Variation of List of Names and Categories of Registered Entities - Win Mezz No. 109 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a regulatory framework for the collection of data by the Australian Prudential Regulation Authority (APRA) concerning entities in the financial sector, thereby ensuring transparency and stability within the sector. This legislation was introduced to address the need for consistent and comprehensive data collection from financial entities to facilitate effective oversight and regulation. The policy objective underpinning the Act is to safeguard the financial system's integrity and stability by ensuring that APRA has access to accurate and up-to-date information about registered entities. This specific legislative instrument, C2015G00790, is a variation notice issued by Barton Ashcroft, a delegate of APRA, under the authority granted by subsection 11(2) of the Act. The notice updates the list of names of registered entities maintained by APRA, reflecting the addition of Win Mezz No. 109 Pty Ltd to the register. This update is necessary because the corporation has met the criteria for registration as defined in section 7 of the Act, and the particulars relating to the corporation have been added to the register under paragraph 10(a). Consequently, the corporation is now recognised as a registered entity under the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those that are required to be registered by the Australian Prudential Regulation Authority (APRA). The Act establishes a framework for the collection and management of data from these entities, ensuring that APRA has the necessary information to perform its regulatory functions effectively. The geographic reach of the Act is national, as it applies across Australia and involves entities regulated by APRA, which oversees authorised deposit-taking institutions, insurance companies, and superannuation funds. The Act includes provisions for the registration of entities, the maintenance of a register, and the listing of these entities by name. Notably, this legislation allows for variations to the list of registered entities, such as the addition of Win Mezz No. 109 Pty Ltd, which has become a registrable corporation under the Act. The Notice issued by Barton Ashcroft, a delegate of APRA, exemplifies the Act's provision for the dynamic updating of the list of registered entities, ensuring that the register remains current and accurate.

Key Provisions

The main operative sections of the legislation under the Financial Sector (Collection of Data) Act 2001 are section 8, which pertains to the keeping of a Register of Entities by APRA (the Australian Prudential Regulation Authority), and section 11, which concerns the maintenance of a list of names of registered entities. This legislative instrument specifically varies the list of names of registered entities, as outlined in section 11(2) of the Act. The legislation details that Win Mezz No. 109 Pty Ltd (ABN 46 601 956 772) has become a registrable corporation under section 7 of the Act and has been added to the register under paragraph 10(a), thus becoming a registered entity as defined in subsection 5(3) of the Act. The obligations imposed by this legislation on the parties involved are primarily administrative in nature. APRA is obligated to maintain an up-to-date register of entities as per section 8 of the Act. When a corporation, such as Win Mezz No. 109 Pty Ltd, becomes a registrable entity, it must be added to this register. Furthermore, APRA is required to update the list of names of registered entities under section 11. The named delegate, Barton Ashcroft, exercises his authority under subsection 11(2) of the Act to vary the list by adding the names of the newly registered entities. Breaching the requirements set forth in the Financial Sector (Collection of Data) Act 2001 can result in civil or criminal consequences. However, the specific offences, penalties, or consequences for breach are not explicitly detailed in the provided text. The Act may impose penalties for non-compliance, but the exact nature and maximum penalties would typically be found in other sections of the Act or in related legislation. It is important for entities and individuals governed by this Act to ensure they comply with all stipulated requirements to avoid any potential legal repercussions.