Variation of List of Names and Categories of Registered Entities - Win Finance No. 107 Pty Ltd

Overview

The Variation of List of Names and Categories of Registered Entities Financial Sector (Collection of Data) Act 2001 is a legislative instrument designed to address the need for the Australian Prudential Regulation Authority (APRA) to update and maintain a list of registered entities within the financial sector. Enacted by the Parliament of Australia, this Act aims to ensure that the financial sector operates with a clear and up-to-date record of all entities subject to regulatory oversight by APRA. The policy objective of this legislation is to facilitate effective regulation and supervision of financial institutions by maintaining accurate and comprehensive records of registered entities. This amendment to the list of names and categories of registered entities under the Act reflects the dynamic nature of the financial industry and ensures that APRA can efficiently manage its regulatory functions.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those that are designated as registrable corporations under the Act. The Australian Prudential Regulation Authority (APRA) maintains a Register of Entities and a corresponding list of names of these entities. In this context, Win Finance No. 107 Pty Ltd has been identified as a registrable corporation and its details have been added to the Register as per the Act. Consequently, the corporation is now a registered entity. The Act's provisions allow APRA to update the list of registered entities, a function exercised by a delegate such as John Hotham, Senior Manager of Data Collection, who has varied the list to include the newly added corporation. This legislation operates on a Commonwealth level, affecting entities across Australia as they are overseen by APRA. The Act does not specify exclusions or exemptions, but it does provide for the possibility of further regulation through subordinate instruments, which may delineate additional details or conditions for specific entities or circumstances.

Key Provisions

The main sections of the Financial Sector (Collection of Data) Act 2001 that are relevant to this gazette include section 8, which mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities, and section 11, which requires APRA to keep a list of the names of registered entities. In accordance with these sections, the gazette varies the list by adding the name of Win Finance No. 107 Pty Ltd (ABN 51 168 820 648), which has become a registrable corporation as defined under section 7 of the Act. This action is taken pursuant to subsection 11(2) of the Act, which empowers a delegate of APRA to vary the list of registered entities. The Act imposes several obligations on the parties and entities it governs. Firstly, it mandates APRA to keep a comprehensive Register of Entities under section 8, ensuring that all entities subject to the Act are documented. Section 11 further requires APRA to maintain a separate list of the names of these registered entities. In addition, the Act requires that when a corporation becomes a registrable entity, APRA must add its name and relevant particulars to the Register, as stipulated in paragraph 10(a). Once this is done, the corporation officially becomes a registered entity under subsection 5(3) of the Act. Failure to comply with the provisions of the Financial Sector (Collection of Data) Act 2001 can result in significant consequences. While the specific offences, penalties, or consequences for non-compliance are not detailed in the gazette, breaches of the Act generally may result in civil or criminal penalties. Civil penalties can include substantial fines, while criminal penalties may include imprisonment, depending on the severity and nature of the breach. The maximum penalties are not specified in the gazette but would be determined based on the specific provisions of the Act and the circumstances of the breach. It is important for entities subject to the Act to ensure compliance to avoid these potential penalties.