Variation of List of Names and Categories of Registered Entities - Zinadene Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted to address the need for comprehensive and reliable data collection within the financial sector in Australia. This legislation empowers the Australian Prudential Regulation Authority (APRA) to collect and maintain data on financial entities to ensure the stability and integrity of the financial system. The Act provides a framework for the registration of entities and the collection of relevant information, enabling APRA to monitor and regulate financial institutions effectively. The policy objective of the Act is to enhance the efficiency and effectiveness of financial sector supervision and regulation by ensuring that accurate and up-to-date information is available to APRA. Through this legislative instrument, APRA can adapt to changes in the financial landscape by updating the list of registered entities as needed. The present gazette, dated 15 April 2014, reflects the removal of Zinadene Pty Ltd from the list of registered entities under the Act, illustrating the practical application of the legislation in maintaining accurate records.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the financial sector, including banks, credit unions, insurance companies, and other designated financial institutions, that are required to provide specific data to the Australian Prudential Regulation Authority (APRA). This Act mandates that APRA maintain a register of entities and a list of the names of these registered entities, ensuring that the regulatory body has up-to-date and accurate information about the entities it oversees. The legislation applies on a national level, as APRA is a Commonwealth authority responsible for prudential supervision of the financial sector across Australia. The scope of the Act includes the collection, management, and dissemination of data from these entities to facilitate effective regulation and oversight. The Act may extend its application through subordinate instruments, which can include regulations and guidelines detailing specific data collection and reporting requirements. In this instance, the Act has been used to remove the name of a specific corporation, Zinadene Pty Ltd, from the register and the list of registered entities, following its cessation as a registrable corporation under the Act’s definitions.

Key Provisions

The key provisions of this legislation pertain to the administration of the Register of Entities and the List of Names of Registered Entities under the Financial Sector (Collection of Data) Act 2001. According to section 8, the Australian Prudential Regulation Authority (APRA) maintains a Register of Entities, while section 11 requires that a list of registered entities' names be kept. The specific action taken in this legislation involves the removal of Zinadene Pty Ltd from both the register and the list (subsections 11(2) and 10(c)). This is due to the corporation no longer meeting the criteria for registration as a registrable corporation under section 7 of the Act, and consequently, it is no longer a registered entity as per subsection 5(3). The Act imposes certain obligations on APRA, primarily to maintain accurate and up-to-date records of registered entities. Under section 11, APRA is required to keep a list of names of registered entities, which includes details such as the corporation's name and other relevant particulars. When a corporation ceases to be a registrable corporation, APRA must remove the corporation's name from the register and the list, as outlined in section 10(c). This procedural requirement ensures that the register and list reflect the current status of entities subject to the Act. Failure to comply with the Act's requirements may result in various consequences. While the specific legislation does not detail penalties or offences, breaches of the Act could potentially lead to enforcement actions by APRA. These actions may include further administrative measures or legal proceedings, depending on the nature and severity of the breach. The maximum penalties for breaches of the Act are determined by other provisions of the Financial Sector (Collection of Data) Act 2001, which may include fines and other civil or criminal sanctions. It is essential for entities to comply with the Act to avoid any adverse consequences.