacity of APRA and improving the overall stability and integrity of the financial system. The Australian Government, through the Parliament, enacted this legislation to establish a robust mechanism for the regulation and supervision of financial entities. The policy objective underpinning the Act is to facilitate informed decision-making and effective oversight by APRA, ultimately contributing to the resilience and reliability of Australia's financial institutions.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, requiring them to provide data to the Australian Prudential Regulation Authority (APRA) for the purposes of regulation and supervision. Specifically, the Act mandates that APRA maintains a Register of Entities and a list of names of these entities. This legislation applies to entities such as authorised deposit-taking institutions, registered providers of financial services, and other entities defined as registrable corporations under section 7 of the Act. The scope of the Act is national, as it is a Commonwealth Act, thereby encompassing entities across Australia. The Act's provisions allow for the exclusion of entities that no longer meet the criteria for registration, as evidenced by the removal of UFL Australia Pty Limited from the register and the list due to its cessation as a registrable corporation. The Act’s application can be extended or restricted through subordinate instruments, enabling APRA to adjust the register and list as necessary.

Key Provisions

The Financial Sector (Collection of Data) Act 2001 (the Act) mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities (sections 8 and 11). Under section 11, APRA is responsible for keeping a list of the names of these registered entities. The Act specifies that certain corporations must be included in this register, and the list is updated accordingly. In this instance, UFL Australia Pty Limited, identified by its ABN 84 117 278 476, has ceased to be a registrable corporation as defined in section 7 of the Act. Consequently, APRA has removed the name of this corporation and related details from the register under paragraph 10(c) of the Act, resulting in the corporation no longer being a registered entity as per subsection 5(3) of the Act. APRA, as the authority overseeing the register, has specific obligations to ensure that the list of registered entities is accurate and up-to-date. This involves meticulously maintaining the register and updating it whenever a corporation ceases to meet the criteria for registration. In the case of UFL Australia Pty Limited, APRA's duty under subsection 11(2) of the Act requires the removal of the corporation's name from the list, reflecting its status as no longer a registered entity. This process ensures that the list accurately represents the current state of registered entities, fulfilling the legislative mandate of the Act. The Act does not explicitly outline specific offences or penalties for non-compliance with its provisions regarding the maintenance of the register and the list of registered entities. However, breaches of related administrative and regulatory duties can lead to civil and criminal consequences under other sections of the Act or related legislation. The penalties for such breaches can include fines and, in severe cases, imprisonment. The specific penalties depend on the nature and severity of the breach, as well as any additional laws or regulations that may apply. Under the Act, the removal of UFL Australia Pty Limited from the register and the list signifies the corporation’s cessation as a registered entity. This action by APRA ensures that the register remains current and accurate, which is critical for the effective oversight and regulation of financial sector entities. The notice issued by John Hotham, a delegate of APRA, dated 11 June 2014, formalises this change and adheres to the requirements set out in subsection 11(2) of the Act. This regulatory action underscores the importance of maintaining precise records in the financial sector, ensuring compliance with legislative mandates.