Variation of List of Names and Categories of Registered Entities - Wingate Finco 6 Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to ensure the Australian Prudential Regulation Authority (APRA) could effectively collect and manage data relating to financial sector entities. The Act empowers APRA to maintain a Register of Entities and a List of Names of these registered entities, which is fundamental for the regulation and supervision of financial institutions. The policy objective behind the Act is to enhance the stability and integrity of the financial sector by enabling comprehensive oversight through systematic data collection. This legislative framework was introduced by the Parliament of Australia, reflecting a commitment to robust financial regulation and consumer protection within the nation’s financial system. The 2015 variation to the list of names and categories of registered entities, as evidenced in the gazette, demonstrates the ongoing application and adaptation of the Act to accommodate new entities entering the regulated financial landscape.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to the Australian Prudential Regulation Authority (APRA) and any entities that fall under its regulatory purview, particularly those within the financial sector. This Act mandates the establishment of a Register of Entities and a list of names of registered entities, overseen by APRA. The legislative framework ensures that entities such as banks, credit unions, and other financial institutions that meet specific criteria are registered and monitored to maintain the stability and integrity of the financial system. The geographic reach of the Act is national, applying across Australia, as it pertains to entities regulated under the Commonwealth's jurisdiction. Notably, the Act does not specify exclusions or thresholds in this particular legislative instrument, but its application can be further defined or restricted through subordinate instruments issued by APRA. These subordinate instruments may detail specific conditions or categories of entities that are subject to or exempt from certain provisions of the Act, thereby extending or restricting its application as necessary.

Key Provisions

The main operative sections of this legislation relate to the variation of the list of names and categories of registered entities maintained by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001. Specifically, section 11(2) of the Act provides the authority for APRA to vary the list of names of registered entities, and this Notice exercises that authority to add the name of Wingate Finco 6 Pty Ltd (ABN: 45 603 016 164) to that list (paragraph A to E). The inclusion of this entity in the register under section 8 and the list under section 11 formalises its status as a registered entity, thereby triggering the obligations and requirements outlined in the Act. The Act imposes various obligations and requirements on registered entities, which now include Wingate Finco 6 Pty Ltd. These obligations primarily revolve around the collection and provision of data to APRA, ensuring that the authority can effectively monitor and regulate the financial sector. Registered entities must comply with the data collection requirements specified in the Act, which may include submitting detailed financial and operational information on a regular basis. The specific details of these obligations are governed by sections 7 to 11 of the Act, which define the criteria for registrable corporations and the process for maintaining the register and list of registered entities. Failure to comply with the requirements of the Act can result in significant consequences. While the specific penalties for breaches are not detailed in this Notice, the Act generally provides for both civil and criminal penalties for non-compliance. Civil penalties can include fines, and in severe cases, criminal penalties may apply, which could involve imprisonment. The exact penalties depend on the nature and severity of the breach, but they are intended to enforce compliance and maintain the integrity of the financial sector's regulatory framework. It is important for registered entities to understand and adhere to their obligations to avoid these potential repercussions.