Variation of List of Names and Categories of Registered Entities - Win Mezz No. 89 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Parliament of Australia to address the need for systematic collection and management of financial sector data, ensuring that regulators such as the Australian Prudential Regulation Authority (APRA) have accurate and up-to-date information to monitor and supervise financial entities effectively. This legislation establishes a framework for the registration and data collection of entities within the financial sector, ensuring transparency and accountability. The policy objective is to facilitate better regulation and supervision by providing comprehensive and reliable data on financial entities, thereby contributing to the stability and integrity of the financial system. In line with this policy, the Australian Prudential Regulation Authority maintains a Register of Entities and a list of names of registered entities, as stipulated in sections 8 and 11 of the Act, respectively. This legislative instrument, which amends the list of names of registered entities, reflects the ongoing process of updating the register to include newly registrable corporations, ensuring that the data collection framework remains current and reflective of the evolving financial landscape.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are required to be registered under the Act, including corporations that meet the criteria for registrability. The Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of the names of these registered entities. The legislation mandates that APRA, under certain circumstances, can add the names of corporations that meet the specified criteria to the register, thereby making them registered entities. This act applies on a national level across Australia and extends to all entities defined as registrable under the Act. However, the Act does not specify particular exclusions or exemptions, although it allows for the extension or restriction of its application through subordinate instruments such as legislative instruments or regulations issued by APRA. The scope of this particular legislative instrument, the Variation of List of Names and Categories of Registered Entities, pertains specifically to the amendment of the list of registered entities, ensuring that it remains current and accurate.

Key Provisions

The main operative sections of this legislation detail the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. Specifically, section 11(2) of the Act allows the Australian Prudential Regulation Authority (APRA) to vary the list by adding the names of corporations that have become registrable entities, as defined in section 7 of the Act. Section 10(a) of the Act requires APRA to add the names and particulars of these entities to the register maintained under section 8. Once this addition is made, the entities become registered as per subsection 5(3) of the Act. The obligations imposed by this legislation require APRA to maintain an accurate and up-to-date register of registered entities, as well as a separate list of their names. This involves ensuring that the register reflects all entities that meet the criteria for registration under section 7 and that the list of names is regularly updated to include these entities. These obligations are crucial for the proper administration and oversight of the financial sector in Australia, ensuring that all relevant entities are properly accounted for and monitored. Failure to comply with the requirements of the Financial Sector (Collection of Data) Act 2001 can lead to significant consequences. While the specific offences, penalties, or civil/criminal consequences for breach are not detailed in this particular legislation, the Act generally provides for enforcement actions which can include fines and other penalties. The maximum penalties for breaches of the Act can be severe, reflecting the importance of accurate and timely data collection and reporting in the financial sector. Entities that fail to comply with their obligations under the Act may face both administrative and financial repercussions, reinforcing the need for strict adherence to the provisions of the legislation.