Variation of List of Names and Categories of Registered Entities - Win Mezz No. 142 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Australian Parliament, establishes a framework for the collection of data from financial sector entities to ensure their compliance and the stability of the financial system. This legislation specifically empowers the Australian Prudential Regulation Authority (APRA) to maintain a register of entities and a list of their names, ensuring transparency and oversight in the sector. The 2015 Gazetted instrument, C2015G01160, addresses the need to update the list of registered entities by including Win Mezz No. 142 Pty Ltd, reflecting its status as a registrable corporation under the Act. This update facilitates accurate monitoring and regulatory compliance by APRA. The policy objective of the Act is to enhance the regulatory oversight of financial sector entities, thereby contributing to the stability and integrity of the financial system.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are required to be registered by the Australian Prudential Regulation Authority (APRA). Specifically, the Act pertains to corporations, including those that become registrable, and mandates their registration with APRA. This registration involves the inclusion of the entity's name and other relevant particulars in a designated list maintained by APRA. The Act operates at a Commonwealth level and its provisions extend to entities involved in financial services, ensuring that APRA has up-to-date information on these entities for regulatory purposes. The inclusion of entities in the register and the list is a formal process that triggers their status as registered entities under the Act, thereby subjecting them to the regulatory oversight of APRA. This legislative framework ensures that financial entities are appropriately monitored and managed within the Australian financial sector.

Key Provisions

The legislation in question pertains to the Financial Sector (Collection of Data) Act 2001, specifically addressing the variation of the list of names and categories of registered entities. Under section 11(2) of the Act, Barton Ashcroft, a delegate of the Australian Prudential Regulation Authority (APRA), has the authority to vary the list of registered entities. The main operative sections of this legislation require APRA to maintain a register of entities (section 8) and a list of registered entities' names (section 11). The list is updated when a new entity, such as Win Mezz No. 142 Pty Ltd, becomes a registrable corporation under section 7 of the Act. Once APRA adds the new entity's name and particulars to the register under paragraph 10(a), the entity officially becomes a registered entity as per subsection 5(3) of the Act. The obligations imposed by this legislation on APRA are primarily administrative. APRA must ensure that the register and the list of names are accurately maintained and updated whenever a new entity meets the criteria for registration. This includes verifying that the entity is indeed a registrable corporation and that all necessary information is correctly recorded. The Act mandates that APRA must also ensure the list is publicly accessible and updated in a timely manner to reflect any changes or additions. The legislation also outlines potential consequences for failure to comply with its provisions. Although the specific penalties are not detailed within this particular variation notice, the Financial Sector (Collection of Data) Act 2001 generally provides for both civil and criminal penalties for breaches. Civil penalties may include fines, while criminal penalties could result in imprisonment, reflecting the importance of compliance with data collection and entity registration requirements within the financial sector. The exact penalties would depend on the nature and severity of the breach, as outlined in other sections of the Act.