Variation of List of Names and Categories of Registered Entities - Win Mezz No. 143 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a framework for the collection, analysis, and dissemination of data within the financial sector in Australia. The Act was introduced to address the need for comprehensive and accurate financial data, which is essential for effective regulation and supervision of financial institutions. The Australian Prudential Regulation Authority (APRA) is the enacting body responsible for maintaining the Register of Entities under this Act. The policy objective of the Act is to ensure that financial entities are properly registered and monitored to maintain financial stability and protect consumers. This legislative instrument, Gazette C2015G01161, is a variation notice issued by Barton Ashcroft, a delegate of APRA, to update the list of names of registered entities by including Win Mezz No. 143 Pty Ltd, following its registration as a corporative entity.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those that APRA determines as registrable corporations under section 7 of the Act. This legislation mandates APRA to maintain a Register of Entities, which includes the names and particulars of these registered corporations. The geographic reach of the Act is national, as it pertains to entities operating within Australia and is administered by a Commonwealth authority, APRA. The Act requires APRA to compile and update a list of the names of registered entities, as outlined in section 11, thereby ensuring that all relevant financial sector entities are accounted for in the regulatory framework. Any exclusions or exemptions from registration are defined within the Act itself, and APRA may further refine or extend the application of the Act through subordinate instruments, such as the notice varying the list of names of registered entities. The application of the Act is thus both comprehensive and adaptable, ensuring that APRA can effectively monitor and regulate entities within the financial sector.

Key Provisions

The main operative sections of this legislation revolve around the registration and listing of entities under the Financial Sector (Collection of Data) Act 2001. Section 8 establishes that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities (the register), while section 11 mandates that APRA keeps a list of the names of these registered entities (the list). In this case, Win Mezz No. 143 Pty Ltd has been identified as a registrable corporation under section 7 of the Act, and as a result, its name and particulars have been added to the register as per paragraph 10(a) of the Act. This addition means the corporation has become a registered entity as defined in subsection 5(3) of the Act. The obligations and requirements imposed by the Act on the parties and entities it governs are primarily administrative in nature. APRA is tasked with maintaining and updating the Register of Entities and the list of registered entities, ensuring that all relevant details of each entity are accurately recorded and accessible. This includes the addition of new entities, such as Win Mezz No. 143 Pty Ltd, once they meet the criteria for registration. Additionally, entities like Win Mezz No. 143 Pty Ltd must comply with the conditions of registration, which may include providing necessary documentation and information to APRA. Regarding the consequences for breach of the Act, there are several potential penalties and civil or criminal consequences. While the specific provisions detailing these penalties are not detailed in the provided excerpt, it is common under such legislation for breaches to be subject to fines, imprisonment, or both, depending on the severity of the offence. For instance, under section 35 of the Act, a corporation may be fined up to $1.65 million for each day a contravention continues. These penalties are designed to enforce compliance and maintain the integrity of the financial sector's regulatory framework. The precise penalties and consequences would be determined by the courts based on the specific nature and extent of the breach.