Variation of List of Names and Categories of Registered Entities - Win Mezz No. 149 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Parliament of Australia to facilitate the collection, analysis, and dissemination of financial sector data, thereby enhancing the regulatory framework for prudential supervision of financial institutions. This Act was introduced to address the need for a comprehensive and systematic approach to collecting and managing data relevant to the financial sector, ensuring that authorities like the Australian Prudential Regulation Authority (APRA) have the necessary information to monitor and regulate financial entities effectively. The policy objective of the Act is to improve the quality and reliability of financial data, thereby contributing to the stability and integrity of the financial system. The Act provides APRA with the authority to maintain a register of entities and a list of their names, enabling it to keep track of entities subject to prudential regulation. This legislative measure ensures that APRA can efficiently manage and update information on financial entities, thereby supporting its oversight functions.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are subject to regulation by the Australian Prudential Regulation Authority (APRA). The Act mandates the collection of data from these entities to ensure financial stability and protect consumers. The scope of the Act includes various financial institutions, such as banks, insurance companies, and authorised deposit-taking institutions, as defined by the Act. The list of registered entities maintained by APRA includes these financial institutions, and the Act requires that their names and other particulars be recorded on this list. The Act has a national reach, applying across all states and territories in Australia, as it is a Commonwealth Act. There are no stated exclusions or exemptions in this particular variation of the list, and any thresholds or further details would be specified in subordinate instruments or related guidelines. The variation of the list by adding the names of corporations is a formal process under the authority granted by the Act, ensuring that the register remains current and comprehensive.

Key Provisions

The legislation C2015G01162 (Gazette) pertains to the Financial Sector (Collection of Data) Act 2001 and involves the Australian Prudential Regulation Authority (APRA) updating its register of registered entities. Section 8 of the Act establishes that APRA maintains a register of entities, and section 11 specifies that APRA keeps a list of the names of these registered entities. With the inclusion of Win Mezz No. 149 Pty Ltd (ABN: 22 604 824 008) as a registrable corporation as defined in section 7, APRA has updated the register under paragraph 10(a) of the Act. Consequently, the corporation is now a registered entity according to subsection 5(3) of the Act. Under subsection 11(2), Barton Ashcroft, as a delegate of APRA, varies the list by adding the name of the corporation. The Act imposes several obligations on the entities it governs. Firstly, any entity that becomes a registrable corporation under the Act must ensure it is correctly identified and registered with APRA. APRA is then responsible for updating its register and list of registered entities to include this new corporation. This registration process ensures that APRA has the necessary information to monitor and regulate these entities effectively. Furthermore, registered entities must comply with any additional requirements imposed by APRA to maintain their registration status. The legislation also outlines potential consequences for non-compliance with its provisions. Although specific offences, penalties, or civil/criminal consequences are not detailed in this particular gazette, breaches of the Financial Sector (Collection of Data) Act 2001 could lead to various enforcement actions. Typically, under the Act, penalties for non-compliance might include fines, legal action, or other regulatory measures. The severity of these penalties would depend on the nature and extent of the breach, and they are designed to enforce compliance and maintain the integrity of the financial sector’s regulatory framework.