Variation of List of Names and Categories of Registered Entities - Win Senior No. 91 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection and dissemination of financial sector data to ensure the stability and efficiency of Australia's financial system. The Act was introduced to address the need for comprehensive and timely data collection from entities that are considered critical to the financial sector's stability. The Australian Prudential Regulation Authority (APRA), acting under the authority conferred by the Act, maintains a Register of Entities and a List of Names of Registered Entities, which are key tools for identifying and regulating entities that require oversight. This legislative framework enables APRA to perform its regulatory functions effectively, ensuring that financial institutions operate within safe and sound practices. The policy objective of the Act is to enhance the resilience and integrity of the financial system by providing APRA with the necessary data to monitor and manage risks within the sector. On 27 November 2014, a variation to the List of Names of Registered Entities was issued by John Hotham, a delegate of APRA, under subsection 11(2) of the Financial Sector (Collection of Data) Act 2001. This variation involved the addition of Win Senior No. 91 Pty Ltd to the list, reflecting its status as a registrable corporation under section 7 of the Act. This amendment was made in accordance with paragraph 10(a) of the Act, which allows APRA to update the register with new entities as they become subject to registration. The addition of the corporation to the list ensures that APRA can exercise its regulatory powers over the entity, thereby contributing to the overall stability and efficiency of the financial sector.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, specifically those that are required to be registered with the Australian Prudential Regulation Authority (APRA). This Act mandates APRA to maintain a Register of Entities and a List of Names and Categories of Registered Entities. The legislation ensures that APRA is provided with essential data concerning these entities, enabling effective regulation and oversight. The Act's application is national, covering the Commonwealth of Australia, and it applies to any corporation that meets the criteria for registration as defined within the Act. The geographic reach of the Act is nationwide, ensuring that all financial entities operating within Australia are subject to its provisions. Any exclusions or exemptions from registration are specified within the Act and its subordinate instruments, which may provide further clarification or exceptions based on particular circumstances or types of entities. The Act extends its application through various subordinate instruments, which can further define the scope of entities subject to registration and the data to be collected. This Notice, signed by a delegate of APRA, demonstrates the practical application of the Act by adding the names of newly registrable corporations to the List of Names and Categories of Registered Entities.

Key Provisions

The main operative sections of this legislative instrument concern the addition of a corporation's name to the list of registered entities under the Financial Sector (Collection of Data) Act 2001 (section 11). Specifically, section 11 of the Act mandates that the Australian Prudential Regulation Authority (APRA) maintains a list of registered entities, and subsection 11(2) allows a delegate of APRA, such as John Hotham, to vary this list. In this case, John Hotham, acting as a delegate of APRA, has exercised this power to add Win Senior No. 91 Pty Ltd to the list of registered entities (section 11(2)). This addition follows the corporation becoming a registrable entity under section 7 of the Act and being added to the register under paragraph 10(a) of the Act. The Act imposes several obligations and requirements on the parties it governs. APRA, as the regulatory authority, is required to maintain a register of entities and a list of the names of these entities (section 8 and section 11). When a corporation becomes a registrable entity, APRA must ensure that the corporation's name and relevant particulars are added to the register (section 10(a)). Furthermore, once a corporation is added to the register, it becomes a registered entity (subsection 5(3) of the Act). The delegate of APRA, such as John Hotham, has the authority to vary the list of registered entities by adding or removing names as necessary (subsection 11(2)). The Financial Sector (Collection of Data) Act 2001 includes provisions that detail the consequences for non-compliance with the Act's requirements. Although the specific legislative instrument does not detail offences or penalties, the Act in general provides for various penalties for breaches. These can include fines and imprisonment for individuals and corporations, with penalties varying depending on the nature and severity of the breach. The Act also allows for civil remedies, such as injunctions and damages, to be pursued for breaches. The exact penalties and consequences for non-compliance would be found within the broader Act and related regulations.