Variation of List of Names and Categories of Registered Entities - Win Mezz No. 92 Pty Ltd

Overview

The Variation of List of Names and Categories of Registered Entities Financial Sector (Collection of Data) Act 2001 is a legislative instrument that was enacted to ensure the Australian Prudential Regulation Authority (APRA) maintains an accurate and up-to-date list of registered entities under the Financial Sector (Collection of Data) Act 2001. This Act was introduced to address the need for a comprehensive and current record of entities subject to data collection requirements, facilitating effective regulatory oversight and compliance monitoring within the financial sector. The policy objective, as per the Act, is to empower APRA to efficiently manage the register of entities, thereby enhancing the regulatory framework's efficacy. This legislative instrument was issued by a delegate of APRA, John Hotham, Senior Manager of Data Collection, on 27 November 2014, to amend the list by adding the names of corporations that have become registrable under the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are required to be registered under the Act, including those within the financial sector. Specifically, this Act mandates the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of the names of these registered entities. This legislative framework ensures that entities subject to the Act, such as Win Mezz No. 92 Pty Ltd in this instance, are appropriately registered and their details are accurately recorded. The geographic and jurisdictional reach of the Act is national, as it pertains to entities operating within Australia. The Act extends its application through subordinate instruments, which allow for the addition of new entities to the register and list, as demonstrated in this notice by the addition of Win Mezz No. 92 Pty Ltd. There are no specific exclusions or exemptions stated in the Act itself, though the scope of entities subject to registration is determined by the definitions and criteria set forth within the legislation.

Key Provisions

The Financial Sector (Collection of Data) Act 2001 (the Act) primarily provides for the collection of data by the Australian Prudential Regulation Authority (APRA) on entities within the financial sector. Under section 8 of the Act, APRA maintains a Register of Entities, and under section 11, APRA maintains a list of the names of these registered entities. In the case of Win Mezz No. 92 Pty Ltd, which has become a registrable corporation as defined in section 7 of the Act, APRA has added the corporation's name and particulars to the Register under paragraph 10(a) of the Act. Consequently, Win Mezz No. 92 Pty Ltd is now a registered entity under subsection 5(3) of the Act. The obligations imposed by the Act on registered entities like Win Mezz No. 92 Pty Ltd include compliance with data collection requirements set out in the Act. This entails providing APRA with the necessary information about the entity, including its name and other particulars, ensuring that the Register and the list of registered entities are up-to-date and accurate. The Act mandates that APRA keep this register and list, and it grants authority to its delegate to make variations to these lists as necessary. In this specific instance, John Hotham, a delegate of APRA, has exercised this authority to update the list by including the name of Win Mezz No. 92 Pty Ltd under subsection 11(2) of the Act. In terms of the consequences for non-compliance, the Act does not explicitly detail offences or penalties in this particular variation notice. However, failure to comply with data collection requirements under the Act could potentially lead to enforcement actions by APRA, which may include civil or criminal penalties depending on the nature and severity of the breach. These penalties can vary widely and are determined in accordance with the specific provisions of the Act and other relevant legislation. The maximum penalties for breaches of data collection requirements in financial sector legislation can include substantial fines and, in some cases, imprisonment for serious or repeated offences.