Variation of List of Names and Categories of Registered Entities - WFPL SPV Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of data on financial sector entities by the Australian Prudential Regulation Authority (APRA). This legislation aimed to address the need for comprehensive data collection to enhance the regulatory oversight of financial institutions. The Act was passed by the Parliament of Australia and seeks to ensure the stability and integrity of the financial sector by enabling APRA to maintain a Register of Entities and a List of Names of registered entities. This Notice, dated 20 July 2015, is an example of APRA exercising its authority under the Act to update the List of Names by adding the names of newly registered entities, thereby ensuring that the register remains current and reflective of the entities subject to APRA's oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that fall within the scope of registrable corporations, requiring the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of names of these registered entities. The Act mandates that any corporation meeting the criteria for registrability as defined in section 7 of the Act must be included in APRA's Register of Entities and subsequently have its name added to the list under section 11 of the Act. This legislative framework ensures that APRA can effectively monitor and regulate entities within the financial sector, providing a structured means to collect necessary data for prudential oversight. The Act operates on a national level, impacting entities across Australia, with any variations or additions to the list of registered entities made by a delegate of APRA, such as Barton Ashcroft, being published and effective nationwide. The inclusion of a corporation in the list is contingent upon it meeting the registrable criteria, and no exclusions or exemptions are explicitly stated in the provided excerpt, although it is acknowledged that further details may be contained in subordinate instruments.

Key Provisions

The main operative sections of this legislation pertain to the variation of the list of names and categories of registered entities as per the Financial Sector (Collection of Data) Act 2001. Section 8 of the Act establishes the Register of Entities, which is maintained by the Australian Prudential Regulation Authority (APRA). Section 11 of the Act mandates that APRA keeps a list of the names of registered entities. The addition of a new entity, WFPL SPV Pty Ltd (ABN 66 603 645 709), to this list under section 11(2) of the Act is authorised by the delegate of APRA, Barton Ashcroft, in this particular Notice dated 20 July 2015. The Act imposes certain obligations and requirements on APRA and the entities it governs. APRA is responsible for maintaining the Register of Entities and the list of registered entities. Section 7 of the Act defines a registrable corporation, and section 10(a) allows APRA to add the name of a corporation and related particulars to the register once it has become a registrable entity. In this case, WFPL SPV Pty Ltd, having met the criteria for a registrable corporation under section 7, is added to the register and subsequently listed as a registered entity in accordance with subsection 5(3) of the Act. The Financial Sector (Collection of Data) Act 2001 includes provisions for civil and criminal consequences in the event of non-compliance. Although the specific penalties for breaches of the Act are not detailed in this Notice, generally, the Act may provide for penalties under section 12, which could include fines and imprisonment for serious breaches. It is important for entities to comply with the requirements of the Act to avoid such consequences. The precise nature of the penalties would depend on the specific breach and the severity of the violation as determined under the Act. In summary, the key provisions of this legislation involve the addition of WFPL SPV Pty Ltd to the list of registered entities under the Financial Sector (Collection of Data) Act 2001. APRA's obligations include maintaining the Register of Entities and the list of registered entities, while the entity itself must meet the criteria for registration. Non-compliance with the Act may result in civil or criminal penalties, as outlined in the legislation.