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

Overview

The Variation of List of Names and Categories of Registered Entities instrument, dated 27 November 2014, was introduced in accordance with the Financial Sector (Collection of Data) Act 2001. This legislation was enacted by the Australian Parliament to facilitate the collection and dissemination of critical financial sector data, thereby enhancing the regulatory framework for financial institutions. The specific purpose of this instrument is to update the list of registered entities maintained by the Australian Prudential Regulation Authority (APRA), as required under section 11 of the Act. This update is necessary to ensure that the register accurately reflects the current status of entities subject to APRA's regulatory oversight. The instrument reflects the policy objective of maintaining an up-to-date and comprehensive register of entities to support effective regulatory and supervisory activities.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are required to provide data to the Australian Prudential Regulation Authority (APRA). The Act specifically mandates that APRA maintain a Register of Entities and a list of the names of these registered entities. This legislation applies to entities that are classified as registrable corporations under section 7 of the Act, which includes corporations that meet certain criteria relevant to the financial sector. The scope of the Act is broad, extending to any entity that falls under its definition of a registrable corporation, ensuring that these entities are properly recorded and monitored by APRA. The Act operates on a national level, with its provisions and the authority of APRA applying across the Commonwealth of Australia. Notably, the Act does not specify exclusions or thresholds in the provided notice, but it is understood that the scope of application can be extended or restricted through subordinate instruments, which may detail specific categories or types of entities subject to registration.

Key Provisions

The primary operative sections of this legislation, C2014G01983, pertain to the alteration of the list of names and categories of registered entities as per section 11 of the Financial Sector (Collection of Data) Act 2001. This legislative instrument mandates that the Australian Prudential Regulation Authority (APRA) maintain a register of entities (section 8) and a list of the names of these registered entities (section 11). Section 7 of the Act defines a registrable corporation, and paragraph 10(a) allows APRA to add the names and particulars of such corporations to the register. Consequently, Win Mezz No. 73 Pty Ltd (ABN 52 162 678 417) has been added to the register as a registered entity under subsection 5(3) of the Act. This Act imposes several obligations and requirements on the parties and entities it governs. Primarily, APRA is responsible for maintaining the register of entities and ensuring that the list of names is updated accurately and promptly. Under section 11, APRA must compile and keep a list of the names of registered entities, and this list must be updated whenever a new entity becomes registrable. Additionally, as per subsection 11(2), a delegate of APRA, such as John Hotham, is authorised to vary the list by adding the names of new corporations, as demonstrated in this instance with Win Mezz No. 73 Pty Ltd. The legislation does not explicitly outline offences or penalties for breaches within this specific instrument, but the Financial Sector (Collection of Data) Act 2001 provides a framework for enforcement. Non-compliance with the Act's requirements could potentially lead to administrative actions, including fines or other penalties, as stipulated under the broader provisions of the Act. The maximum penalties for breaches of the Act are not detailed in this particular variation notice, but they would typically be in line with the regulatory framework established by the Act.