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, enacted by the Commonwealth Parliament, addresses the need for the systematic collection and management of financial sector data to ensure the stability and integrity of the financial system. This Act provides the Australian Prudential Regulation Authority (APRA) with the authority to maintain a register of entities and a list of their names, enabling effective oversight and regulation. The policy objective is to facilitate the efficient supervision of financial institutions by ensuring that APRA has up-to-date and accurate information on registered entities. This legislative instrument, specifically the Variation of List of Names and Categories of Registered Entities, serves to update the list of registered entities by adding the names of new corporations that meet the criteria under the Act, thereby enhancing the regulatory framework's capacity to adapt to changes in the financial sector.

Scope and Application

The Variation of List of Names and Categories of Registered Entities under the Financial Sector (Collection of Data) Act 2001 applies to entities that are subject to the regulatory oversight of the Australian Prudential Regulation Authority (APRA). Specifically, it pertains to entities that are required to be registered by APRA and whose names are to be added to the Register of Entities and the list of registered entities maintained by APRA. The Act applies to entities that meet the definition of a registrable corporation under section 7 of the Act, which encompasses a broad range of financial sector entities including banks, credit unions, insurance companies, and other financial institutions. The application of this Act is national, extending across all states and territories within Australia. However, the Act does not specify any exclusions, exemptions, or thresholds for the entities it covers. The Act's scope can be further extended or specified through subordinate instruments, such as regulations or guidelines issued by APRA, which provide additional detail on the registration process and the categories of entities subject to the Act.

Key Provisions

The key sections of the legislation revolve around the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. According to subsection 11(2) of the Act, the Australian Prudential Regulation Authority (APRA) is responsible for maintaining a Register of Entities and a list of the names of registered entities. In this instance, the list is varied to include Win Mezz No. 87 Pty Ltd (ABN 22 165 434 211) as a registered entity. This is made possible through the corporation becoming a registrable entity under section 7 of the Act, and APRA subsequently adding the corporation’s name and particulars to the register under paragraph 10(a) of the Act. The corporation’s addition to the register triggers its inclusion in the list of registered entities under subsection 5(3) of the Act. The obligations imposed on the entities governed by this Act primarily involve compliance with the requirements for registration and data collection. Registered entities must ensure that their information is accurate and up-to-date to facilitate effective regulation by APRA. This includes providing any additional information requested by APRA as part of the registration process. Furthermore, these entities must adhere to any further instructions or requirements imposed by APRA in relation to their status as registered entities. Failure to comply with the provisions of the Act can result in various civil or criminal consequences. While the specific penalties are not detailed in the legislation, breaches of similar financial sector legislation typically involve fines that can be substantial, depending on the severity and impact of the breach. Additionally, persistent non-compliance may lead to more severe penalties, including potential legal action or even the revocation of the entity's registration status. These penalties are designed to ensure that registered entities take their obligations seriously and maintain the integrity of the regulatory framework.