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 to streamline the collection, analysis, and dissemination of data relevant to financial institutions and markets in Australia. The Australian Prudential Regulation Authority (APRA) maintains a Register of Entities and a list of names of registered entities as stipulated under sections 8 and 11 of the Act, respectively. This legislative framework aims to ensure that APRA can efficiently monitor and regulate entities within the financial sector. The present variation, Gazetted on 27 November 2014, pertains to the addition of Win Mezz No. 78 Pty Ltd to the list of registered entities. This adjustment was made by John Hotham, a delegate of APRA, under the authority conferred by subsection 11(2) of the Act. The policy objective remains consistent with the overarching purpose of the Act, which is to facilitate effective oversight and regulation of financial entities.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, including banks, insurance companies, and other financial institutions, as well as to corporations that are defined as registrable entities under the Act. The Act is administered by the Australian Prudential Regulation Authority (APRA), which maintains a Register of Entities and a list of names of registered entities. The Act has a national jurisdictional reach, applying across the Commonwealth of Australia. The legislative framework allows for the extension or restriction of its application through subordinate instruments, enabling APRA to add or remove entities from the register as necessary. Notably, the Act does not specify particular exclusions, exemptions, or thresholds, thereby encompassing a broad range of financial entities subject to its provisions. The Notice, issued under the authority of John Hotham as a delegate of APRA, serves to formally update the list by adding the names of newly registered entities, thereby ensuring the accuracy and currency of the register in line with the legislative mandate.

Key Provisions

The main operative sections of this legislation pertain to the Australian Prudential Regulation Authority (APRA) maintaining a Register of Entities and a List of Names of Registered Entities under the Financial Sector (Collection of Data) Act 2001. Section 8 of the Act mandates that APRA keeps a register of entities, while section 11 specifies that APRA is responsible for maintaining a list of these entities' names. Pursuant to these sections, John Hotham, a delegate of APRA, has exercised his authority under subsection 11(2) to vary the list by adding the name of Win Mezz No. 78 Pty Ltd, a newly registered entity as defined in section 7 of the Act. This action follows APRA's inclusion of the corporation's name and relevant details in the register under paragraph 10(a) of the Act, which makes it a registered entity as per subsection 5(3). The obligations imposed by the Act on APRA and the entities it governs are clear and specific. APRA must ensure that the Register of Entities and the List of Names of Registered Entities are accurately maintained and updated. This includes adding the names of newly registered entities as per the legislative requirements. For the entities themselves, they must meet the criteria for registration as defined in section 7 of the Act, and once registered, they must comply with any subsequent reporting or data collection requirements imposed by APRA. These obligations are essential for maintaining the integrity of financial data collection and ensuring that regulatory oversight is effective. In terms of the consequences for breach, the Financial Sector (Collection of Data) Act 2001 does not explicitly state specific offences, penalties, or consequences for failing to comply with the Act's requirements within this legislative instrument. However, the broader legislative framework under which APRA operates provides for various sanctions. For instance, breaches of the Act could potentially lead to civil penalties, enforcement actions, or even criminal charges, depending on the severity and nature of the breach. The Act empowers APRA to take necessary steps to enforce compliance, including seeking court orders or imposing fines. The maximum penalties for breaches can vary widely, but they can include substantial fines and, in severe cases, imprisonment for individuals found guilty of criminal offences under the Act.