Variation of List of Names and Categories of Registered Entities - Win Mezz No. 86 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection and dissemination of data concerning the financial sector in Australia, thereby promoting financial stability and transparency. This legislation, enacted by the Australian Parliament, mandates the Australian Prudential Regulation Authority (APRA) to maintain a register of entities subject to regulatory oversight, along with a list of their names. The act was introduced to address the need for comprehensive and accurate data to support regulatory functions, ensuring that APRA can effectively monitor and supervise entities that could impact financial stability. The policy objective of the act is to enhance the capacity of APRA to perform its regulatory duties by ensuring that it has access to up-to-date and detailed information on entities within its purview. This specific legislative instrument, dated 27 November 2014, pertains to the variation of the list of names and categories of registered entities under the Act. John Hotham, acting as a delegate of APRA, authorised the addition of Win Mezz No. 86 Pty Ltd to the register and subsequently to the list of registered entities. This addition follows the corporation becoming a registrable entity as defined in section 7 of the Act. The instrument ensures that the list maintained by APRA is current and reflective of all entities that fall under its regulatory scope, thereby supporting the overarching aim of the Act to maintain a stable and transparent financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to the Australian Prudential Regulation Authority (APRA), which is responsible for maintaining a register of entities subject to its regulatory oversight. The Act mandates APRA to keep a list of the names of registered entities, which includes corporations that are subject to specific regulatory requirements and must be registered with APRA. This Act applies to registrable corporations as defined under section 7, and its geographic reach pertains to entities within the Australian jurisdiction. Notably, the Act does not specify any exclusions or exemptions for entities required to be registered, thus broadly applying to all relevant corporations. Subordinate instruments may further extend or clarify the application of the Act, but the primary responsibility of APRA remains the administration and updating of the register and the list of registered entities. The recent variation of the list to include Win Mezz No. 86 Pty Ltd is an example of APRA exercising its authority under the Act to ensure that all relevant entities are properly registered and monitored.

Key Provisions

The main operative sections of this legislation pertain to the updating of the list of names of registered entities under the Financial Sector (Collection of Data) Act 2001 (the Act). According to section 11(2) of the Act, the Australian Prudential Regulation Authority (APRA) maintains a list of names of registered entities, and I, John Hotham, a delegate of APRA, have the authority to vary this list by adding the names of corporations that meet the criteria outlined in the Act. Specifically, under section 11 of the Act, APRA is responsible for maintaining a list of registered entities, which includes those corporations that have been identified as registrable under section 7 of the Act. Furthermore, under section 10(a) of the Act, APRA has added the details of Win Mezz No. 86 Pty Ltd (ABN 69 165 434 097) to the register of entities, thereby confirming its status as a registered entity under subsection 5(3) of the Act. The Act imposes several obligations and requirements on the parties it governs, primarily APRA and the registered entities themselves. APRA must ensure that the register of entities is kept up to date and accurate, including the names of all registered entities. This involves the verification of corporations that meet the criteria for registration and the subsequent addition of their names to the list under section 11 of the Act. Registered entities, in turn, must comply with the data collection requirements specified by APRA, ensuring that all necessary information is provided in a timely and accurate manner. This facilitates the regulatory oversight and supervision of the financial sector by APRA, which is essential for maintaining the stability and integrity of the financial system. In terms of breaches and the potential consequences, the Act does not explicitly outline specific offences or penalties within this particular legislative instrument. However, failure to comply with the data collection requirements or other obligations imposed by the Act could potentially lead to legal consequences. These may include civil penalties under section 13E of the Act, which allows for fines up to $11,100 for individuals and $55,500 for corporations for serious or repeated breaches of the data collection provisions. Additionally, persistent non-compliance could result in more severe consequences, such as enforcement actions by APRA, which may include the imposition of administrative penalties or other regulatory measures. It is important for all parties involved to adhere to the requirements of the Act to avoid any potential legal repercussions.