Variation of List of Names and Categories of Registered Entities - Win Mezz No. 50 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to provide a framework for the collection of data by the Australian Prudential Regulation Authority (APRA) from entities in the financial sector. This Act was introduced to address the need for a structured approach to gather essential data from financial institutions to ensure their stability and compliance with regulatory requirements. The Parliament of Australia enacted this legislation to empower APRA to efficiently manage and oversee the financial sector. The primary policy objective of the Act is to facilitate the regulation and supervision of financial institutions by ensuring that APRA has access to accurate and up-to-date information about registered entities, thereby contributing to the overall stability and integrity of the financial system. In the context of the 2014 legislative instrument, a notice was issued under subsection 11(2) of the Act by John Hotham, a delegate of APRA, to vary the list of names of registered entities. This amendment was necessary as Win Mezz No. 50 Pty Ltd had become a registrable corporation, and its details were subsequently added to the register under paragraph 10(a) of the Act. The variation to the list ensures that APRA's records are current and reflective of all entities subject to its regulatory oversight, aligning with the overarching goal of the Act to maintain a robust and reliable data collection mechanism.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the Australian financial sector that are required to be registered by the Australian Prudential Regulation Authority (APRA). This Act mandates the creation and maintenance of a Register of Entities and a List of Names of Registered Entities by APRA. The scope of the Act extends to entities that meet the criteria of being a registrable corporation as defined in section 7 of the Act. In the case of Win Mezz No. 50 Pty Ltd, it has been determined that this corporation meets the necessary criteria and has thus been added to APRA's register and list, thereby becoming a registered entity under subsection 5(3) of the Act. The Act's application is national in reach, impacting financial entities across Australia, and the list of registered entities is subject to updates as entities are added or removed. The legislative process allows for the extension or restriction of the Act's application through subordinate instruments, ensuring that the register and list remain current and accurate.

Key Provisions

The primary sections of the legislation that pertain to the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001 (the Act) involve section 8, which mandates the maintenance of a Register of Entities by the Australian Prudential Regulation Authority (APRA), and section 11, which establishes the list of the names of registered entities. The legislation also references section 7, which defines what constitutes a registrable corporation. The requirement to add a new entity to the register is governed by paragraph 10(a) of the Act, and the formal variation of the list is executed under subsection 11(2). Under the Act, APRA is obligated to maintain a comprehensive Register of Entities as per section 8, ensuring that all relevant data about registered entities is accurately recorded and updated. The list of names of registered entities, maintained under section 11, must be updated whenever a new entity becomes registrable. In the case of Win Mezz No. 50 Pty Ltd, which has met the criteria as a registrable corporation under section 7, APRA is required to add the corporation’s name and details to the register under paragraph 10(a). Once these steps are completed, the entity becomes a registered entity as defined in subsection 5(3) of the Act, and the list must be varied accordingly by the delegate of APRA, as stipulated in subsection 11(2). The legislation imposes specific obligations on APRA to ensure that the register and the list of names are accurate and up-to-date. APRA must verify that new entities that meet the criteria for registration are added to the register and that the list is subsequently updated. This includes obtaining and recording the necessary details of the new entity, such as its name and ABN. The delegate of APRA, in this case, John Hotham, has the authority to formally vary the list by adding the names of newly registered entities. This ensures that all stakeholders have access to the most current and accurate information regarding registered entities. Breaches of the requirements set out in the Act can lead to various civil or criminal consequences. While the specific penalties are not detailed in the provided text, it is common for such breaches to incur fines or other sanctions under Australian law. The severity of the penalties can vary depending on the nature and extent of the breach, but they can include substantial financial penalties for non-compliance. The Act’s provisions are designed to ensure that APRA and registered entities adhere to the stipulated processes and obligations, thereby maintaining the integrity and reliability of the financial sector data collection framework.