Variation of List of Names and Categories of Registered Entities - Win Senior No. 105 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001, enacted by the Parliament of Australia, was established to enhance the capacity of the Australian Prudential Regulation Authority (APRA) to collect and manage data on financial sector entities. This legislation was introduced to address the need for comprehensive and up-to-date information on financial institutions to ensure regulatory effectiveness and stability within the sector. The Act allows APRA to maintain a register of entities and a list of names of registered entities, ensuring that all relevant financial institutions are properly monitored and regulated. The policy objective of the Act is to improve the collection and management of data relating to financial entities, thereby supporting the regulatory functions of APRA and contributing to the overall stability and integrity of Australia's financial system. This specific legislative instrument, Gazette C2014G01992, details a variation to the list of names of registered entities, reflecting changes in the financial sector's composition and APRA's ongoing commitment to effective data management and regulation.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector in Australia, necessitating the collection and maintenance of data on these entities to ensure regulatory oversight and stability. The Act requires the Australian Prudential Regulation Authority (APRA) to maintain a register of entities and a list of registered entities, as per sections 8 and 11 of the Act, respectively. The register includes comprehensive information on entities subject to APRA's regulatory purview, while the list specifically names these registered entities. The Act mandates that any new entity meeting the criteria for registration must have its details added to both the register and the list. This legislative framework allows APRA to extend or restrict its application through subordinate instruments, ensuring that the list of registered entities is kept up-to-date and accurate, thereby facilitating effective regulatory supervision.

Key Provisions

The key provisions of the legislation, C2014G01992, pertain to the Financial Sector (Collection of Data) Act 2001 and specifically involve the Australian Prudential Regulation Authority's (APRA) management of the Register of Entities and the List of Names of Registered Entities. Section 8 of the Act mandates APRA to maintain a register of entities, while section 11 requires the maintenance of a list of the names of these registered entities. Under section 7 of the Act, a registrable corporation is defined, and once a corporation meets these criteria, it becomes subject to registration. In this instance, Win Senior No. 105 Pty Ltd has been identified as a registrable corporation, and its name and particulars have been added to the register under section 10(a) of the Act. Consequently, the corporation becomes a registered entity as per subsection 5(3) of the Act. The Notice, dated 27 November 2014 and signed by John Hotham, a delegate of APRA, formally varies the list by adding the name of this corporation to it, as authorised by subsection 11(2) of the Act. The obligations imposed by the Act on the parties or entities it governs include the requirement for APRA to diligently maintain the Register of Entities and the List of Names of Registered Entities. This entails ensuring that all registrable corporations are correctly identified and added to the register. For entities like Win Senior No. 105 Pty Ltd, once they meet the criteria set out in the Act, they must be registered with APRA. The process includes the submission of necessary details, which APRA then incorporates into the register and the list. This systematic approach ensures that APRA has accurate and up-to-date information on all registered entities, enabling it to perform its regulatory functions effectively. Furthermore, the entities themselves must comply with the registration requirements and any subsequent obligations imposed by APRA as part of their registration status. The legislation also outlines consequences for non-compliance with the Act's requirements. While the specific offences and penalties are not detailed in the Notice, breaches of the Financial Sector (Collection of Data) Act 2001 can lead to various civil and criminal consequences. For instance, under section 20 of the Act, a person who contravenes a provision of the Act may be subject to penalties. The penalties can include fines, with the exact amount determined by the severity of the offence. Additionally, in more severe cases, individuals may face imprisonment. The Act empowers APRA to take action against entities that fail to comply with registration requirements, which can include legal proceedings to enforce compliance or impose sanctions. The precise penalties and consequences for specific breaches are typically detailed in the Act itself or in associated regulations, but the overarching framework is designed to ensure adherence to regulatory standards.