Variation of List of Names and Categories of Registered Entities - Win Mezz No. 68 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Commonwealth Parliament, establishes a framework for the collection, analysis, and dissemination of financial sector data by the Australian Prudential Regulation Authority (APRA). This Act was introduced to address the need for effective regulation and supervision of the financial sector, ensuring systemic stability and protecting consumers. The primary objective is to enable APRA to efficiently gather and manage data related to financial entities, thereby facilitating informed regulatory decisions. The legislation empowers APRA to maintain a register of entities and a list of names of registered entities, with the capacity to update these records as necessary to reflect changes in the status of financial entities. This legislative instrument, in the form of a Gazette Notice, demonstrates APRA's exercise of its powers under the Act to adjust the list of registered entities by removing the name of a company that has ceased to be a registrable corporation, thereby maintaining the accuracy and relevance of the register.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to the Australian Prudential Regulation Authority (APRA) and the entities it regulates, including authorised deposit-taking institutions, authorised non-operating holding companies, life insurance companies, friendly societies, credit unions, and other prudentially regulated entities. This Act mandates the collection and maintenance of data on these entities, enabling APRA to monitor and regulate the financial sector effectively. The Act's application is national in scope, covering all states and territories within Australia, and it extends to entities whose activities impact the stability of the financial system. The Act does not specify exclusions or thresholds, but it does provide for certain exemptions under various sections, such as for small authorised deposit-taking institutions and certain small life insurance companies. The scope of the Act can be further defined or modified through subordinate instruments, which may introduce additional criteria or specific conditions relevant to data collection and reporting.

Key Provisions

The legislation, C2016G00215, pertains to the Financial Sector (Collection of Data) Act 2001 and involves the variation of the list of names and categories of registered entities. Under section 11(2) of the Act, Barton Ashcroft, as a delegate of the Australian Prudential Regulation Authority (APRA), has removed the name of Win Mezz No. 68 Pty Ltd from the list of registered entities. This action follows the cessation of the corporation being a registrable entity under section 7 of the Act, and its removal from the register under paragraph 10(c) of the Act. The corporation, with ABN 71 161 005 750, has thus ceased to be a registered entity as defined in subsection 5(3) of the Act. The Act imposes specific obligations on APRA, including maintaining a Register of Entities (section 8) and a list of registered entities' names (section 11). These obligations are critical for ensuring that the entities subject to the Act are properly identified and managed. APRA must also ensure that the list of registered entities is kept up-to-date, which includes removing entities that no longer meet the criteria for registration. In this case, APRA has diligently followed the required procedures to remove Win Mezz No. 68 Pty Ltd from both the register and the list of names, reflecting its commitment to maintaining accurate records. In terms of consequences for breaches, the Act does not explicitly detail offences or penalties related to the maintenance of the register or list of names. However, failure to comply with the Act's provisions could potentially lead to broader regulatory or legal actions against APRA or the entities involved, depending on the context and specific requirements of the Act. The primary focus of the legislation is on the accurate and timely updating of the register and list, ensuring that entities are correctly classified and managed under the Act.