Financial Sector (Collection of Data) (reporting standard) determination No. 1 of 2020

Administered by Department of the Treasury

Legislation au F2020L00116 Not in force Legislative Instrument

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Financial Sector (Collection of Data) (reporting standard) determination No. 1 of 2020

EXPLANATORY STATEMENT

Prepared by the Australian Prudential Regulation Authority (APRA)

Financial Sector (Collection of Data) Act 2001, sections 13 and 15

Acts Interpretation Act 1901, section 33

Under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001, APRA may, by writing, determine reporting standards with which financial sector entities must comply. Such standards relate to reporting financial or accounting data and other information regarding the business or activities of the entities. Subsection 33(3) of the Acts Interpretation Act 1901 provides that where an Act confers a power to issue an instrument the power shall, unless the contrary intention appears, be construed as including a power exercisable in the like manner and subject to the like conditions (if any) to revoke any such instrument.

On 4 February 2020, APRA made Financial Sector (Collection of Data) (reporting standard) determination No. 1 of 2020 (the instrument) which revokes the following instruments:

a)      Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2018, including Reporting Standard ARS 320.0 Statement of Financial Position (Domestic Books) made under that Determination;

 

b)     Financial Sector (Collection of Data) (reporting standard) determination No. 15 of 2018, including Reporting Standard ARS 320.1 Debt Securities Held made under that Determination;

 

c)      Financial Sector (Collection of Data) (reporting standard) determination No. 16 of 2018, including Reporting Standard ARS 320.2 Equity Securities Held made under that Determination;

 

d)     Financial Sector (Collection of Data) (reporting standard) determination No. 17 of 2018, including Reporting Standard ARS 320.3 Debt Securities on Issue made under that Determination;

 

e)      Financial Sector (Collection of Data) (reporting standard) determination No. 18 of 2018, including Reporting Standard ARS 320.4 Bill Acceptances and Endorsements made under that Determination;

 

f)       Financial Sector (Collection of Data) (reporting standard) determination No. 19 of 2018 including Reporting Standard ARS 320.5 Securities Subject to Repurchase and Resale and Stock Lending and Borrowing made under that Determination;

 

g)     Financial Sector (Collection of Data) (reporting standard) determination No. 20 of 2018 including Reporting Standard ARS 320.8 Housing Loan Reconciliation made under that Determination;

 

h)     Financial Sector (Collection of Data) (reporting standard) determination No. 21 of 2018, including Reporting Standard ARS 320.9 Intra-Group Receivables and Payables made under that Determination;

 

i)       Financial Sector (Collection of Data) (reporting standard) determination No. 29 of 2018 including Reporting Standard ARS 331.0 Selected Revenues and Expenses made under that Determination;

 

j)       Financial Sector (Collection of Data) (reporting standard) determination No. 31 of 2018 including Reporting Standard ARS 391.0 Commercial Finance made under that Determination;

 

k)     Financial Sector (Collection of Data) (reporting standard) determination No. 32 of 2018 including Reporting Standard ARS 392.0 Housing Finance made under that Determination;

 

l)       Financial Sector (Collection of Data) (reporting standard) determination No. 33 of 2018 including Reporting Standard ARS 393.0 Lease Finance made under that Determination;

 

m)   Financial Sector (Collection of Data) (reporting standard) determination No. 34 of 2018 including Reporting Standard ARS 394.0 Personal Finance made under that Determination;

 

n)     Financial Sector (Collection of Data) (reporting standard) determination No. 35 of 2018 including Reporting Standard ARS 395.0 Business Finance Statistics made under that Determination;

 

o)     Financial Sector (Collection of Data) (reporting standard) determination No. 36 of 2018, including Reporting Standard RRS 320.0 Statement of Financial Position made under that Determination;

 

p)     Financial Sector (Collection of Data) (reporting standard) determination No. 24 of 2016, including Reporting Standard RRS 320.1 Debt Securities Held made under that Determination;

 

q)     Financial Sector (Collection of Data) (reporting standard) determination No. 25 of 2016, including Reporting Standard RRS 320.2 Equity Securities Held made under that Determination;

 

r)       Financial Sector (Collection of Data) (reporting standard) determination No. 26 of 2016, including Reporting Standard RRS 320.3 Debt Securities on Issue made under that Determination;

 

s)      Financial Sector (Collection of Data) (reporting standard) determination No. 27 of 2016, including Reporting Standard RRS 320.4 Bill Acceptances made under that Determination;

 

t)       Financial Sector (Collection of Data) (reporting standard) determination No. 28 of 2016 including Reporting Standard RRS 320.5 Securities Subject to Repurchase and Resale and Stock Lending and Borrowing made under that Determination;

 

u)     Financial Sector (Collection of Data) (reporting standard) determination No. 29 of 2016 including Reporting Standard RRS 331.0 Selected Revenues and Expenses made under that Determination;

 

v)     Financial Sector (Collection of Data) (reporting standard) determination No. 31 of 2016 including Reporting Standard RRS 391.0 Commercial Finance made under that Determination;

 

w)    Financial Sector (Collection of Data) (reporting standard) determination No. 32 of 2016 including Reporting Standard RRS 392.0 Housing Finance made under that Determination;

 

x)     Financial Sector (Collection of Data) (reporting standard) determination No. 33 of 2016 including Reporting Standard RRS 393.0 Lease Finance made under that Determination; and

 

y)     Financial Sector (Collection of Data) (reporting standard) determination No. 34 of 2016 including Reporting Standard RRS 394.0 Personal Finance made under that Determination.

 

The instrument commences on registration on the Federal Register of Legislation.

  1.    Background

The above mentioned reporting standards required authorised deposit-taking institutions (ADIs) and registered financial corporations (RFCs) to report basic financial information relating to their operations to APRA. The information reported included information on an ADI’s or RFC’s financial position, debt and equity securities held, bill acceptances and endorsements. APRA collected this information on behalf of the Reserve Bank of Australia and the Australian Bureau of Statistics. 

APRA has determined new reporting standards to replace the reporting standards listed above as part of the modernised Economic and Financial Statistics (EFS) data collection.[1] The EFS data collection commenced in March 2019 to collect financial information from ADIs and RFCs, including information relating to an ADI’s and RFC’s financial position, loans and finance leases, deposits, intra-group assets and liabilities, debt and equity securities held and bill acceptances and endorsements. The relevant EFS reporting standards are:

  • Financial Sector (Collection of Data) (reporting standard) determination No. 2 of 2019 including Reporting Standard ARS 720.0 ABS/RBA Statement of Financial Position;
  • Financial Sector (Collection of Data) (reporting standard) determination No. 3 of 2019 including Reporting Standard ARS 720.1 ABS/RBA Loans and Finance Leases;
  • Financial Sector (Collection of Data) (reporting standard) determination No. 4 of 2019 including Reporting Standard ARS 720.2 ABS/RBA Deposits;
  • Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2019 including Reporting Standard ARS 720.3 ABS/RBA Intra-group Assets and Liabilities;
  • Financial Sector (Collection of Data) (reporting standard) determination No. 6 of 2019 including Reporting Standard ARS 720.4 ABS/RBA Debt Securities Held;
  • Financial Sector (Collection of Data) (reporting standard) determination No. 7 of 2019 including Reporting Standard ARS 720.5 ABS/RBA Equity Securities Held;
  • Financial Sector (Collection of Data) (reporting standard) determination No. 8 of 2019 including Reporting Standard ARS 720.6 ABS/RBA Securities on Issue;
  • Financial Sector (Collection of Data) (reporting standard) determination No. 9 of 2019 including Reporting Standard ARS 720.7 ABS/RBA Bill Acceptances and Endorsements;
  • Financial Sector (Collection of Data) (reporting standard) determination No. 18 of 2019 including Reporting Standard ARS 721.0 ABS/RBA Repurchase Agreements and Securities Lending;
  • Financial Sector (Collection of Data) (reporting standard) determination No. 20 of 2019 including Reporting Standard ARS 730.0 ABS/RBA Statement of Financial Performance;
  • Financial Sector (Collection of Data) (reporting standard) determination No. 21 of 2019 including Reporting Standard ARS 730.1 ABS/RBA Fees Charged;
  • Financial Sector (Collection of Data) (reporting standard) determination No. 10 of 2019 including Reporting Standard ARS 741.0 ABS/RBA Business Finance;
  • Financial Sector (Collection of Data) (reporting standard) determination No. 11 of 2019 including Reporting Standard ARS 742.0 ABS/RBA Business Credit Stocks, Flows and Interest Rates;
  • Financial Sector (Collection of Data) (reporting standard) determination No. 12 of 2019 including Reporting Standard ARS 743.0 ABS/RBA Housing Finance;
  • Financial Sector (Collection of Data) (reporting standard) determination No. 13 of 2019 including Reporting Standard ARS 744.0 Housing Credit Stocks, Flows and Interest Rates;
  • Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2019 including Reporting Standard ARS 745.0 Personal Finance;
  • Financial Sector (Collection of Data) (reporting standard) determination No. 15 of 2019 including Reporting Standard ARS 746.0 ABS/RBA Personal Credit Stocks, Flows and Interest Rates;
  • Financial Sector (Collection of Data) (reporting standard) determination No. 16 of 2019 including Reporting Standard ARS 747.0 ABS/RBA Deposit Stocks, Flows and Interest Rates; and
  • Financial Sector (Collection of Data) (reporting standard) determination No. 17 of 2019 including Reporting Standard ARS 748.0 Wholesale Funding Stocks, Flows and Interest Rates.

2.      Purpose and operation of the instrument

The purpose of the instrument is to revoke the instruments listed above. The information collected under those reporting standards is now collected under the EFS reporting standards.

3.      Consultation

APRA undertook public consultation on the proposed cessation of the reporting standards from January 2017 to April 2017 as part of the EFS data modernisation consultation. Submissions were received from both reporting entities and industry bodies, with no objections raised in response to the proposed revocation of the reporting standards. APRA confirmed its intention to revoke the reporting standards in its August 2017 response paper ‘Response to submissions – Economic and financial statistics’.[2]

4.  Regulation Impact Statement

The Office of Best Practice Regulation has advised that a Regulation Impact Statement is not required for this legislative instrument.

5. Statement of compatibility prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

A Statement of compatibility prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011 is provided at Attachment A to this Explanatory Statement.

 


Attachment A

 

Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

 

Financial Sector (Collection of Data) (reporting standard) determination No. 1 of 2020

This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011 (HRPS Act).

Overview of the Legislative Instrument

The purpose of this instrument is to revoke the following instruments:

a)      Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2018, including Reporting Standard ARS 320.0 Statement of Financial Position (Domestic Books) made under that Determination;

 

b)     Financial Sector (Collection of Data) (reporting standard) determination No. 15 of 2018, including Reporting Standard ARS 320.1 Debt Securities Held made under that Determination;

 

c)      Financial Sector (Collection of Data) (reporting standard) determination No. 16 of 2018, including Reporting Standard ARS 320.2 Equity Securities Held made under that Determination;

 

d)     Financial Sector (Collection of Data) (reporting standard) determination No. 17 of 2018, including Reporting Standard ARS 320.3 Debt Securities on Issue made under that Determination;

 

e)      Financial Sector (Collection of Data) (reporting standard) determination No. 18 of 2018, including Reporting Standard ARS 320.4 Bill Acceptances and Endorsements made under that Determination;

 

f)       Financial Sector (Collection of Data) (reporting standard) determination No. 19 of 2018 including Reporting Standard ARS 320.5 Securities Subject to Repurchase and Resale and Stock Lending and Borrowing made under that Determination;

 

g)     Financial Sector (Collection of Data) (reporting standard) determination No. 20 of 2018 including Reporting Standard ARS 320.8 Housing Loan Reconciliation made under that Determination;

 

h)     Financial Sector (Collection of Data) (reporting standard) determination No. 21 of 2018, including Reporting Standard ARS 320.9 Intra-Group Receivables and Payables made under that Determination;

 

i)       Financial Sector (Collection of Data) (reporting standard) determination No. 29 of 2018 including Reporting Standard ARS 331.0 Selected Revenues and Expenses made under that Determination;

 

j)       Financial Sector (Collection of Data) (reporting standard) determination No. 31 of 2018 including Reporting Standard ARS 391.0 Commercial Finance made under that Determination;

 

k)     Financial Sector (Collection of Data) (reporting standard) determination No. 32 of 2018 including Reporting Standard ARS 392.0 Housing Finance made under that Determination;

 

l)       Financial Sector (Collection of Data) (reporting standard) determination No. 33 of 2018 including Reporting Standard ARS 393.0 Lease Finance made under that Determination;

 

m)   Financial Sector (Collection of Data) (reporting standard) determination No. 34 of 2018 including Reporting Standard ARS 394.0 Personal Finance made under that Determination;

 

n)     Financial Sector (Collection of Data) (reporting standard) determination No. 35 of 2018 including Reporting Standard ARS 395.0 Business Finance Statistics made under that Determination;

 

o)     Financial Sector (Collection of Data) (reporting standard) determination No. 36 of 2018, including Reporting Standard RRS 320.0 Statement of Financial Position made under that Determination;

 

p)     Financial Sector (Collection of Data) (reporting standard) determination No. 24 of 2016, including Reporting Standard RRS 320.1 Debt Securities Held made under that Determination;

 

q)     Financial Sector (Collection of Data) (reporting standard) determination No. 25 of 2016, including Reporting Standard RRS 320.2 Equity Securities Held made under that Determination;

 

r)       Financial Sector (Collection of Data) (reporting standard) determination No. 26 of 2016, including Reporting Standard RRS 320.3 Debt Securities on Issue made under that Determination;

 

s)      Financial Sector (Collection of Data) (reporting standard) determination No. 27 of 2016, including Reporting Standard RRS 320.4 Bill Acceptances made under that Determination;

 

t)       Financial Sector (Collection of Data) (reporting standard) determination No. 28 of 2016 including Reporting Standard RRS 320.5 Securities Subject to Repurchase and Resale and Stock Lending and Borrowing made under that Determination;

 

u)     Financial Sector (Collection of Data) (reporting standard) determination No. 29 of 2016 including Reporting Standard RRS 331.0 Selected Revenues and Expenses made under that Determination;

 

v)     Financial Sector (Collection of Data) (reporting standard) determination No. 31 of 2016 including Reporting Standard RRS 391.0 Commercial Finance made under that Determination;

 

w)    Financial Sector (Collection of Data) (reporting standard) determination No. 32 of 2016 including Reporting Standard RRS 392.0 Housing Finance made under that Determination;

 

x)     Financial Sector (Collection of Data) (reporting standard) determination No. 33 of 2016 including Reporting Standard RRS 393.0 Lease Finance made under that Determination; and

 

y)     Financial Sector (Collection of Data) (reporting standard) determination No. 34 of 2016 including Reporting Standard RRS 394.0 Personal Finance made under that Determination.

 

Human rights implications

The instruments listed above required authorised deposit-taking institutions (ADIs) and registered financial corporations (RFCs) to report basic financial information relating to their operations to APRA.

Financial Sector (Collection of Data) (reporting standard) determination No. 1 of 2020 revokes the instruments listed above.

APRA has assessed this instrument and is of the view that it does not engage any of the applicable rights or freedoms recognised or declared in the international instruments listed in section 3 of the HRPS Act. Accordingly, in APRA’s assessment the instrument is compatible with human rights.

Conclusion

The Legislative Instrument is compatible with human rights as it does not raise any human rights issues.

 

 

 

[1] APRA’s discussion paper ‘Economic and financial statistics’ (January 2017) is available at: http://www.apra.gov.au/adi/PrudentialFramework/Documents/EFS%20modernisation%20-%20Discussion%20paper.pdf.

[2] APRA’s response paper is available at: http://www.apra.gov.au/adi/PrudentialFramework/Documents/Economic_and_financial_statistics_response_paper_2017.pdf.

Overview

The Financial Sector (Collection of Data) (reporting standard) determination No. 1 of 2020 was introduced by the Australian Prudential Regulation Authority (APRA) to address the need for updated and streamlined financial reporting standards within the Australian financial sector. Enacted under the authority of the Financial Sector (Collection of Data) Act 2001, this instrument revokes a series of previous reporting standards that were established to ensure authorised deposit-taking institutions and registered financial corporations provided specific financial information to APRA. These previous standards have been replaced by new ones as part of the modernised Economic and Financial Statistics (EFS) data collection, which commenced in March 2019. The primary objective of this determination is to ensure that financial entities comply with the new reporting requirements, facilitating more effective and efficient data collection processes for APRA, the Reserve Bank of Australia, and the Australian Bureau of Statistics.

Scope and Application

The Financial Sector (Collection of Data) (reporting standard) determination No. 1 of 2020 applies to authorised deposit-taking institutions (ADIs) and registered financial corporations (RFCs) within the financial sector in Australia. These entities are required to report financial and accounting data as well as other relevant information concerning their business activities. The instrument revokes a series of previous reporting standards that had been in effect, replacing them with new standards aligned with the modernised Economic and Financial Statistics (EFS) data collection framework. This change aims to streamline and standardise the reporting process across the financial sector, ensuring that data collected is consistent and up-to-date. The instrument does not specify any exclusions, exemptions, or thresholds; however, the transition to the new standards is designed to be comprehensive, covering all aspects of financial data previously reported. The instrument is a Commonwealth regulation, thus its application is nationwide, impacting all ADIs and RFCs operating within Australia.

Key Provisions

The Financial Sector (Collection of Data) (reporting standard) determination No. 1 of 2020 (the Instrument) revokes several prior reporting standards, as stated in section 1 of the Explanatory Statement. The prior reporting standards required authorised deposit-taking institutions (ADIs) and registered financial corporations (RFCs) to report various financial data to the Australian Prudential Regulation Authority (APRA). These include details of their financial positions, debt and equity securities held, and bill acceptances and endorsements. The revoked reporting standards were established under various determinations made in 2016 and 2018. These include, for example, the Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2018, which included the Reporting Standard ARS 320.0 Statement of Financial Position (Domestic Books). The Instrument revokes these standards to transition to a new data collection regime, the Economic and Financial Statistics (EFS) data collection, which began in March 2019. The obligations imposed by the Instrument on the entities it governs include compliance with the new reporting standards established under the EFS data collection. This means ADIs and RFCs must now report their financial data in accordance with the new standards, which cover a broader range of financial information, such as loans and finance leases, deposits, intra-group assets and liabilities, and securities on issue. The new standards are designed to provide more comprehensive financial data to the Reserve Bank of Australia and the Australian Bureau of Statistics. The affected entities must ensure that their reporting under the EFS data collection meets the requirements set forth in the new standards, including the specific reporting formats and timelines prescribed. The Instrument does not explicitly outline specific offences, penalties, or consequences for non-compliance with the revoked reporting standards, as these would be governed by the new EFS reporting standards and any relevant legislation pertaining to data collection and reporting in the financial sector. However, failure to comply with the new EFS reporting standards could potentially lead to enforcement actions by APRA, which may include fines, public reprimands, or other regulatory sanctions. The penalties for non-compliance with financial reporting requirements in Australia can vary widely depending on the nature and severity of the breach, but they can include significant financial penalties under the Corporations Act 2001 and other relevant legislation. It is essential for ADIs and RFCs to transition to the new reporting standards to avoid any adverse regulatory consequences.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.