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 was enacted to facilitate the collection of data on financial sector entities, ensuring transparency and accountability within the sector. The Act was introduced to address the need for accurate and up-to-date information about entities subject to prudential standards and oversight. The Australian Prudential Regulation Authority (APRA) is the body responsible for maintaining the Register of Entities and the list of names of registered entities. The policy objective of the Act is to enhance the effectiveness of regulatory oversight by ensuring that APRA has the necessary data to monitor and regulate financial sector entities. The legislative instrument provided updates the list of registered entities by adding new entities as they become subject to registration under the Act, ensuring the list remains current and comprehensive.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 governs the collection and management of data within the financial sector in Australia, and it applies to entities such as authorised deposit-taking institutions, insurance corporations, and registered managed investment schemes. The Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of the names of these registered entities. The inclusion of Win Mezz No. 68 Pty Ltd in this list reflects its status as a registrable corporation under the Act, and this formal addition to the register is a procedural step ensuring that the corporation is now recognised as a registered entity. The Act’s provisions allow APRA to extend or restrict its application through subordinate instruments, thereby maintaining flexibility in managing the entities under its purview. Notably, the Act’s jurisdiction spans the Commonwealth, ensuring a cohesive approach to financial sector data management across Australia.

Key Provisions

The main operative sections of the Variation of List of Names and Categories of Registered Entities Notice (C2014G01982) pertain to the actions taken under the Financial Sector (Collection of Data) Act 2001 (the Act). Section 8 of the Act establishes that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities (the register). Section 11 of the Act mandates that APRA also maintains a list of the names of these registered entities (the list). Section 7 of the Act defines a registrable corporation, which is relevant to the inclusion of Win Mezz No. 68 Pty Ltd (ABN 71 161 005 750) in this context. Under paragraph 10(a) of the Act, APRA adds the name of the corporation and other related particulars to the register, thereby making the corporation a registered entity under subsection 5(3) of the Act. The Notice, dated 27 November 2014 and signed by John Hotham, a delegate of APRA, formally varies the list by adding the names of these corporations as required by subsection 11(2) of the Act. The obligations and requirements imposed by the Act on the parties or entities it governs are primarily centred around the maintenance and updating of the Register of Entities and the list of registered entities' names. APRA is mandated to ensure that the register is kept up-to-date with the inclusion of any new registrable corporations. This involves verifying the eligibility of entities as registrable corporations under section 7 of the Act and subsequently adding them to the register under paragraph 10(a). Once a corporation is added to the register, it automatically becomes a registered entity, necessitating the inclusion of its name on the list maintained under section 11 of the Act. The Act also empowers a delegate of APRA, such as John Hotham, to vary the list by adding the names of these corporations, as stipulated in subsection 11(2). The Act provides for both civil and criminal consequences for breaches, although specific offences, penalties, or civil/criminal consequences are not detailed within this particular Notice. Generally, under the Financial Sector (Collection of Data) Act 2001, there may be provisions for penalties associated with non-compliance, such as fines or other sanctions, which could be enforced through the courts. These penalties are intended to ensure that entities adhere to the requirements of maintaining and updating the register and list of registered entities accurately and in a timely manner. However, the exact nature and severity of these penalties would typically be found in other sections of the Act or related legislative instruments, rather than in this specific Notice.