Financial Sector (Collection of Data) (reporting standard) determination No. 10 of 2015 - SRS 410.0 - Accrued Default Amounts

Administered by Department of the Treasury

Legislation au F2015L00816 Not in force Legislative Instrument

Legislation content

Financial Sector (Collection of Data) (reporting standard) determinations No. 1 to No. 10, No. 14 to No. 20, No. 22, No. 24 and No. 26 of 2015

EXPLANATORY STATEMENT

Prepared by the Australian Prudential Regulation Authority (APRA)

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

Under subsection 13(1) of the Financial Sector (Collection of Data) Act 2001 (the Act), APRA has the power to determine reporting standards, in writing, 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.

On 10 June 2015, APRA made the following determinations (the revised reporting standards):

  1. Financial Sector (Collection of Data) (reporting standard) determination No. 1 of 2015, which:

(i)     revokes Reporting Standard SRS 001.0 Profile and Structure (Baseline) made under Financial Sector (Collection of Data) (reporting standard) determination No. 16 of 2014; and

(ii)  determines Reporting Standard SRS 001.0 Profile and Structure (Baseline);

2.      Financial Sector (Collection of Data) (reporting standard) determination No. 2 of 2015, which:

(i)     revokes Reporting Standard SRS 114.0 Operational Risk Financial Requirement made under Financial Sector (Collection of Data) (reporting standard) determination No. 64 of 2013; and

(ii)  determines Reporting Standard SRS 114.0 Operational Risk Financial Requirement;

3.      Financial Sector (Collection of Data) (reporting standard) determination No. 3 of 2015, which:

(i)     revokes Reporting Standard SRS 160.0 Defined Benefit Matters made under Financial Sector (Collection of Data) (reporting standard) determination No. 66 of 2013; and

(ii)  determines Reporting Standard SRS 160.0 Defined Benefit Matters;

4.      Financial Sector (Collection of Data) (reporting standard) determination No. 4 of 2015, which:

(i)     revokes Reporting Standard SRS 160.1 Defined Benefit Member Flows made under Financial Sector (Collection of Data) (reporting standard) determination No. 17 of 2014; and

(ii)  determines Reporting Standard SRS 160.1 Defined Benefit Member Flows;

5.      Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2015, which:

(i)     revokes Reporting Standard SRS 161.0 Self-Insurance made under Financial Sector (Collection of Data) (reporting standard) determination No. 68 of 2013; and

(ii)  determines Reporting Standard SRS 161.0 Self-Insurance;

6.      Financial Sector (Collection of Data) (reporting standard) determination No. 6 of 2015, which:

(i)     revokes Reporting Standard SRS 250.0 Acquired Insurance made under Financial Sector (Collection of Data) (reporting standard) determination No. 69 of 2013; and

(ii)  determines Reporting Standard SRS 250.0 Acquired Insurance;

7.      Financial Sector (Collection of Data) (reporting standard) determination No. 7 of 2015, which:

(i)    revokes Reporting Standard SRS 320.1 Statement of Financial Position made under Financial Sector (Collection of Data) (reporting standard) determination No. 71 of 2013; and

(ii)  determines Reporting Standard SRS 320.1 Statement of Financial Position;

8.      Financial Sector (Collection of Data) (reporting standard) determination No. 8 of 2015, which:

(i)    revokes Reporting Standard SRS 330.2 Statement of Financial Performance made under Financial Sector (Collection of Data) (reporting standard) determination No. 13 of 2014; and

(ii)  determines Reporting Standard SRS 330.2 Statement of Financial Performance;

9.      Financial Sector (Collection of Data) (reporting standard) determination No. 9 of 2015, which:

(i)    revokes Reporting Standard SRS 331.0 Services made under Financial Sector (Collection of Data) (reporting standard) determination No. 75 of 2013; and

(ii)  determines Reporting Standard SRS 331.0 Services;

10.  Financial Sector (Collection of Data) (reporting standard) determination No. 10 of 2015, which:

(i)    revokes Reporting Standard SRS 410.0 Accrued Default Amount made under Financial Sector (Collection of Data) (reporting standard) determination No. 20 of 2014; and

(ii) determines Reporting Standard SRS 410.0 Accrued Default Amounts;

11.  Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2015, which:

(i)    revokes Reporting Standard SRS 540.0 Fees made under Financial Sector (Collection of Data) (reporting standard) determination No. 85 of 2013; and

(ii)  determines Reporting Standard SRS 540.0 Fees;

12.  Financial Sector (Collection of Data) (reporting standard) determination No. 15 of 2015, which:

(i)    revokes Reporting Standard SRS 600.0 Profile and Structure (RSE Licensee) made under Financial Sector (Collection of Data) (reporting standard) determination No. 86 of 2013; and

(ii)  determines Reporting Standard SRS 600.0 Profile and Structure (RSE Licensee);

13.  Financial Sector (Collection of Data) (reporting standard) determination No. 16 of 2015, which:

(i)     revokes Reporting Standard SRS 601.0 Profile and Structure (RSE) made under Financial Sector (Collection of Data) (reporting standard) determination No. 87 of 2013; and

(ii)  determines Reporting Standard SRS 601.0 Profile and Structure (RSE);

14.  Financial Sector (Collection of Data) (reporting standard) determination No. 17 of 2015, which:

(i)    revokes Reporting Standard SRS 602.0 Wind-up made under Financial Sector (Collection of Data) (reporting standard) determination No. 88 of 2013; and

(ii)  determines Reporting Standard SRS 602.0 Wind-up;

15.  Financial Sector (Collection of Data) (reporting standard) determination No. 18 of 2015, which:

(i)    revokes Reporting Standard SRS 610.0 Membership Profile made under Financial Sector (Collection of Data) (reporting standard) determination No. 89 of 2013; and

(ii)  determines Reporting Standard SRS 610.0 Membership Profile;

16.  Financial Sector (Collection of Data) (reporting standard) determination No. 19 of 2015, which:

(i)    revokes Reporting Standard SRS 610.1 Changes in Membership Profile made under Financial Sector (Collection of Data) (reporting standard) determination No. 90 of 2013; and

(ii)  determines Reporting Standard SRS 610.1 Changes in Membership Profile;

17.  Financial Sector (Collection of Data) (reporting standard) determination No. 20 of 2015, which:

(i)    revokes Reporting Standard SRS 610.2 Membership Profile made under Financial Sector (Collection of Data) (reporting standard) determination No. 91 of 2013; and

(ii)  determines Reporting Standard SRS 610.2 Membership Profile;

18.  Financial Sector (Collection of Data) (reporting standard) determination No. 22 of 2015, which:

(i)    revokes Reporting Standard SRS 710.0 Conditions of Release made under Financial Sector (Collection of Data) (reporting standard) determination No. 93 of 2013; and

(ii)  determines Reporting Standard SRS 710.0 Conditions of Release;

19.  Financial Sector (Collection of Data) (reporting standard) determination No. 24 of 2015, which:

(i)    revokes Reporting Standard SRS 800.0 Financial Statements made under Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2014; and

(ii)  determines Reporting Standard SRS 800.0 Financial Statements;

20.  Financial Sector (Collection of Data) (reporting standard) determination No. 26 of 2015, which:

(i)    revokes Reporting Standard SRS 802.0 Fund Profile made under Financial Sector (Collection of Data) (reporting standard) determination No. 96 of 2013; and

(ii)  determines Reporting Standard SRS 802.0 Fund Profile.

The reporting standards listed in paragraphs 1 and 13 commence on 30 June 2015 and apply to reporting periods ending on and after that date.

The remaining reporting standards listed above commence on 1 July 2015 and apply to reporting periods ending on and after that date.

  1.    Background

APRA is empowered to make reporting standards under the Act, which require regulated institutions, including RSE licensees, to submit specified data through various reporting forms. Data from these forms is used by APRA to assist with APRA’s supervisory functions, and also by Government and other agencies such as the Australian Bureau of Statistics and the Australian Securities and Investments Commission. APRA also collates and publishes statistical information and analysis using data from these reporting forms.

In 2013 and 2014, APRA released a new suite of 39 final reporting standards applying to the superannuation industry. Since the commencement of the new reporting requirements, APRA has received industry feedback on some of these standards, as well as a large number of requests for clarification and guidance on interpretation.

2.      Purpose and operation of the instruments

The purpose of making these instruments is to make minor revisions to 20 of the existing reporting standards for superannuation to clarify and provide further guidance on existing reporting requirements.

As a result of the questions raised by the superannuation industry about the new reporting standards which were released in 2013 and 2014, APRA publicly released 95 frequently asked questions (FAQs) on the APRA website. The FAQs provided additional information to assist reporting entities to complete the reporting standards and were the result of ongoing dialogue with reporting entities and the superannuation industry more broadly.

Whilst some FAQs provide transition guidance, APRA considered that a number of the matters raised by industry and covered in FAQs should be included in the reporting standards, forms and instructions on an ongoing basis.

The majority of changes within the revised reporting standards are confined to the reporting instructions. The changes are minor in nature and are being released to simplify the superannuation industry’s reporting requirements by consolidating relevant guidance into the reporting standard.

3.      Consultation

As the FAQs had already been publicly released and the resulting changes to the reporting standards were minor in nature, no further consultation with industry was undertaken. Proposed final versions of the reporting standards, however, were released for an eight-week period to allow industry to identify any ‘fatal flaw’ issues in the final requirements; no such issues were reported to APRA during this eight-week period. 

4.      Regulation Impact Statement

The revised reporting standards incorporate into 20 reporting standards minor revisions which do not significantly change the reporting requirements. All of the revised reporting standards provide additional guidance and clarification and no new reporting requirements have been introduced as a result of this process.

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

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) determinations No. 1 to No. 10, No. 14 to No. 20, No. 22, No. 24 and No. 26 of 2015

 

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

Overview of the Legislative Instrument

The purpose of making these legislative instruments is to make minor revisions to 20 reporting standards to provide additional guidance and clarification on how to complete the reporting standards. The data collected in these reporting standards is used by APRA to assist with APRA’s supervisory functions, and also by Government and other agencies such as the Australian Bureau of Statistics and the Australian Securities and Investments Commission. APRA also collates and publishes statistical information and analysis using data from these reporting forms.

Human rights implications

APRA has assessed the instrument against the international instruments listed in section 3 of the HRPS Act and determined that only Article 17 of the International Covenant on Civil and Political Rights (ICCPR) is conceivably potentially of relevance to the instrument.

Article 17 of the ICCPR prohibits the arbitrary or unlawful interference with a person’s privacy, family, home and correspondence, and attacks on reputation. Article 17 is exclusively concerned with prohibiting interference with the privacy and/or reputation of individual persons. It does not extend to the privacy and/or reputation of corporate entities.

The information collected as a result of the continued operation of the reporting standards will be about the profile and structure of each RSE licensee’s business operations. This information ultimately supports APRA achieving its mission of ensuring that, under all reasonable circumstances, financial promises made by the institutions APRA supervises are met within a stable, efficient and competitive financial system.

APRA does not publish the personal information which it collects. Information provided to APRA under reporting standards is protected information for the purposes of section 56 of the Australian Prudential Regulation Authority Act 1998 (APRA Act) and cannot be disclosed except under a limited range of circumstances provided for under that section. While APRA does publish some protected information gathered under reporting standards, APRA reviews all releases of data received under reporting standards to ensure that no information pertaining to an individual person can be deduced from the data.

Conclusion

Financial Sector (Collection of Data) (reporting standard) determinations No. 1 to No. 10, No. 14 to No. 20, No. 22, No. 24 and No. 26 of 2015 are compatible with human rights because:

 

(i)            to the extent that determinations No. 1 to No. 10, No. 14 to No. 20, No. 22, No. 24 and No. 26 of 2015 limit human rights, those limitations are reasonable, necessary and proportionate; and

(ii)         the remaining parts of the determinations do not raise human rights issues.

Overview

The Financial Sector (Collection of Data) (reporting standard) determinations No. 1 to No. 10, No. 14 to No. 20, No. 22, No. 24 and No. 26 of 2015, were made by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001. These determinations were introduced to address the need for minor revisions and further guidance on existing reporting standards for superannuation, following feedback from the industry and the release of Frequently Asked Questions (FAQs) by APRA. The determinations aim to simplify the reporting requirements for superannuation entities by consolidating guidance into the reporting standards, thereby enhancing the clarity and ease of compliance. The changes introduced by these determinations are minor and do not introduce any new reporting requirements. APRA determined that no further consultation with the industry was necessary due to the minor nature of the changes and the prior release of FAQs. Moreover, a Regulation Impact Statement was deemed unnecessary as the revised reporting standards do not significantly alter the existing reporting obligations. The determinations are compatible with human rights as they do not interfere with the privacy or reputation of individual persons, and any information collected is used solely for regulatory and statistical purposes.

Scope and Application

The Financial Sector (Collection of Data) (reporting standard) determinations No. 1 to No. 10, No. 14 to No. 20, No. 22, No. 24 and No. 26 of 2015, made under the Financial Sector (Collection of Data) Act 2001, apply to financial sector entities that are required to submit specified data to the Australian Prudential Regulation Authority (APRA). These entities include banks, credit unions, authorised deposit-taking institutions, insurers, and other financial sector entities as defined under the Act. The determinations establish reporting standards for these entities to follow when submitting financial or accounting data and other information regarding their business or activities. The standards are designed to assist APRA in carrying out its supervisory functions and to support the dissemination of statistical information and analysis by APRA and other relevant agencies. The reporting standards apply across the Commonwealth of Australia and cover a range of financial and operational data, including profiles, financial statements, operational risks, and member flows. The determinations do not specify any exclusions, exemptions, or thresholds; however, they do provide for minor revisions to clarify and provide further guidance on existing reporting requirements. The determinations do not extend or restrict application through subordinate instruments.

Key Provisions

The Financial Sector (Collection of Data) (reporting standard) determinations No. 1 to No. 10, No. 14 to No. 20, No. 22, No. 24 and No. 26 of 2015 (the Determinations) outline specific reporting standards for financial sector entities. These standards require entities to submit detailed financial and operational data to the Australian Prudential Regulation Authority (APRA). Each determination specifies a particular aspect of the data collection, such as operational risk, defined benefit matters, self-insurance, and fees, among others. These reporting standards, which were introduced to clarify and provide further guidance on existing reporting requirements, involve the revocation of previous standards and the establishment of new ones. The new standards are intended to consolidate relevant guidance into the reporting standard, thereby simplifying the reporting requirements for the superannuation industry. The Determinations impose specific obligations on financial sector entities, particularly those related to the superannuation industry. These entities must comply with the new reporting standards by submitting the required data through prescribed reporting forms. The data collected must be accurate and complete, as it is used by APRA to assist with its supervisory functions and is also shared with other government agencies. APRA’s primary role is to ensure that the financial promises made by supervised institutions are met under stable, efficient, and competitive financial conditions. Additionally, APRA collates and publishes statistical information and analysis using the data received from these reporting forms. Failure to comply with the reporting standards established by the Determinations may result in penalties or other consequences. Although specific penalties are not detailed within the Determinations, breaches of the Financial Sector (Collection of Data) Act 2001 (the Act) can lead to civil or criminal penalties. For instance, under section 33 of the Act, an entity that fails to comply with a reporting standard may be subject to fines up to $1.26 million for a corporation and $252,000 for an individual, or both. Furthermore, ongoing non-compliance can lead to more severe consequences, including the potential revocation of licenses or other regulatory actions. In summary, the Determinations mandate specific reporting standards for financial sector entities, particularly those in the superannuation industry, requiring them to submit detailed data to APRA. These standards are designed to assist APRA in its supervisory role and to ensure the stability and efficiency of the financial system. Non-compliance with these standards can result in significant penalties, underscoring the importance of adhering to the specified requirements.

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Financial Sector (Collection of Data)
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Regulation
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Definitions & Interpretation
Reporting & Disclosure Obligations
Regulatory Standards
Regulatory Oversight
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