Variation of List of Names and Categories of Registered Entities - Win Senior No. 136 Pty Ltd

Overview

The Variation of List of Names and Categories of Registered Entities under the Financial Sector (Collection of Data) Act 2001 (the Act) was enacted to address the need for the Australian Prudential Regulation Authority (APRA) to maintain an up-to-date list of registered entities as defined in the Act. The 2015 variation was introduced to include Win Senior No. 136 Pty Ltd, a newly registrable corporation, into the list of registered entities. The purpose of this variation is to ensure that APRA's list accurately reflects the entities it regulates under the Act. This variation was authorised under subsection 11(2) of the Act by Barton Ashcroft, a delegate of APRA, who added the relevant entity's name and particulars to the register. The Financial Sector (Collection of Data) Act 2001 was enacted by the Parliament of Australia to facilitate the collection of data by APRA for the purpose of prudential supervision and regulation of the financial sector. This legislative framework aims to ensure that APRA has the necessary information to effectively regulate and monitor financial institutions and entities. The variation to the list of registered entities under the Act ensures that APRA's oversight and regulation are comprehensive and current, thereby maintaining the integrity and stability of the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector that are required to be registered with the Australian Prudential Regulation Authority (APRA). The Act mandates the collection of data from these entities to facilitate regulatory oversight and ensure the stability and integrity of the financial system. This legislation applies to corporations that fall under the definition of a registrable corporation as outlined in section 7 of the Act, and it encompasses the addition of such entities to APRA's register. The geographic and jurisdictional reach of the Act is national, applying across Australia and affecting entities regulated under federal law. The Act includes provisions for the exclusion of certain types of entities, but generally, all entities within the scope of the Act must comply with its requirements. Subordinate instruments may further extend or clarify the application of the Act, but the primary legislative framework is established by the Act itself. The Act's authority to vary the list of registered entities is exercised through notices such as this one, where a delegate of APRA updates the list to include new entities, as demonstrated by the recent inclusion of Win Senior No. 136 Pty Ltd.

Key Provisions

The primary operative sections of this legislation concern the variation of the list of names and categories of registered entities as maintained by the Australian Prudential Regulation Authority (APRA). Under section 8 of the Financial Sector (Collection of Data) Act 2001 (the Act), APRA is required to maintain a Register of Entities. Section 11 of the Act further mandates that APRA keeps a list of the names of these registered entities. The specific variation of this list, as executed in this Notice, involves the addition of a new entity, Win Senior No. 136 Pty Ltd, to the list. This addition is made pursuant to subsection 11(2) of the Act, which allows a delegate of APRA to vary the list by adding or removing entity names. The obligations and requirements imposed by the Act on the parties it governs include the necessity for APRA to maintain and update the Register of Entities and the list of names of registered entities. When an entity, such as Win Senior No. 136 Pty Ltd, meets the criteria to be classified as a registrable corporation under section 7 of the Act, APRA is obligated to add the entity’s name and relevant particulars to the register. This formal recognition of the entity as a registered entity under subsection 5(3) of the Act is a critical step in ensuring compliance with data collection and regulatory requirements. The Act mandates that these updates to the list be made promptly and accurately to reflect the current status of entities within the financial sector. In terms of potential consequences for non-compliance or breach of the provisions outlined in the Act, the legislation does not explicitly detail specific offences, penalties, or civil/criminal consequences for failing to update the register or list of registered entities. However, it is implied that any failure to adhere to the requirements could result in regulatory scrutiny, potential enforcement actions, and penalties as stipulated in the broader legislative framework of the Financial Sector (Collection of Data) Act 2001. The absence of explicit penalties in this particular Notice suggests that compliance is enforced through regulatory oversight rather than through direct statutory penalties in this context.