Australian Prudential Regulation Authority (confidentiality) determination No. 2 of 2011

Administered by Department of the Treasury

Legislation au F2011L00121 Not in force Legislative Instrument

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Australian Prudential Regulation Authority (confidentiality) determination No. 2 of 2011

Information provided by trustees under Reporting Standards SRS 200.0, SRS 210.0, SRS 210.1, SRS 230.0, SRS 240.0 and SRS 250.0

EXPLANATORY STATEMENT

Prepared by the Australian Prudential Regulation Authority (APRA)

Australian Prudential Regulation Authority Act 1998 (APRA Act), s 57

Australian Prudential Regulation Authority (confidentiality) determination No. 2 of 2011 (this Determination), made under section 57 of the APRA Act on 14 January 2011, is APRA’s fifth determination[1] in relation to information provided under Reporting Standards SRS 200.0 (2005), SRS 210.0 (2005), SRS 210.1 (2005), SRS 230.0 (2005), SRS 240.0 (2005) and SRS 250.0 (2005), and the predecessor reporting standards.

  1. Background

Subsection 56(5C) of the APRA Act provides that it is not an offence under s 56(2) of that Act (APRA’s secrecy provision) to disclose information in a reporting document given to APRA under s 13 of the Financial Sector (Collection of Data) Act 2001 (Collection of Data Act) where APRA has determined, under s 57, that the document does not contain confidential information.

Section 57 of the APRA Act gives APRA the power to determine whether a document given under s 13 of the Collection of Data Act contains confidential information. The section provides that before doing so APRA must give relevant entities or bodies, or their representative association, a reasonable opportunity to make representations as to whether information of the kind contained in the document is confidential, and APRA must take such representations into account (the consultation undertaken is discussed below).

2.            Purpose of the instrument

The purpose of this Determination is to enable APRA to disclose, including by way of publication, certain information provided to APRA by trustees of superannuation entities.

3.            Operation of the instrument

This Determination provides that certain information (described below) given to APRA under any of the following reporting standards, or any prior reporting standard of the same name and number, made under s 13 of the Collection of Data Act (collectively, Reporting Standards) is non-confidential:

  • SRS 200.0 (2005) Statement of Financial Performance made under Financial Sector (Collection of Data) determination No. 51 of 2005;
  • SRS 210.0 (2005) Statement of Financial Position made under Financial Sector (Collection of Data) determination No. 52 of 2005;
  • SRS 210.1 (2005) Selected Disclosure of Investments made under Financial Sector (Collection of Data) determination No. 53 of 2005;
  • SRS 230.0 (2005) Transactions with Associated Entities made under Financial Sector (Collection of Data) determination No. 56 of 2005;
  • SRS 240.0 (2005) Membership Profile made under Financial Sector (Collection of Data) determination No. 57 of 2005; and
  • SRS 250.0 (2005) Superannuation Entity Profile made under Financial Sector (Collection of Data) determination No. 41 of 2005.

The Reporting Standards apply to all superannuation entities other than small APRA funds, self-managed superannuation funds and single member approved deposit funds (relevant superannuation entities).

This Determination applies to reporting documents (collectively, Reporting Documents) that relate to a reporting period ending on or after 1 January 2004 and before 1 January 2011, which are received by APRA on or after 16 March 2010 and before the date of the Determination under:

  • reporting form SRF 200.0, under Reporting Standard SRS 200.0;
  • reporting form SRF 210.0, under Reporting Standard SRS 210.0;
  • parts A, C & E of reporting form SRF 210.1, under Reporting Standard SRS 210.1;
  • reporting form SRF 230.0, under Reporting Standard SRS 230.0;
  • reporting form SRF 240.0, under Reporting Standard SRS 240.0; or
  • reporting form SRF 250.0, under Reporting Standard SRS 250.0,

excluding the following items of information:

  • information reported about a pooled superannuation trust (PST); and
  • personal information, within the meaning of the Privacy Act 1988 (Privacy Act).

Public access to the information covered by this Determination would facilitate comparison and further analysis of the expected risks and returns associated with individual superannuation entities and assist members to assess information provided, or representations made, by trustees. The information is also expected to assist trustees in evaluating the effectiveness of long-term investment strategies. Over time, this is expected to improve both the public understanding of, and the level of competition within, the Australian superannuation industry.

4.            Consultation

APRA released the discussion paper Fund level disclosure from the APRA Superannuation statistics collection on 20 November 2008. The discussion paper outlined the issues and questions to be resolved in creating an annual superannuation fund-level publication and sought comments and suggestions on the data items to be included (i.e., a reference table and also compilation tables). The discussion paper also stated that APRA “nevertheless intends to write to all potentially affected trustees, inviting them to nominate any data items from our existing statistical collections which might be confidential”.

On 14 May 2009 APRA issued a consultation letter to the 263 trustees of the relevant superannuation entities and 16 other parties (including industry bodies and professional associations). The letter advised that APRA proposed to determine the Reporting Documents to be non-confidential. The consultation period closed on 12 June 2009.

Nineteen submissions were received by APRA in response to the consultation carried out in 2009 about the proposed determination of non-confidentiality. The submissions were made by trustees as well as industry bodies and service providers (such as custodians).

APRA, after consideration of the submissions, modified the scope of the proposed determination of non-confidentiality to exclude the following items of information contained in the Reporting Documents:

  • information reported about a PST; and
  • personal information, within the meaning of the Privacy Act.

 

[1] See Australian Prudential Regulation Authority (confidentiality) determination No. 11 of 2009 (varied by Australian Prudential Regulation Authority (confidentiality) determination No. 16 of 2009) and Australian Prudential Regulation Authority (confidentiality) determination No. 1 of 2010.

Overview

The Australian Prudential Regulation Authority (confidentiality) determination No. 2 of 2011 was enacted to address the issue of confidentiality of information provided by trustees of superannuation entities under certain reporting standards. This Determination was made under section 57 of the Australian Prudential Regulation Authority Act 1998 (APRA Act) and aims to enable APRA to disclose certain non-confidential information, including through publication, provided by trustees of superannuation entities. The determination applies to reporting documents relating to a reporting period ending on or after 1 January 2004 and before 1 January 2011, which are received by APRA on or after 16 March 2010 and before the date of the Determination. The policy objective is to facilitate comparison and further analysis of the expected risks and returns associated with individual superannuation entities, assist members in assessing information provided by trustees, and improve the public understanding and competition within the Australian superannuation industry.

Scope and Application

The Australian Prudential Regulation Authority (confidentiality) determination No. 2 of 2011 applies to trustees of superannuation entities, specifically those that are not small APRA funds, self-managed superannuation funds, or single member approved deposit funds. It pertains to specific reporting documents under certain reporting standards, including SRS 200.0, SRS 210.0, SRS 210.1, SRS 230.0, SRS 240.0, and SRS 250.0, for reporting periods ending on or after 1 January 2004 and before 1 January 2011. This Determination, made under section 57 of the Australian Prudential Regulation Authority Act 1998, classifies certain information within these documents as non-confidential, thereby allowing the Australian Prudential Regulation Authority (APRA) to disclose it. However, it explicitly excludes information about pooled superannuation trusts and personal information as defined under the Privacy Act 1988. The geographic reach of this Determination is national, applying to all relevant superannuation entities across Australia. The determination is intended to enhance transparency and competition within the Australian superannuation industry by facilitating public access to certain financial information.

Key Provisions

The Australian Prudential Regulation Authority (confidentiality) determination No. 2 of 2011, made under section 57 of the Australian Prudential Regulation Authority Act 1998 (APRA Act), specifies certain information provided by trustees under Reporting Standards SRS 200.0, SRS 210.0, SRS 210.1, SRS 230.0, SRS 240.0 and SRS 250.0 as non-confidential. This determination allows for the disclosure of information provided by trustees of superannuation entities, excluding information about pooled superannuation trusts (PST) and personal information as defined under the Privacy Act 1988. The Determination applies to documents received by APRA on or after 16 March 2010, and before 1 January 2011, for reporting periods ending between 1 January 2004 and 31 December 2010. Under the APRA Act, the Australian Prudential Regulation Authority (APRA) must consult relevant entities or bodies, or their representative associations, before determining that a document does not contain confidential information. In this case, APRA engaged in a consultation process which included releasing a discussion paper in November 2008 and a consultation letter in May 2009. The consultation period closed on 12 June 2009, and APRA received nineteen submissions from trustees, industry bodies, and service providers. After considering these submissions, APRA modified the scope of the determination to exclude information about PSTs and personal information. The Determination facilitates public access to information that can enhance understanding of, and competition within, the Australian superannuation industry. The Determination imposes specific obligations on trustees of relevant superannuation entities, requiring them to submit specified information under the Reporting Standards to APRA. Trustees must ensure that the information they provide does not include confidential data such as PST-related information or personal information. APRA, in turn, is required to consult with relevant stakeholders before determining the confidentiality status of the provided information. The Determination seeks to balance the need for transparency with the protection of sensitive data. Failure to comply with the obligations under the Determination, such as providing confidential information that should not be disclosed, can lead to civil or criminal consequences. The APRA Act includes provisions for penalties for breaches of its secrecy provisions, although specific penalties are not detailed in this Determination. Trustees who inadvertently provide confidential information may face legal repercussions, and APRA has the authority to take action against entities that do not adhere to the reporting requirements. It is important for trustees to carefully review their submissions to ensure compliance with the Determination and the underlying legislation.

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