Variation of List of Names and Categories of Registered Entities - Wingate Investment Partners Pty Ltd ATF Wingate Investment Partners Trust No. 1

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a framework for the collection of financial sector data by the Australian Prudential Regulation Authority (APRA) and to provide a legislative basis for the regulation of financial institutions. The Act was introduced to address the need for efficient and effective collection of financial sector data to support the stability and soundness of the financial system. The problem it aimed to address was the lack of a comprehensive mechanism to systematically collect and monitor data from financial institutions, which is crucial for regulatory oversight and policy-making. The policy objective of the Act is to facilitate the gathering of accurate and timely financial data, enabling APRA to effectively regulate and supervise financial entities. On 27 November 2014, a legislative instrument, C2014G01978, was gazetted under the Act to amend the list of names of registered entities. The instrument, signed by John Hotham, a delegate of APRA, reflects the authority's role in maintaining a Register of Entities and a list of the names of registered entities. This amendment was necessary as Wingate Investment Partners Pty Ltd ATF Wingate Investment Partners Trust No. 1 (ABN 80 927 679 382) became a registrable corporation, necessitating its inclusion in the register and the list of registered entities.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to the collection and management of data within Australia's financial sector, including the regulation and oversight of entities by the Australian Prudential Regulation Authority (APRA). This legislation mandates the registration of entities that meet certain criteria and requires APRA to maintain a comprehensive register of these entities, along with a list of their names. The Act is applicable across the Commonwealth of Australia and encompasses various financial sector entities, including banks, insurers, and other authorised deposit-taking institutions. The Act facilitates the regulation of these entities by ensuring that APRA has up-to-date and accurate information regarding their operations and status. The Act extends its application through subordinate instruments, which allow for the addition or removal of entities from the register, as evidenced by the recent variation in the list of names of registered entities, including Wingate Investment Partners Pty Ltd ATF Wingate Investment Partners Trust No. 1, which has been added to the register following its classification as a registrable corporation.

Key Provisions

The key operative sections of the legislation include subsection 11(2) of the Financial Sector (Collection of Data) Act 2001, which allows a delegate of the Australian Prudential Regulation Authority (APRA) to vary the list of registered entities. This specific variation adds the name of a new registered entity, Wingate Investment Partners Pty Ltd ATF Wingate Investment Partners Trust No. 1, to the list maintained under section 11 of the Act. Section 8 of the Act establishes the Register of Entities, and section 11 specifies the list of names of these registered entities. By adding the new entity’s name to this list, the legislation ensures that the entity is formally recognised and regulated within the financial sector. The obligations and requirements imposed by the Act on APRA include maintaining an updated Register of Entities as per section 8, and a corresponding list of registered entities' names as per section 11. The Act mandates that APRA must record the names and particulars of any new registrable corporations under section 10, which includes adding Wingate Investment Partners Pty Ltd ATF Wingate Investment Partners Trust No. 1 to the register. The Act also necessitates that any variation to the list of names be formally documented and signed by an authorised delegate of APRA, as seen in the legislative instrument dated 27 November 2014, where John Hotham, a Senior Manager of Data Collection, has executed the variation. Under the Financial Sector (Collection of Data) Act 2001, breaches of the requirements to maintain accurate and updated records of registered entities can lead to civil or criminal consequences. The specific penalties for non-compliance are not detailed in the provided text, but the Act generally allows for enforcement actions against entities or individuals who fail to comply with its provisions. Failure to maintain the register or list accurately could result in legal actions, fines, or other penalties as prescribed by the Act, depending on the nature and severity of the breach.