Variation of List of Names and Categories of Registered Entities - Win Mezz No. 73 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to provide the Australian Prudential Regulation Authority (APRA) with the authority to collect and maintain data regarding financial sector entities, ensuring that APRA can effectively monitor and regulate the financial industry. The Act addresses the need for comprehensive and up-to-date information on entities within the financial sector, which is crucial for maintaining financial stability and protecting consumers. The Australian Government, through its Parliament, established this legislative framework to enable APRA to perform its regulatory functions effectively. The underlying policy objective of the Act is to enhance the transparency and accountability of financial sector entities, thereby contributing to the overall stability and integrity of the financial system.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those that are required to be registered by the Australian Prudential Regulation Authority (APRA). The Act mandates APRA to maintain a Register of Entities and a list of these entities’ names, and this legislation governs the inclusion and exclusion of entities from such records. The scope of the Act extends to entities that meet the criteria of being registrable corporations as defined in section 7 of the Act. In this particular case, the Act's application has been varied to remove the name of Win Mezz No. 73 Pty Ltd from the list and register, following its cessation as a registrable corporation. This change is authorised under the Act, allowing APRA to adjust the list as entities come in and out of scope. The Act’s jurisdiction is federal, applying across Australia, and while it sets out the primary framework, its application can be further detailed or restricted through subordinate instruments issued by APRA. There are no specific exclusions mentioned in this gazette, but the Act provides for exemptions and thresholds in other contexts, which are not relevant to this particular variation.

Key Provisions

The primary sections of the legislation, C2016G00216, revolve around the removal of a specific company from the register maintained by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001 (section 8). The list of names of registered entities, maintained under section 11 of the Act, is also referenced and amended by this legislation. The corporation in question, Win Mezz No. 73 Pty Ltd, has ceased to be a registrable corporation as defined in section 7 of the Act, and its particulars have been removed from the register under paragraph 10(c) of the Act. Consequently, the corporation has ceased to be a registered entity within the meaning of subsection 5(3) of the Act. The Act imposes several obligations and requirements on the parties and entities it governs. APRA is tasked with maintaining the register of entities and the list of registered entities' names. The corporation in question, once identified as no longer meeting the criteria for registration, must be removed from both the register and the list. This process is governed by subsection 11(2) of the Act, which authorises the removal of the corporation's name from the list by a delegate of APRA. The corporation, upon ceasing to be a registrable entity, must also ensure that all its activities comply with any cessation requirements imposed by the Act. Breaches of the provisions outlined in the Financial Sector (Collection of Data) Act 2001 may result in various consequences, including both civil and criminal penalties. While the specific maximum penalties are not detailed in the legislation itself, the Act generally provides for enforcement actions that may be taken against entities that fail to comply with the requirements of the Act. These actions could include fines, legal proceedings, or other regulatory sanctions. The severity of the penalties may depend on the nature and extent of the breach, as well as any mitigating or aggravating factors present in the specific case. In summary, the legislation C2016G00216 addresses the removal of a corporation from APRA's register and list of registered entities under the Financial Sector (Collection of Data) Act 2001. The Act imposes obligations on APRA to maintain the register and list, as well as on the corporation to ensure compliance with the Act's requirements. Failure to comply with the Act may result in civil and criminal consequences, although the specific penalties are not detailed in the legislation itself.