Variation of List of Names and Categories of Registered Entities - Win Senior No. 127 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection and analysis of data within the financial sector by the Australian Prudential Regulation Authority (APRA). This legislation was introduced to address the need for comprehensive and timely data collection to ensure the stability and integrity of the financial sector. The Act empowers APRA to maintain a register of entities and a list of registered entities, allowing for efficient oversight and regulation. The Variation of List of Names and Categories of Registered Entities Financial Sector (Collection of Data) Act 2001 (Gazette) is an instrument made under the authority of the Act, which facilitates the updating of the list of registered entities. The policy objective of this variation is to ensure the register accurately reflects all entities subject to APRA's oversight, thus enhancing regulatory efficacy. This particular variation, dated 27 November 2014, was signed by John Hotham, a delegate of APRA, and involves adding the name of Win Senior No. 127 Pty Ltd to the list of registered entities.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities that are regulated by the Australian Prudential Regulation Authority (APRA), specifically those entities that are required to be registered under the Act. This includes financial institutions and corporations that fall within the regulatory purview of APRA. The Act operates on a national level, regulating entities across Australia, and its scope encompasses the collection, management, and dissemination of financial data by these registered entities. The Act extends its application through subordinate instruments, allowing for the detailed specification of the types of entities that require registration and the data to be collected. In this particular case, the scope of the Act is illustrated by the addition of Win Senior No. 127 Pty Ltd to the Register of Entities and the list of registered entities, which is a direct application of the Act’s provisions as administered by APRA. The Act does not explicitly state exclusions, but the nature of its application suggests that entities not regulated by APRA are outside its immediate scope.

Key Provisions

The Variation of List of Names and Categories of Registered Entities Financial Sector (Collection of Data) Act 2001 outlines specific sections that pertain to the registration and maintenance of entities within the Australian financial sector. Section 8 of the Act provides for the establishment of a register of entities, which is maintained by the Australian Prudential Regulation Authority (APRA). Section 11 requires APRA to keep a list of the names of registered entities, and the instrument in question varies this list by adding the name of a new corporation, Win Senior No. 127 Pty Ltd, which has become a registrable entity under section 7 of the Act. This addition follows the requirement in section 10(a) of the Act, which mandates that APRA adds the name and relevant details of the corporation to the register. Under the Act, entities such as Win Senior No. 127 Pty Ltd must meet specific criteria to be registered and included in the list maintained by APRA. Section 7 of the Act defines what constitutes a registrable entity, while section 11 obliges APRA to keep a list of these entities. The obligation on APRA is further clarified in subsection 11(2) of the Act, which allows a delegate, such as John Hotham, to vary the list by adding new entities. The process involves ensuring that the new entity meets the criteria set out in the Act and subsequently adding its name and relevant details to both the register and the list. The legislation also delineates the consequences of failing to comply with the requirements set forth in the Act. While the specific penalties are not detailed in the instrument itself, breaches of the Act may lead to legal and financial repercussions. The Act could potentially impose fines, sanctions, or other penalties as stipulated in the broader legislative framework. The severity of these penalties can vary depending on the nature and extent of the breach. The Act's overarching purpose is to ensure that the financial sector is well-regulated and that all entities operating within it are appropriately monitored and recorded.