Variation of List of Names and Categories of Registered Entities - Wingate Finco 5 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to facilitate the collection and analysis of data in the financial sector, aiming to enhance the regulatory framework and ensure that the Australian Prudential Regulation Authority (APRA) can effectively monitor and supervise financial entities. This legislation addresses the need for comprehensive and accurate data on registered entities to support the stability and efficiency of the financial system. The Act was enacted by the Australian Parliament, reflecting a policy objective to improve regulatory oversight and public confidence in the financial sector through better data management and accessibility. This specific legislative instrument, gazetted as C2015G00794, pertains to the variation of the list of names and categories of registered entities. It was introduced to ensure that the list maintained by APRA under the Act is kept current and reflective of all entities that are subject to registration. This variation was executed by Barton Ashcroft, a delegate of APRA, under the authority granted by the Act. The policy objective remains consistent with the broader aim of the Act, which is to maintain an up-to-date and accurate register of entities to facilitate effective regulatory oversight.

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). This Act mandates the registration of entities such as banks, credit unions, authorised deposit-taking institutions, and insurance companies, which must provide specified data to APRA for prudential supervision and regulatory purposes. The Act's jurisdiction extends to the Commonwealth and applies nationally, ensuring consistent regulatory oversight across the financial sector. Notably, the Act includes provisions for APRA to maintain a register of these entities and a separate list of their names, as evidenced by the legislative instrument amending the list to include Wingate Finco 5 Pty Ltd. This amendment is a direct result of the entity becoming a registrable corporation under the Act, thereby necessitating its inclusion in APRA's records to facilitate effective regulatory monitoring and compliance. The Act’s application can be further tailored through subordinate instruments, which may specify additional details or conditions for entities within the financial sector.

Key Provisions

The legislation, C2015G00794, pertains to the Financial Sector (Collection of Data) Act 2001 and involves the variation of the list of names and categories of registered entities. Under section 8 of the Act, the Australian Prudential Regulation Authority (APRA) is responsible for maintaining a Register of Entities. Section 11 of the Act requires APRA to keep a list of the names of these registered entities. The document details that Wingate Finco 5 Pty Ltd, with the Australian Business Number (ABN) 17 602 394 801, has become a registrable corporation as defined in section 7 of the Act. Consequently, under paragraph 10(a) of the Act, APRA has added the corporation's name and relevant details to the register. This action signifies that the corporation is now a registered entity under subsection 5(3) of the Act. As a delegate of APRA, Barton Ashcroft, the Senior Manager of Data Collection, has exercised his authority under subsection 11(2) of the Act to vary the list by including the names of the corporations. The Act imposes several obligations and requirements on APRA and the registered entities. APRA must ensure that the Register of Entities is maintained accurately and up-to-date, reflecting all registrable corporations as per section 8. The requirement to keep a list of names of these entities under section 11 ensures transparency and accountability. For registered entities, this registration signifies compliance with the regulatory framework, necessitating that they adhere to the data collection and reporting requirements as stipulated by the Act. The process of updating the list to include new entities like Wingate Finco 5 Pty Ltd demonstrates APRA's role in actively managing and monitoring the entities within the financial sector. Failure to comply with the provisions of the Act may result in various legal consequences. While the specific offences, penalties, or consequences are not detailed in the document, breaches of the Act could potentially lead to civil or criminal penalties. Under the broader legal framework of the Financial Sector (Collection of Data) Act 2001, entities found in non-compliance might face fines, legal action, or other regulatory sanctions. The exact penalties would depend on the nature and severity of the breach, as outlined in other sections of the Act not specified in this particular legislative instrument. The regulatory oversight by APRA is crucial in enforcing compliance and ensuring that entities operate within the legal boundaries set by the Act.