Financial Sector (Collection of Data) (reporting standard) determination No. 11 of 2011 DRS 1.1 Notification by AFS Licence holders (Cth)

Financial Sector (Collection of Data) (reporting standard) determination No. 11 of 2011

Reporting Standard DRS 1.1 – Notification by AFS Licence holders

Financial Sector (Collection of Data) Act 2001

I, Steve Davies, a delegate of APRA, under subsection 13(1B) of the Financial Sector (Collection of Data) Act 2001), DETERMINE the Reporting Standard DRS 1.1 Notification by AFS Licence holders in the form set out in the Schedule, which applies to AFS Licence holders authorised to deal in miscellaneous financial risk products (within the meaning of section 766A of the Corporations Act 2001).

This instrument takes effect from 1 December 2011.

Dated 25 November 2011

[Signed]

Steve Davies

General Manager

Policy, Research and Statistics

Interpretation

In this Determination

APRA means the Australian Prudential Regulation Authority

AFS Licence means an Australian Financial Services Licence within the meaning of the Corporations Act 2001

Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003

Miscellaneous financial risk products has the meaning given by section 766A of the Corporations Act 2001

Schedule

Reporting Standard DRS 1.1 Notification by AFS Licence holders comprises the 5 pages commencing on the following page.

Reporting Standard DRS 1.1

Notification by AFS Licence holders

Objective of this reporting standard

This reporting standard is made under subsection 13(1B) of the Financial Sector (Collection of Data) Act 2001. It requires AFS Licence holders authorised to deal in miscellaneous financial risk products (within the meaning of section 766A of the Corporations Act 2001) to provide APRA with the Form DRF 1.1 Notification by AFS Licence holders.

This reporting standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with the form.

Purpose

1. Information collected in Form DRF 1.1 Notification by AFS Licence holders (Form DRF 1.1) is used by APRA for the purpose of monitoring bodies in the finance sector.

Application and commencement

1. This reporting standard applies to AFS Licence holders authorised to deal in miscellaneous financial risk products as at 30 September 2011.  This reporting standard commences on 1 December 2011.

Information required

1. AFS Licence holders authorised to deal in miscellaneous financial risk products must provide APRA with the information required by Form DRF 1.1 in respect of Discretionary Mutual Funds (DMFs). Information supplied should only be in respect of business placed with DMFs[1] between 1 January 2008 and 31 December 2010 (the return period).  Where the AFS Licence holder has not had dealings with DMFs during the return period 1 January 2008 and 31 December 2010, a nil form should be submitted to APRA.

   [1] Data should not be submitted for business placed with APRA-authorised general insurers, or unauthorised foreign insurers (UFIs).

Forms and method of submission

1. The information required by this reporting standard must be given to APRA either:

(a)in electronic form via the following email address

[email protected]; or

(b)     by manually completing Form DRF 1.1 on paper and mailing or faxing the completed form to APRA’s head office:

Australian Prudential Regulation Authority – Statistics (DMFs)

GPO Box 9836

Sydney NSW 2001

Fax: [phone]

Due date

1. Any AFS Licence holder authorised to deal in miscellaneous financial risk products must provide the information to APRA by 31 January 2012.

Authorisation

1. The completed form must be signed by a responsible officer of the AFS Licence holder.

Interpretation

1. In this reporting standard:

AFS Licence holder means the holder of an Australian Financial Services Licence issued under the Corporations Act 2001;

APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;

Discretionary Mutual Fund has the meaning given by section 5 of the Financial Sector (Collection of Data) Act 2001;

due date means the relevant due date under paragraph 5;

Miscellaneous financial risk products has the meaning given by section 766A of the Corporations Act 2001; and

Responsible Officer has the meaning given by section 9 of the Corporations Act 2001.

Form DRF 1.1 Notification by AFS Licence holders

(Notifies APRA of any Discretionary Mutual Funds (DMFs) that AFS Licence holders authorised to deal in miscellaneous financial risk products dealt with between 1 January 2008 and 31 December 2010.)

1. AFS Licence holder details

ABN:  ………………………………………………………

Registered name: …………………..……………………………………….

Phone………………………………………………………………………….

2. Please complete DMF details in Schedule 1

3. Compulsory Declaration.

(The completed form must be signed by a Responsible Officer of the AFS Licence holder who is authorised to complete and lodge the form. Refer to the Interpretation section of  Reporting Standard DRS 1.1).

I  (print name)……………………………………………………hereby declare that the information provided in this Notification Form is complete and accurate. 

_______________________________   ______________

(Signature)   (Date)

This form (including Schedule 1) (completed and signed) must be returned to APRA by 31 January 2012:

(a)in electronic form via the following email address

[email protected]; or

(b)     by manually completing Form DRF 1.1 on paper and mailing or faxing the completed form to APRA’s head office:

Australian Prudential Regulation Authority – Statistics (DMFs)

GPO Box 9836

Sydney NSW 2001

Fax: [phone]

Schedule 1: DMF Details

Nil return  

Name of DMF
(dealt with between 1 Jan 2008 and 31 Dec 2010) ABN of DMF Registered Office of DMF Phone Applicable calendar years Gross contribution revenue in FY 2010

Instructions for completing Schedule 1

One line of the Schedule must be completed for each discretionary mutual fund which the AFS Licence holder has dealt with during the period 1 January 2008 to 31 December 2010.  Where the AFS Licence holder issues discretionary products itself, Schedule 1 must be completed in respect of the AFS Licence holder.

If the AFS Licence holder has not dealt with any discretionary mutual fund during the period 1 January 2008 to 31 December 2010, it should mark the ‘Nil return’ box and leave the remainder of Schedule 1 blank.

Meaning of Terms used in Form DRF 1.1

Name of DMF is the registered name of the discretionary mutual fund.

ABN of DMF is the Australian Business Number of the discretionary mutual fund.

Registered office is the registered business address of the discretionary mutual fund.

Phone is the business phone number of the discretionary mutual fund.

Applicable calendar years are the calendar years where the AFS Licence holder has had dealings with the discretionary mutual fund.

Gross contribution revenue in FY 2010 is the total amount collected on behalf of each discretionary mutual fund for providing discretionary protection in the AFS Licence holder’s financial year ending in 2010. This amount may be zero; however the AFS Licence holder must still report the other required information in respect of the discretionary mutual fund.

Additional Guidance for completing Schedule 1

A discretionary mutual fund (as defined in Reporting Standard DRS 1.1) is a fund (however constituted) for making payments on the happening of a specified event (where there is uncertainty as to whether, or when, the event will happen). A DMF is a fund:

(a)to which 2 or more persons contribute, and:

(i) out of which payments may be made in respect of liabilities, losses, damages or expenses of the contributors; and

(ii) that is governed by rules under which any such payment for the benefit of a contributor is subject to a discretion of a person or body; or

(b)that is declared to be a discretionary mutual fund, or included in a class of funds that are declared to be discretionary mutual funds, by regulations made for the purposes of this paragraph.

A discretionary mutual fund is not an APRA-authorised general insurer or unauthorised foreign insurer. For further information on these, see (general insurer) or (unauthorised foreign insurer).