Financial Sector (Collection of Data) (reporting standard) determination No. 33 of 2016 - RRS 393.0 - Lease Finance (Cth)
Financial Sector (Collection of Data) (reporting standard) determination No. 33 of 2016
Reporting standard RRS 393.0 Lease Finance
Financial Sector (Collection of Data) Act 2001
I, Steve Davies, a delegate of APRA, under paragraph 13(1) (a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901:
(a)REVOKE Financial Sector (Collection of Data) (reporting standard) determination No. 59 of 2006, including Reporting Standard RRS 393.0 Lease Finance made under that which is in force as at the date of this Determination; and
(b)DETERMINE the Reporting Standard RRS 393.0 Lease Finance in the form set out in the Schedule, which applies to financial sector entities to the extent provided in paragraph 2 of the reporting standard.
Under section 15 of the Act, I DECLARE that the reporting standard shall begin to apply to those financial sector entities, and the revoked reporting standard shall cease to apply, upon the date of registration of this instrument on the Federal Register of Legislation.
This instrument commences upon registration on the Federal Register of Legislation.
Dated: 23 September 2016
[Signed]
Steve Davies
General Manager
Supervisory Support Division
Interpretation
In this Determination:
APRA means the Australian Prudential Regulation Authority.
financial sector entity has the meaning given by section 5 of the Act.
Schedule
Reporting Standard RRS 393.0 Lease Finance comprises 65 pages commencing on the following page.
Reporting Standard RRS 393.0
Lease Finance
| Objective of this reporting standard This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It applies to relevant registered entities. In general terms these are entities described in the Schedule to this reporting standard. Subject to what follows, this reporting standard requires a relevant registered entity to give APRA monthly statements in relation to lease finance. However, if there are two or more relevant registered entities of the same category[1] in a group of related bodies corporate (e.g. two or more money market corporations in the group), then only one of them is required to give APRA a statement in relation to lease finance in any given month. That statement must cover all relevant registered entities of the same category in the group. This reporting standard outlines the overall requirements for the provision of the required information to APRA. It should be read in conjunction with: • Form RRF 393.0.1 Lease Finance in NSW; • Form RRF 393.0.3 Lease Finance in QLD; • Form RRF 393.0.8 Lease Finance in ACT; and the instructions to those forms, all of which are attached and form part of this reporting standard. |
[1] ‘Category’ is defined in paragraph 16 of this reporting standard.
Purpose
Data collected in Forms RRF 393.0.1 to RRF 393.0.8 is used for the purposes of the Reserve Bank of Australia. It may also be used by APRA, for the purpose of prudential supervision, and the Australian Bureau of Statistics.
Application
This reporting standard applies to all relevant registered entities.
Information required
Subject to paragraph 4, a relevant registered entity must provide APRA with the information required by Forms RRF 391.0.1 to RRF 391.0.8 in respect of a reporting period.
However, a relevant registered entity is not required to report in respect of a particular reporting period if another relevant registered entity has reported under this reporting standard in respect of that reporting period, and that other entity is both:
(a) a related body corporate of the first-mentioned registered entity; and (b) of the same category as the first-mentioned registered entity.
Reporting periods and due dates
Subject to paragraph 6, a relevant registered entity must provide the information required by this reporting standard for each calendar month.
APRA may, by notice in writing to a particular relevant registered entity, vary the timing of a reporting period for the relevant registered entity or vary the duration of a relevant reporting period for the registered entity.
The information required by this reporting standard must be provided to APRA within 10 business days after the end of the reporting period to which it relates.
APRA may grant a relevant registered entity an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.
Forms and method of submission
The information required by this reporting standard must be given to APRA either:
(a) in electronic form, using one of the electronic submission mechanisms provided by the 'Direct to APRA' (also known as 'D2A') application; or
(b) manually completed on paper, which must be faxed or mailed to APRA's head office.
Note: the Direct to APRA application software and paper forms may be obtained from APRA.
Authorisation
All information provided by a relevant registered entity under this reporting standard must be subject to processes and controls developed by the relevant registered entity for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the relevant registered entity to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
If a relevant registered entity submits information under this reporting standard using the ‘Direct to APRA’ software, it will be necessary for an officer of the registered entity to digitally sign, authorise and encrypt the relevant data. For this purpose APRA’s certificate authority will issue 'digital certificates', for use with the software, to officers of the relevant registered entity who have authority from the relevant registered entity to transmit the data to APRA.
If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:
(a)the Principal Executive Officer of the registered entity; or
(b)the Chief Financial Officer of the registered entity (whatever his or her official title may be).
Minor alterations to forms and instructions
APRA may make minor variations to:
(a)a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or
(b)the instructions, to clarify their application to the form
without changing any substantive requirement in the form or instructions.
If APRA makes such a variation it must notify in writing each relevant registered entity that is required to report under this reporting standard.
Transitional
15.A registered entity must report under the old reporting standard in respect of a transitional reporting period. For these purposes:
old reporting standard means the reporting standard revoked in the determination making this reporting standard (being the reporting standard which this reporting standard replaces).
transitional reporting period means a reporting period under the old reporting standard:
(a)which ended before the date of revocation of the old reporting standard; and
(b)in relation to which the registered entity was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.
Interpretation
In this reporting standard:
business days means ordinary business days, exclusive of Saturdays, Sundays and public holidays.
category means a category to which a registered entity has been allocated under section 11 of the Financial Sector (Collection of Data) Act 2001.
Principal Executive Officer means the principal executive officer of the registered entity for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the entity.
registered entity has the meaning given in the Financial Sector (Collection of Data) Act 2001 (that is, a corporation whose name is entered in the Register of Entities kept by APRA under section 8 of that Act).
Note: references to registered financial corporations in the forms and instructions that form part of this reporting standard are taken to have the same meaning as registered entity.
related body corporate has the meaning given in section 50 of the Corporations Act 2001.
relevant registered entity means:
(a)a registered entity listed in Part 1 of the Schedule, unless APRA has made a determination, under clause 1 of Part 2 of the Schedule, that the entity is not a relevant registered entity; or
(b)a registered entity that APRA has determined, under clause 2 of Part 2 of the Schedule, is a relevant registered entity.
Note: references to a reporting entity in the forms and instructions that form part of this reporting standard are taken to have the same meaning as relevant registered entity.
reporting period means a period defined in paragraph 5 or, if applicable, paragraph 6.
Schedule
Part 1: Relevant registered entities
•ANZ Rental Solutions Pty Ltd
•ANZ Specialised Asset Finance Pty Ltd
•ANZCAP Leasing (VIC.) Pty. Ltd
•ANZCAP Leasing Services Pty Ltd
•Asset Rentals Pty Ltd
•Avco Access Pty Ltd
•BMW Finance Australia Limited
•BOQ Equipment Finance Limited
•Boston Australia Limited
•Canon Finance Australia Limited
•Capital Finance Australia Limited
•Capital Motor Finance Limited
•Caterpillar Financial Australia Limited
•CBFC Leasing Pty. Limited
•CBFC Limited
•CIT Aerospace (Australia) Pty Limited
•CIT Credit Pty Limited
•CIT Financial Ltd
•CIT Funding Pty Limited
•CIT Group (Australia) Limited
•Custom Service Leasing Limited
•DaimlerChrysler Capital Services (Debis) Australia Pty Ltd
•DaimlerChrysler Financial Services Australia Pty Ltd
•Esanda Finance Corporation Limited
•Ford Credit Australia Limited
•Fuji Xerox Finance Limited
•Galanthus Leasing Pty Limited
•GE (Finance) Pty Ltd
•GE Automotive Financial Services
•GE Commercial Corporation (Australia) Pty Ltd
•GE Mortgage Solutions Limited
•GE Personal Finance Pty Ltd
•General Motors Acceptance Corporation, Australia
•GMAC, Australia (Finance) Limited
•HP Financial Services (Australia) Pty Ltd
•Hunter Leasing Limited
•IBM Global Financing Australia Limited
•Interleasing (Australia) Limited
•Key Equipment Finance Australia Pty Limited
•Komatsu Australia Corporate Finance Pty Ltd
•LeasePlan Australia Limited
•Macquarie Acceptances Limited
•Macquarie Australia International Limited
•Macquarie Australia Pty Limited
•Macquarie Commercial Leasing Vic Pty Limited
•Macquarie Finance Ltd
•Macquarie Leasing NSW Pty Ltd
•Macquarie Leasing Pty Ltd
•Macquarie Syndication (No. 17) Pty Limited
•Mercantile Credits Pty Ltd
•Newcourt Financial (Australia) Pty Limited
•ORIX Australia Corporation Limited
•PRIMUS Automotive Financial Services Australia Limited
•Rabo Equipment Finance Limited
•SG Australia Limited
•SPAL Limited
•TFA (Wholesale) Pty Ltd
•Toyota Finance Australia Ltd
Part 2
APRA may determine in writing that a registered entity listed in Part 1 of this Schedule is not a relevant registered entity if APRA considers that the entity is not a substantial provider of commercial finance in Australia.
APRA may determine in writing that a registered entity that is not listed in Part 1 of the Schedule is a relevant registered entity if APRA considers that the entity is a substantial provider of commercial finance in Australia.
In considering, for the purposes of clause 1 or 2, whether a registered entity is a substantial provider of commercial finance in Australia, APRA shall have regard to whether the amount of commercial finance provided in Australia by the entity is comparable to the registered entities, or other registered entities, listed in the Schedule.
Reporting Form RRF 393.0
Lease Finance
Instruction Guide
The purpose of this survey is to provide monthly statistics on the provision of lease finance to private and public enterprises and individuals. The statistics are used by APRA for regulatory purposes, and may be provided to the Reserve Bank of Australia (RBA) and the Australian Bureau of Statistics (ABS) for policy and statistical purposes. Published aggregate statistics from this collection are used for research and policy formulation by economists, State and Federal Governments, and leasing associations.
A separate form for lease finance in all eight states should be completed.
•RRF 393.0.1 Lease Finance in NSW;
•RRF 393.0.2 Lease Finance in VIC;
•RRF 393.0.3 Lease Finance in QLD;
•RRF 393.0.4 Lease Finance in SA;
•RRF 393.0.5 Lease Finance in WA;
•RRF 393.0.6 Lease Finance in TAS;
•RRF 393.0.7 Lease Finance in NT; and
•RRF 393.0.8 Lease Finance in ACT.
General directions and notes
Reporting entity
This form is to be completed for the Domestic books reporting entity. For corporations registered under the Financial Sector (Collection of Data) Act 2001 (e.g. money market corporations, finance companies, general financiers), report consolidated figures for all related corporations within the same Registered Financial Corporation (RFC) category.
Reporting period
The information provided should be for the calendar month up to and including the last day of the month. This form is to be reported as at the last day of the reporting period. All RFCs should submit the completed form to APRA within 10 business days of the end of the month.
Unit of measurement
All RFCs are asked to complete the form in thousands of Australian dollars rounded to the nearest whole number (no decimal place).
Amounts denominated in foreign currency are to be converted to AUD using the spot exchange rate effective as at the reporting date.
Basis of preparation
Unless otherwise specifically stated, information reported on this form should comply with Australian accounting standards.
Definitions
A separate form for lease finance in all eight states should be completed. Where the entity has no activity in any state, check the “nil form” box. The form requests details of new commitments to provide lease finance to private and public enterprises and individuals. Only the Australian activities of the business should be included on the form. If exact figures are not available please provide careful estimates. Please note that the items listed under ‘Include’ and ‘Exclude’ are examples and should not be taken as a complete list of items to be included or excluded.
What is a “commitment”?
A commitment is a firm offer to provide finance which has been accepted by the client. A commitment generally exists once the loan application has been approved, and a loan contract or letter of offer has been issued to the borrower.
Include:
commitments to related corporations except to those related corporations within the same Financial Sector (Collection of Data) Act 2001 category or Australian and New Zealand Standard Industrial Classification (ANZSIC) class; and
new commitments which have also been cancelled during the month.
Exclude:
commitments to non-residents;
commitments for commercial hire purchase agreements (these should be reported on the RRF 391.0 Commercial Finance (RRF 391.0));
commitments for debt participation in leveraged lease agreements (these should be reported on RRF 391.0);
commitments for leasing of land and buildings; and
commitments for leveraged leases which are finance leases where the lessor provides a portion of the finance, with the major portion usually provided by long-term creditors and where the creditors’ recourse to the lessor is restricted to the proceeds from disposal of the leased asset and any unremitted lease payments.
How to consolidate
For corporations registered under the Financial Sector (Collection of Data) Act 2001, report consolidated figures for all related corporations within the same RFC category.
For other corporations, report consolidated figures for all related corporations within the same ANZSIC class.
Valuation
Use one of the following valuation methods:
the capital cost of new goods;
the written-down value of goods re-leased;
the purchase price of second-hand goods;
in the case of finance leases, where the full value of the goods under lease is not financed by one corporation (e.g. partnership and syndicated leases), the value is your share of the full value, not equity participation; or
in the case of revolving lease facilities, such as master leases, report the value of goods acquired at each drawdown against such facilities. Do not report the value of commitments to provide a leasing limit or to increase a leasing limit.
Specific instructions
Part A: Value of goods financed under new lease commitments
This section asks for details of the value and type of the goods financed, or for which commitments to finance have been made, under both operating and finance lease (excluding leveraged leases) arrangements during the month.
Definitions
A finance lease refers to the leasing or hiring of tangible assets under an agreement (other than a hire purchase agreement) which transfers from the lessor to the lessee substantially all the risks and benefits incident to ownership of the assets, without transferring the legal ownership.
An operating lease is a lease under which the lessor effectively retains substantially all the risks and benefits incident to ownership of the leased asset. For the purpose of this survey only include details of operating leases of terms of one year or more.
Cars, station wagons and small passenger vehicles
The depreciation limit is the maximum amount which can be depreciated for taxation purposes. This limit is revised periodically. As at 6 June 2001, the Australian Taxation Office advised the limit was $55,134.
Include:
cars, station wagons, 4WD and forward control passenger vehicles/vans.
Exclude:
utilities and panel vans (include in Question 2);
buses (include in Question 6); and
special vehicles and motor cycles/scooters (include in Question 6).
Light trucks
Include:
vehicles constructed primarily for the carriage of goods and not exceeding 3.5 tonnes gross vehicles mass, such as utilities, panels vans, light trucks, station wagons, 4WD vehicles and forward control vans used to carry goods.
Exclude:
tow trucks (include in Question 6); and
tractors, self-propelled mowers, plant and equipment (include in Questions 8-10, as applicable).
Heavy trucks
Include:
all vehicles with a gross combination mass rating in excess of 3.5 tonnes (this includes prime movers registered without trailers).
Exclude:
passenger carrying trailer combinations and non-freight carrying vehicles (include in Question 6).
Trailers, buses/coaches and other motor vehicles
Include:
trailers (tray and table top trailers, semi-trailers designed to connect to a prime mover, animal carriers, trailed machinery, etc);
buses and coaches;
special vehicles (ambulances, hearses, tow trucks, fire engines, etc);
motor cycles/scooters;
caravans (motorised and non motorised); and
other non-freight carrying vehicles (mobile libraries, kitchens, workshops, etc).
Exclude:
fork lifts (include in Question 7 (iv) ).
Construction and earth moving equipment
Include:
crawler tractors, dumpers, road rollers, earth packers, scarifiers, rippers, concrete mixers, dozers, graders, mobile cranes, concrete pumpers, etc.
Manufacturing equipment
Include:
all plant and equipment used in the manufacture of goods.
Exclude:
all motor vehicles (include in Questions 1 to 6); and
forklifts (include in Question 7 (iv)).
Agricultural machinery and equipment
Include:
tractors, tillage implements, seeding, planting and fertilising equipment, agricultural mowers, harvesters, and other agricultural machinery and equipment.
Exclude:
crawler tractors (include in Question 8).
Electronic data processing equipment
Include:
computers, computer peripherals, data entry systems and printers.
Office machines
Include:
telephone systems (including computerised PABX equipment);
accounting and adding machines, calculators and cash registers (programmable and multifunctional); and
duplicating and photocopying machines and dictaphones.
Other
Include:
gambling machines; and
medical equipment.
Part B: Value of goods by industry of lessee
Industry is the business the client is mainly engaged in. The industry groupings are according to ANZSIC.
Include:
businesses that provide related or supporting services.
Agriculture, forestry and fishing
Include:
lessees engaged in providing related services such as sheep shearing, aerial agricultural services, harvesting or forest protection.
Mining
Include:
lessees engaged in mineral exploration, in the provision of services to mining or mineral exploration, and mining enterprises under development.
Manufacturing
Include:
lessees engaged in manufacturing products, where ‘manufacturing is related to the physical or chemical transformation of materials or components into new products.’
Construction
Include:
lessees engaged in special trade construction such as plumbing, earthmoving and dredging, painting, etc.
Wholesale trade
Include:
lessees engaged in the resale of new or used goods to businesses or to institutional (including government) users.
Retail trade
Include:
lessees engaged in the resale of goods to final consumers for personal or household consumption; and
lessees engaged in reselling their own goods by auction.
Transport and storage
Include:
lessees engaged in providing terminal and storage facilities; and
lessees engaged in services related to transport, booking, travel, forwarding, materials handling, etc.
Finance and insurance
Include:
lessees engaged in the provision of finance, investments in financial assets and in providing services to lenders, borrowers and investors; and
lessees engaged in the provision of insurance and superannuation, and in providing services to insurances.
Property and business services
Include:
lessees engaged in valuing, purchasing, selling, renting, leasing or managing real estate;
lessees engaged in developing or subdividing land;
lessees engaged in scientific research and meteorological service;
lessees engaged in providing technical, legal, accounting and other business services; and
lessees engaged in renting and hiring equipment (except cars, trucks and other transport equipment).
Cultural, recreational, personal and other services
Include:
lessees engaged in providing entertainment, recreational, library, museum, accommodation and catering services;
lessees engaged in providing personal services such as laundries, hairdressing, photography and funerals;
private households employing staff; and
lessees engaged in public order and safety services (such as police, prison and fire-brigade).
Government administration and defence
Include:
lessees engaged in Federal, State and local government enterprises that undertake public administration and regulatory activities;
judicial authorities and commissions; and
Army, Navy and Air Force defence establishments.
Health and community services
Include:
lessees engaged in providing health, welfare and employment services; and
certain non-profit organisations such as religious organisations, and business, professional and labour organisations, political parties and associations formed to promote community or sectional aims.
Other industries
Include:
lessees not elsewhere classified, such as those involved in the production or distribution of gas or electricity, the storage or supply of water, and the provision of education and communication services.
Total (sum of Questions 17 to 29)
The total of Question 30 should equal Question 15.
Part C: Comments
Please provide comments
on any of the information you have supplied on this form;
on any questions which caused problems; and
if you would like to suggest improvements to this form.
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