Variation of List of Names and Categories of Registered Entities - Win Senior No. 113 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a framework for the collection of data from financial sector entities by the Australian Prudential Regulation Authority (APRA). This Act aimed to address the need for comprehensive and accurate data collection from entities within the financial sector to ensure the stability and integrity of the financial system. The problem it sought to resolve was the lack of a systematic approach to collecting and maintaining data from entities such as banks, insurance companies, and other financial institutions. The policy objective of the Act is to ensure that APRA has the necessary information to effectively supervise and regulate these entities. The Australian Parliament enacted this legislation to provide APRA with the authority to collect and manage data from registered entities, thereby enhancing its regulatory capabilities. In 2014, a legislative instrument was introduced to update the list of names of registered entities under the Act, reflecting changes such as the addition of new corporative entities like Win Senior No. 113 Pty Ltd. This variation was made by John Hotham, a delegate of APRA, under the authority granted by the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the Australian financial sector that are subject to the regulatory purview of the Australian Prudential Regulation Authority (APRA). The Act mandates the maintenance of a register of entities and a corresponding list of names of these registered entities. The scope of the Act includes the addition of new entities to this register and list when they meet the criteria of being a registrable corporation as defined by the Act. Specifically, this Notice pertains to the inclusion of Win Senior No. 113 Pty Ltd, which has recently qualified as a registrable corporation. The geographic reach of the Act is nationwide, given that APRA operates under Commonwealth jurisdiction, thus its application is not limited by state or territory boundaries. The Act does not explicitly state exclusions or exemptions; however, it does provide for the extension or restriction of its application through subordinate instruments, such as the current Notice that varies the list of registered entities by adding new names as they become registrable corporations.

Key Provisions

The main sections of this legislation relate to the variation of the list of names and categories of registered entities as per section 11(2) of the Financial Sector (Collection of Data) Act 2001. Specifically, this instrument allows the Australian Prudential Regulation Authority (APRA) to update its register and list by including the name of a new entity, in this case, Win Senior No. 113 Pty Ltd. The inclusion of this entity is formalised under section 11 of the Act, which mandates the maintenance of a list of names of registered entities. This addition follows the entity meeting the criteria as a registrable corporation as defined in section 7 of the Act. Under the Financial Sector (Collection of Data) Act 2001, APRA is tasked with several obligations concerning the registration and maintenance of the register and list of entities. Section 8 of the Act requires APRA to maintain a Register of Entities, which includes all registrable corporations. Section 10 mandates the inclusion of specific particulars about these entities, including their names, in the register. Furthermore, section 11(2) provides APRA with the authority to vary this list, ensuring that it remains current and accurate. By incorporating Win Senior No. 113 Pty Ltd into the list, APRA adheres to these statutory requirements. Failure to comply with the provisions of the Financial Sector (Collection of Data) Act 2001 can result in significant legal consequences. Although specific penalties are not detailed in this instrument, the Act generally outlines that breaches of its provisions can lead to both civil and criminal penalties. Civil penalties may include fines, while criminal penalties might involve imprisonment, reflecting the seriousness with which the Act treats non-compliance. It is essential for entities subject to the Act to ensure they meet all requirements to avoid these potential consequences.