Variation of List of Names and Categories of Registered Entities - Win Mezz No. 95 Pty Ltd

Overview

The Variation of List of Names and Categories of Registered Entities under the Financial Sector (Collection of Data) Act 2001, gazetted as C2014G01989, was enacted to address the need for maintaining an updated list of registered entities within the financial sector. This legislative instrument was introduced to ensure that the Australian Prudential Regulation Authority (APRA) could accurately and efficiently manage the register of entities and the list of names as new entities enter the sector. The Act was enacted by the Parliament of Australia, with the policy objective of facilitating the effective regulation and supervision of financial institutions by ensuring that APRA has the most current and comprehensive information on registered entities. This legislative instrument, gazetted on 27 November 2014, authorised the addition of Win Mezz No. 95 Pty Ltd to the register and the list of names, thereby recognising it as a registered entity under the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to the Australian Prudential Regulation Authority (APRA) and any entities it regulates within the financial sector, which includes authorised deposit-taking institutions, authorised market operators, insurance companies, and certain other entities. The Act mandates the collection of data from these entities to ensure the stability and integrity of the financial system. The Act applies on a Commonwealth level, meaning its provisions extend throughout Australia. The scope of the Act is such that it applies to any entity that APRA determines to be a registrable corporation under section 7 of the Act, and once these entities are registered, they become subject to the data collection requirements outlined in the Act. This Notice specifically pertains to the addition of Win Mezz No. 95 Pty Ltd to the list of registered entities under section 11 of the Act. This amendment ensures that the entity's data is collected and monitored in accordance with the Act's provisions. The Act also allows for the extension and restriction of its application through subordinate instruments, such as regulations or rules, which may further define the scope of entities and the data required from them.

Key Provisions

The primary operative sections of this legislation concern the management and updating of the list of registered entities under the Financial Sector (Collection of Data) Act 2001. Specifically, section 8 mandates that the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities, while section 11 requires APRA to maintain a list of names of these registered entities. Pursuant to section 7, a registrable corporation is defined, and once a corporation meets the criteria under this definition, it becomes subject to the Act’s requirements. In this instance, Win Mezz No. 95 Pty Ltd has been identified as a registrable corporation, and its details have been added to the Register under section 10(a). Consequently, the corporation has become a registered entity as defined in subsection 5(3) of the Act. The notice, dated 27 November 2014, records the variation of the list by John Hotham, a delegate of APRA, who adds the corporation’s name to the list as authorised under subsection 11(2). The Act imposes several obligations and requirements on the parties and entities it governs. APRA is responsible for maintaining accurate and up-to-date records of registered entities, including their names and relevant particulars. This involves ensuring that any new entities meeting the criteria for registration are promptly added to the Register and the List of Names. Registrable corporations must comply with the Act's requirements, including providing the necessary information for inclusion in the Register and List. Additionally, APRA must ensure that the processes for updating these records are transparent and compliant with the legislative framework. In terms of consequences for breach, the Act does not explicitly outline offences, penalties, or specific civil or criminal consequences for non-compliance with the registration and listing requirements. However, failure to comply with the Act’s mandates could potentially lead to regulatory actions by APRA, including investigations, fines, or other enforcement measures. While the specific penalties for non-compliance are not detailed within this notice, they would typically be governed by other sections of the Financial Sector (Collection of Data) Act 2001 or related legislation. It is crucial for registered entities to adhere to these requirements to avoid any regulatory repercussions.