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 address the need for the collection of data related to the financial sector, with a focus on entities that require prudential regulation. This Act empowers the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of the names of registered entities. The problem or gap it was introduced to address is the necessity for a systematic and organised approach to collect and manage data pertaining to entities within the financial sector, ensuring that APRA can effectively regulate and supervise these entities to maintain financial stability and protect consumers. The policy objective of the Act is to facilitate the efficient collection and management of data by APRA to enable it to carry out its regulatory functions effectively. The legislative instrument in question, the Variation of List of Names and Categories of Registered Entities, is a gazetted instrument issued under the authority of the Financial Sector (Collection of Data) Act 2001. It serves to update the list of registered entities by removing the name of a corporation that has ceased to be a registrable entity, in this case, Win Mezz No. 50 Pty Ltd. This action is taken by a delegate of APRA, Barton Ashcroft, as per the provisions of the Act, ensuring that the list maintained by APRA remains accurate and up-to-date. This process underscores the importance of maintaining precise and current records to support APRA's regulatory activities.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities involved in the financial sector, including banks, credit unions, insurance companies, and other financial institutions, ensuring that they comply with data collection and reporting requirements. The Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of names of registered entities, ensuring transparency and accountability within the financial sector. The Act applies on a national level, covering entities operating across Australia, and extends its jurisdiction to all entities defined as registrable corporations under the Act. Notably, the Act does not specify any exclusions or exemptions; however, it provides for the removal of entities from the register when they cease to meet the criteria for registration. This legislative framework is further extended and detailed through subordinate instruments, which outline specific procedures and requirements for entity registration and data reporting.

Key Provisions

The gazetted document, C2016G00210, outlines the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. According to section 8 of the Act, the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities (the register), and section 11 of the Act mandates that APRA keeps a list of the names of registered entities (the list). The corporation, Win Mezz No. 50 Pty Ltd (ABN 79 154 295 459), has ceased to be a registrable corporation under section 7 of the Act. Consequently, APRA has removed the corporation's name and related particulars from the register under paragraph 10(c) of the Act, resulting in the corporation no longer being a registered entity under subsection 5(3) of the Act. The document signifies that Barton Ashcroft, a delegate of APRA, has varied the list by removing the corporation's name under subsection 11(2) of the Act. The Act imposes specific obligations and requirements on APRA and registered entities. APRA must maintain an accurate and updated Register of Entities and a list of registered entities' names. This responsibility includes ensuring that any changes, such as the removal of a corporation that is no longer registrable, are accurately reflected. The registered entities, in turn, must comply with the data collection requirements set forth by the Act and ensure that their status and particulars are accurately maintained in the register. These obligations ensure that the register and list are reliable sources of information for regulatory and supervisory purposes. The Act also includes provisions regarding offences, penalties, and consequences for non-compliance. While the specific offences and penalties are not detailed in this particular gazetted document, the Act generally provides for both civil and criminal penalties for breaches. Civil penalties may include fines and other monetary penalties, while criminal penalties can include imprisonment and fines, depending on the severity and nature of the breach. The maximum penalties are determined by the specific sections of the Act that are breached and are set out in the Act itself. Compliance with the Act is crucial to avoid these potential penalties and to maintain the integrity of the financial sector's regulatory framework.