Variation of List of Names and Categories of Registered Entities - Yanlord Australia Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to establish a framework for the collection, analysis, and dissemination of financial sector data, ensuring that adequate and reliable information is available for the regulation and supervision of financial institutions. This legislation addresses the need for comprehensive and timely data to maintain the stability and integrity of the financial sector in Australia. The Act is administered by the Australian Prudential Regulation Authority (APRA), which is responsible for the registration of entities and maintaining the register of these entities. The policy objective of the Act is to enable APRA to effectively regulate and supervise the financial sector by having access to accurate and up-to-date information. In this context, the legislative instrument C2014G00953, dated 11 June 2014, pertains to a variation of the list of names and categories of registered entities by removing Yanlord Australia Pty Ltd from the register due to its cessation as a registrable corporation, as authorised by John Hotham, a delegate of APRA, under the provisions of the Act.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 governs the collection and management of data by the Australian Prudential Regulation Authority (APRA) in relation to financial sector entities. This Act applies to entities regulated by APRA, which includes authorised deposit-taking institutions, authorised market operators, authorised credit unions, authorised financial corporations, authorised super funds, and authorised insurance companies. The geographic and jurisdictional reach of the Act is national, as it applies across Australia, covering entities operating within the Commonwealth. The Act mandates APRA to maintain a Register of Entities and a List of Names and Categories of Registered Entities, which includes details about each registered entity. This Notice specifically pertains to the removal of Yanlord Australia Pty Ltd from this list due to its cessation as a registrable corporation under the Act. The exclusion of this entity from the register and list is a direct consequence of its no longer meeting the criteria for registration as outlined in the Act. This administrative action is within the powers granted to APRA under the Act, enabling the authority to adjust the list of registered entities as necessary.

Key Provisions

The main operative sections of this legislation pertain to the process of removing a corporation from the Register of Entities and the list of names of registered entities. Under section 8 of the Financial Sector (Collection of Data) Act 2001, the Australian Prudential Regulation Authority (APRA) maintains a register of entities. Section 11 of the Act mandates APRA to keep a list of the names of these registered entities. In this instance, the corporation Yanlord Australia Pty Ltd, with an ABN of 14 108 822 902, has ceased to be a registrable corporation under section 7 of the Act. Consequently, APRA has removed the corporation's name and related particulars from the register pursuant to paragraph 10(c) of the Act. Given that the corporation is no longer a registrable corporation, it has also ceased to be a registered entity under subsection 5(3) of the Act. The delegate of APRA, John Hotham, has used his authority under subsection 11(2) of the Act to vary the list by removing the corporation's name. The Act imposes several obligations on APRA, primarily concerning the maintenance and updating of the Register of Entities and the list of names of registered entities. Section 8 requires APRA to maintain the register, while section 11 mandates the keeping of a list of registered entities' names. The corporation's cessation as a registrable corporation under section 7 triggers the necessity for APRA to remove its name and details from the register under paragraph 10(c). Additionally, the removal of the corporation from the register necessitates its removal from the list of names under subsection 11(2). The legislation ensures that the list accurately reflects the current status of registered entities, requiring APRA to act promptly upon any changes in registrable status. The legislation does not explicitly state any offences, penalties, or consequences for non-compliance with the provisions for varying the list of registered entities. However, the importance of maintaining accurate and up-to-date records is underscored by the meticulous process described. Failure to update the register and list as required could potentially lead to regulatory oversight issues or inaccuracies in the data collected by APRA. While the specific penalties for such failures are not detailed in this notice, the Act's overall intent is to ensure regulatory compliance and data integrity within the financial sector.