Variation of List of Names and Categories of Registered Entities - Win Senior No. 137 Pty Ltd

Overview

The Variation of List of Names and Categories of Registered Entities (No. 1) Instrument 2015 (C2015G00793) was enacted in 2015 by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001. This legislative instrument was introduced to address the need to update the list of registered entities as per the requirements set out in the Act, ensuring that APRA maintains an accurate and current register of entities subject to regulatory oversight within the financial sector. The primary objective of this instrument is to facilitate effective regulation by ensuring that the register reflects the current status of entities that are required to be registered under the Act. This is achieved by authorising APRA to add the names of newly registrable corporations to the list, thereby maintaining the integrity and utility of the register for regulatory purposes.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, including banks, authorised deposit-taking institutions, and other entities deemed appropriate by the Australian Prudential Regulation Authority (APRA). This Act mandates the collection of data from these entities to ensure the stability and efficiency of the financial sector. The Act applies to corporations that meet the criteria for registration as defined in section 7, which includes those entities that are required to be registered under the Corporations Act 2001. The geographic reach of the Act is national, as it pertains to entities operating within Australia and subject to federal regulation. The Act does not specify exclusions or exemptions explicitly but implies that entities not fitting the registrable criteria are outside its scope. The application of the Act can be extended or restricted through subordinate instruments, such as regulations made by APRA under the authority granted by the Act. This specific legislative instrument, Gazette C2015G00793, pertains to the variation of the list of names and categories of registered entities by adding Win Senior No. 137 Pty Ltd, thus formalising its inclusion in APRA’s register and list.

Key Provisions

The key provisions of this piece of legislation pertain to the update of the list of names of registered entities under the Financial Sector (Collection of Data) Act 2001. Specifically, under section 11(2) of the Act, Barton Ashcroft, a delegate of the Australian Prudential Regulation Authority (APRA), has exercised the power to vary the list by adding the name of Win Senior No. 137 Pty Ltd, which has become a registrable corporation as defined in section 7 of the Act. This addition to the register under section 11 of the Act and the corporation's status as a registered entity under subsection 5(3) of the Act are the primary actions taken in this legislative instrument. Under the Act, APRA is responsible for maintaining a Register of Entities and a list of names of registered entities. Section 8 of the Act mandates APRA to keep the register, which includes details of entities subject to the data collection requirements of the Act. Section 11 specifies that APRA must maintain a list of these entities' names, which is now updated to include Win Senior No. 137 Pty Ltd. The corporation’s registration under paragraph 10(a) of the Act means that it is now subject to the data collection requirements outlined in the Act. The obligations imposed on the parties governed by this Act primarily involve compliance with data collection requirements. Once an entity is registered, it must provide the specified data to APRA as stipulated in the Act. This includes timely and accurate reporting to ensure that APRA can effectively regulate and oversee the financial sector. The addition of Win Senior No. 137 Pty Ltd to the list of registered entities means that this corporation is now subject to these same obligations. Failure to comply with the data collection requirements can lead to various consequences. While specific offences and penalties are not detailed in this legislative instrument, the Act generally provides for both civil and criminal penalties for non-compliance. Civil penalties may include fines, and in severe cases, criminal penalties can result in imprisonment. The exact penalties would depend on the nature and severity of the breach, as outlined in the broader provisions of the Financial Sector (Collection of Data) Act 2001. The legislative intent is to ensure that all registered entities adhere to the data collection requirements to maintain the integrity and stability of the financial sector.