Variation of List of Names and Categories of Registered Entities - Win Mezz No. 87 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a framework for the collection and analysis of data relating to financial sector entities. This Act was introduced to address the need for a comprehensive and structured approach to data collection, aiming to enhance the regulatory oversight and stability of the financial sector. The Australian Prudential Regulation Authority (APRA) is the body responsible for maintaining a register of entities and a list of registered entities under sections 8 and 11 of the Act, respectively. The policy objective of the Act is to ensure that APRA has access to necessary information to effectively supervise and regulate financial entities, thereby maintaining the integrity and stability of the financial system. In accordance with the Act, APRA has the authority to vary the list of registered entities. This was exemplified by the removal of Win Mezz No. 87 Pty Ltd from the register and the list, as the corporation ceased to be a registrable entity. This legislative instrument was introduced to reflect the accurate and updated status of registered entities, ensuring that only entities currently subject to registration are listed. The variation was authorised by Barton Ashcroft, a delegate of APRA, under the powers provided in subsection 11(2) of the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are required to be registered and to provide specific data to the Australian Prudential Regulation Authority (APRA). This legislation ensures that APRA maintains a comprehensive register of these entities, which includes financial institutions such as banks, insurance companies, and superannuation funds. The Act mandates that APRA also keep a list of these registered entities, which includes their names and other relevant details. The geographic reach of this Act is national, affecting all financial sector entities operating within Australia. The Act provides mechanisms for APRA to update and manage this information, including the removal of entities that no longer meet the criteria for registration. The legislative instrument in question specifically addresses the removal of Win Mezz No. 87 Pty Ltd from the register and the corresponding list, reflecting the entity's cessation as a registrable corporation under the Act. The Act’s application can be further extended or modified through subordinate legislation, ensuring that the regulatory framework remains adaptable to changes in the financial sector.

Key Provisions

The main operative sections of the legislation, C2016G00218, pertain to the variations in the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001 (section 11). This Notice, issued by Barton Ashcroft, a delegate of the Australian Prudential Regulation Authority (APRA), formally removes the name of Win Mezz No. 87 Pty Ltd from the list of registered entities. The corporation, having ceased to be a registrable corporation as defined in section 7, and subsequently removed from the register under paragraph 10(c), no longer qualifies as a registered entity as per subsection 5(3). The variation is executed through subsection 11(2), which allows the delegate to amend the list of registered entities. The Act imposes certain obligations and requirements on APRA and the registered entities. APRA is mandated to maintain a Register of Entities (section 8) and a list of registered entities' names (section 11). When an entity ceases to meet the criteria for registration, APRA must remove the entity's name and details from the register (paragraph 10(c)). This ensures the register accurately reflects the current status of registered entities, maintaining the integrity of the data collection process. The registered entities, on the other hand, must comply with the registration criteria and notify APRA of any changes that may affect their registrable status. Breaching the requirements of the Financial Sector (Collection of Data) Act 2001 can lead to various consequences. While the specific offences and penalties are not detailed in this Notice, the Act generally provides for both civil and criminal penalties for non-compliance. Civil penalties can include fines, while criminal penalties may involve imprisonment. The severity of these penalties can vary based on the nature and extent of the breach. For instance, knowingly providing false or misleading information to APRA could attract more severe penalties compared to inadvertent errors. However, the maximum penalties are not specified in this particular Notice and would need to be referred to in the main Act or other relevant legislation.