Variation of List of Names and Categories of Registered Entities - Win Senior No. 123 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 (the Act) was enacted to address the need for effective regulation and supervision of the financial sector in Australia. It establishes a framework for the Australian Prudential Regulation Authority (APRA) to collect and maintain data on entities within the financial sector. The Act empowers APRA to keep a Register of Entities and a list of names of registered entities, ensuring that regulatory oversight is up-to-date and comprehensive. The problem or gap addressed by the Act is the necessity for a systematic and authoritative collection of data on entities that fall under APRA's regulatory purview. Enacted by the Parliament of Australia, the policy objective of the Act is to ensure the stability and efficiency of the financial sector through robust regulatory mechanisms, including the collection and maintenance of accurate and current data on financial entities. The legislative instrument titled "Variation of List of Names and Categories of Registered Entities" under the Financial Sector (Collection of Data) Act 2001 is a notification issued by John Hotham, a delegate of APRA, on 27 November 2014. This instrument serves to update the list of registered entities by adding the name of Win Senior No. 123 Pty Ltd, reflecting its status as a registrable corporation. The inclusion of this entity in the list ensures that APRA's regulatory oversight remains comprehensive and up-to-date, aligning with the overarching policy objective of the Act to maintain a stable and efficient financial sector through effective data management and regulatory practices.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that fall within its definition of a registrable corporation, specifically those entities that must be registered under the Act to ensure proper collection and dissemination of data within the financial sector. This Act applies to corporations, which are entities established under the Corporations Act 2001 and required to be registered with the Australian Prudential Regulation Authority (APRA). The geographic and jurisdictional reach of the Act is national, as it applies to entities operating within Australia and mandates data collection practices across the Commonwealth. The Act allows for the exclusion of certain entities through specified exemptions or thresholds, although the specific details of these exclusions are not outlined in the text. The application of the Act may also be extended or restricted through subordinate instruments issued by APRA, which can modify the list of names and categories of registered entities as necessary to reflect changes in the financial sector landscape.

Key Provisions

The primary operative sections of this legislative instrument pertain to the alteration of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001 (the Act). Specifically, section 11(2) of the Act allows a delegate of the Australian Prudential Regulation Authority (APRA) to vary the list of registered entities. In this instance, the delegate, John Hotham, has exercised this power to add the name of Win Senior No. 123 Pty Ltd (ABN 86 600 605 847) to the list. This addition follows the corporation becoming a registrable entity as defined in section 7 of the Act, and its inclusion in the register of entities under section 8. The corporation's particulars have been added to the register under paragraph 10(a) of the Act, thus making it a registered entity within the meaning of subsection 5(3) of the Act. The Act imposes certain obligations and requirements on the entities it governs. Firstly, entities that meet the criteria for registrability under section 7 must be included in APRA's register of entities as per section 8. This inclusion requires detailed particulars of the entity, such as its name and ABN, to be documented. Additionally, section 11 mandates that APRA maintains a list of the names of these registered entities, ensuring that the list is kept up to date and accurately reflects the current register. The process for varying this list, as exercised by the delegate in this instance, must be carried out in accordance with the provisions of the Act, ensuring transparency and legal compliance. In terms of potential breaches and consequences, the Act does not explicitly detail specific offences or penalties for failure to comply with the obligations imposed by sections 8 and 11. However, non-compliance with APRA's directives or statutory requirements could potentially lead to broader regulatory actions, including fines, enforcement actions, or other civil or administrative penalties. The precise nature and extent of these penalties would be determined based on the specific circumstances and the discretion of the regulatory authority. It is important for entities to adhere to the requirements set out in the Act to avoid any adverse consequences.