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

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection of financial sector data and establish a comprehensive register of entities. This legislation addresses the need for accurate and up-to-date information on entities operating within Australia's financial sector, ensuring that the Australian Prudential Regulation Authority (APRA) has the necessary data to carry out its regulatory functions effectively. The Act was enacted by the Parliament of Australia, aiming to provide a robust framework for the supervision and regulation of financial institutions. This specific legislative instrument, a legislative instrument under subsection 11(2) of the Act, demonstrates the ongoing management of the register by removing the name of a corporation that has ceased to be a registrable entity, thereby reflecting changes in the financial sector landscape.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 governs the collection of data and information from financial sector entities within Australia, and the legislation's scope is specifically directed at entities that fall within the regulatory purview of the Australian Prudential Regulation Authority (APRA). The Act applies to entities that are registered under the authority of APRA, which includes a wide array of financial institutions such as banks, insurance companies, and superannuation funds. The legislation mandates these entities to provide data to APRA to facilitate effective regulation and supervision of the financial sector. This regulatory framework has a national reach, extending across the Commonwealth of Australia and impacting financial entities operating within its jurisdiction. Notably, the Act allows for the exclusion of certain entities that may not meet the criteria for registration or may have ceased operations, as evidenced by the removal of Win Finance No. 107 Pty Ltd from the register. The removal of this entity's name from the register signifies its cessation as a registrable corporation and a registered entity under the Act, illustrating the dynamic nature of the register as it is updated to reflect changes in the financial sector landscape. Additionally, the Act provides for the extension of its application through subordinate instruments, allowing for further specification and implementation of its provisions.

Key Provisions

The legislation, C2016G00209, involves the variation of a list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001 (the Act). Specifically, section 11(2) of the Act allows a delegate of the Australian Prudential Regulation Authority (APRA) to vary the list of registered entities by removing the name of a corporation that has ceased to be a registrable corporation. The authority to make this variation is exercised by Barton Ashcroft, a delegate of APRA, who has signed the notice dated 3 February 2016. Under section 8 of the Act, APRA maintains a Register of Entities, and under section 11, it maintains a list of the names of these registered entities. The corporation in question, Win Finance No. 107 Pty Ltd, has ceased to be a registrable corporation as defined in section 7 of the Act. As a result, APRA has removed the corporation's name and related particulars from the register under paragraph 10(c) of the Act. Consequently, the corporation no longer qualifies as a registered entity under subsection 5(3) of the Act, leading to its removal from the list. The obligations imposed by the Act on APRA include maintaining accurate records of registered entities and updating these records when an entity ceases to meet the criteria for registration. This includes the duty to remove the name of the corporation from both the register and the list once it is determined that the corporation no longer meets the registrable criteria. Barton Ashcroft, as a delegate of APRA, has fulfilled this obligation by making the necessary variation to the list. Failure to comply with the requirements of the Act may result in legal consequences. While the specific offences and penalties are not detailed in this notice, breaches of the Act can potentially lead to both civil and criminal penalties. The Financial Sector (Collection of Data) Act 2001 might provide for fines, imprisonment, or other sanctions depending on the nature and severity of the breach. However, the exact penalties would need to be referred to in the primary Act or relevant case law.