Variation of List of Names and Categories of Registered Entities - Win Mezz No. 78 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Parliament of Australia to facilitate the collection of financial sector data, thereby enabling better regulation and oversight of the sector. This Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a register of entities, which includes a list of names of registered entities. The purpose of this legislation is to ensure that relevant financial sector data is systematically collected and managed, thereby supporting informed decision-making and effective supervision. The policy objective behind the Act is to enhance the stability and efficiency of the financial sector by providing necessary data to regulatory authorities. In line with this objective, APRA, as the enforcing body, is responsible for updating and maintaining the register to reflect changes in the status of entities within the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are subject to data collection requirements, overseen by the Australian Prudential Regulation Authority (APRA). This legislation mandates that APRA maintain a register of these entities, as well as a list of their names, which is used to ensure compliance with the data collection provisions. The Act applies nationally across Australia, impacting entities such as banks, insurance companies, and other financial institutions. Notably, the Act's application can be extended or restricted through subordinate instruments, enabling APRA to adjust the scope of entities subject to data collection as needed. The Act does not specify exclusions or exemptions but operates on a defined list of entities, with any changes to this list, such as the removal of "Win Mezz No. 78 Pty Ltd", being documented and made public through notices such as the one issued by Barton Ashcroft on behalf of APRA.

Key Provisions

The main operative sections of the legislation, C2016G00217, involve the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. According to section 11(2) of the Act, Barton Ashcroft, a delegate of the Australian Prudential Regulation Authority (APRA), has the authority to vary the list of registered entities by removing the name of a corporation that has ceased to be a registrable entity as defined in section 7. Specifically, the corporation in question, Win Mezz No. 78 Pty Ltd, has been removed from the register under section 8 of the Act and subsequently from the list maintained under section 11. This removal follows the cessation of the corporation's status as a registrable entity due to it no longer meeting the criteria defined in the Act. The obligations and requirements imposed by this legislation on the parties governed by it include the maintenance of an accurate and up-to-date Register of Entities and a corresponding list of names of registered entities. APRA is responsible for ensuring these records are kept current, reflecting any changes in the status of registered entities. When a corporation ceases to be a registrable entity, as determined by the criteria outlined in section 7, APRA must promptly remove the corporation's details from both the register and the list. This ensures that the records accurately represent the current state of entities subject to the Act, facilitating effective oversight and regulation. Breaches of the obligations set out in the Act may result in various civil or criminal consequences, depending on the nature and severity of the non-compliance. Although the specific penalties for non-compliance are not detailed in the notice, the Act itself provides a framework for imposing penalties. These can include fines and other sanctions for failing to maintain accurate records or for improperly removing or failing to remove entities from the register and list. The maximum penalties for such offences are outlined in other sections of the Act, which may include substantial financial penalties and potential criminal charges for serious or repeated breaches.