Variation of List of Names and Categories of Registered Entities - Wesfarmers Finance Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Australian Parliament to streamline the collection and management of data within the financial sector, ensuring that the Australian Prudential Regulation Authority (APRA) can effectively monitor and regulate entities. This legislation addresses the need for a systematic approach to maintaining a comprehensive register of financial entities, thereby enhancing the oversight capabilities of APRA. The 2015 variation of the list of names and categories of registered entities under this Act serves to update the register maintained by APRA, ensuring that it reflects the current landscape of entities subject to regulatory oversight. The policy objective is to maintain an accurate and up-to-date record of entities within the financial sector, facilitating effective regulation and supervision.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that fall within the definition of "registrable corporation" as specified in section 7 of the Act. This includes financial institutions and corporations that operate within the financial sector, necessitating their registration with the Australian Prudential Regulation Authority (APRA). The Act mandates APRA to maintain a register of these entities and a list of their names, which is used to ensure compliance and effective data collection within the financial sector. The geographic reach of this Act is national, as it pertains to all entities operating within Australia’s financial sector. The Act’s application is extended through subordinate instruments which may include regulations or other official documents that further define the scope of entities subject to registration and data collection requirements. There are no specific exclusions or exemptions noted in the Act itself, although certain entities may be excluded based on criteria outlined in related legislative instruments or specific provisions within the Act.

Key Provisions

The main sections of the legislation, C2015G01210, concern the variation of the list of names and categories of registered entities, as per section 11 of the Financial Sector (Collection of Data) Act 2001. Under subsection 11(2), Barton Ashcroft, a delegate of the Australian Prudential Regulation Authority (APRA), has the authority to vary the list of registered entities. The purpose of this variation is to add the names of corporations that have met the criteria for registration, as defined in section 7 of the Act. This includes corporations that have become registrable under the Act and have had their details added to the register, as per paragraph 10(a) of the Act. The Act imposes several obligations and requirements on the parties it governs. Primarily, APRA is responsible for maintaining the Register of Entities under section 8 and the list of registered entities under section 11. The obligations include ensuring that the register and the list are kept up to date with the names and particulars of all registered entities. Furthermore, entities that meet the criteria for registration must be added to both the register and the list. This ensures transparency and regulatory oversight of entities within the financial sector, as mandated by the Act. In terms of consequences for breach, the legislation does not explicitly detail offences, penalties, or civil and criminal consequences within the Notice itself. However, under the broader provisions of the Financial Sector (Collection of Data) Act 2001, non-compliance with the Act’s requirements can result in civil and criminal penalties. These penalties can include fines and, in severe cases, imprisonment, depending on the nature and severity of the breach. The specific maximum penalties are outlined in other sections of the Act, which may apply to the failure to comply with the obligations set forth in this Notice.