Variation of List of Names and Categories of Registered Entities - Win Mezz No. 131 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for a robust system of data collection and management within the financial sector, ensuring that appropriate regulatory bodies, such as the Australian Prudential Regulation Authority (APRA), have the necessary information to effectively supervise and regulate financial institutions. The Act provides the legal framework for APRA to maintain a Register of Entities and a list of names of registered entities, facilitating the collection and dissemination of critical financial data. This legislative initiative was introduced by the Commonwealth Parliament, with a policy objective to enhance financial stability and consumer protection by ensuring that relevant authorities are well-informed about the entities operating within the financial sector. This specific legislative instrument, gazetted on 13 March 2015, pertains to the variation of the list of names and categories of registered entities under the Act. The notice, issued by Barton Ashcroft, a delegate of APRA, reflects the addition of Win Mezz No. 131 Pty Ltd to the list of registered entities. This addition is a result of the corporation meeting the criteria for registrability as defined in section 7 of the Act, and it signifies the ongoing efforts by APRA to keep the list of registered entities accurate and up-to-date.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, requiring the registration of certain corporations by the Australian Prudential Regulation Authority (APRA). The Act mandates that APRA maintains a register of these entities, which includes details such as the names of registered entities. Specifically, the Act applies to entities that meet the criteria of being a registrable corporation as defined in section 7, which in turn makes them subject to the provisions of the Act. The geographic reach of this Act is national, as it pertains to entities operating within Australia. The Act extends its application through subordinate instruments, allowing APRA to add the names of corporations to the register and the list as necessary. This particular gazetted notice, dated 13 March 2015, concerns the addition of Win Mezz No. 131 Pty Ltd to the register and list, reflecting the corporation's status as a registrable entity. The Act does not explicitly state any exclusions or exemptions but operates under the authority provided by APRA, ensuring that the register and list are updated to include all relevant entities.

Key Provisions

The key operative sections of the legislation involve the maintenance of a Register of Entities and a list of the names of registered entities as per sections 8 and 11 of the Financial Sector (Collection of Data) Act 2001 (the Act). Under section 8, the Australian Prudential Regulation Authority (APRA) is tasked with keeping a Register of Entities, while under section 11, APRA is responsible for maintaining a list of the names of these entities. The Act also defines a registrable corporation under section 7, and the addition of a corporation's name and particulars to the Register is governed by paragraph 10(a). The inclusion of Win Mezz No. 131 Pty Ltd in the Register, and subsequently in the list, is authorised under subsection 11(2) of the Act, as evidenced by the variation notice dated 13 March 2015 signed by Barton Ashcroft, a delegate of APRA. The obligations imposed by the Act on the parties it governs are primarily administrative and procedural. APRA must ensure that the Register of Entities is up to date and accurately reflects the current status of all registered entities. This includes the timely addition of new entities, as specified in section 10(a) of the Act. Barton Ashcroft, as a delegate of APRA, has the authority to make variations to the list of names of registered entities, ensuring that the list remains current and comprehensive. The Act mandates that these actions are carried out in accordance with the stipulated sections, ensuring transparency and accountability in the registration process. The legislation does not explicitly outline specific offences or penalties for breaches of the Act's provisions. However, failure to comply with the obligations imposed by the Act could potentially lead to legal consequences under broader administrative law principles. This may include judicial review or enforcement actions if APRA does not maintain the Register or list as required. While the Act itself does not detail maximum penalties, breaches of similar administrative duties under other Australian legislation could result in civil or criminal penalties, depending on the severity and intent of the breach. It is important for APRA and its delegates to adhere strictly to the Act's requirements to avoid any potential legal repercussions.