Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2017
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 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. 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 19 September 2017, APRA made Financial Sector (Collection of Data) (reporting standard) determination No. 14 of 2017 (the instrument) which revokes Reporting Standard ARS 321.0 Statement of Financial Position (Offshore Operations) (ARS 321.0) made under Financial Sector (Collection of Data) (reporting standard) determination No. 38 of 2008.
The instrument takes effect upon registration on the Federal Register of Legislation.
- Background
The purpose of ARS 321.0 was to collect basic financial data on the offshore operations of authorised deposit-taking institutions (ADIs) on behalf of the Reserve Bank of Australia (RBA) and the Australian Bureau of Statistics (ABS). As the data collected under ARS 321.0 is no longer of priority to the RBA and the ABS, the reporting standard can now be revoked.
2. Purpose and operation of the instrument
The purpose of the instrument is to revoke ARS 321.0 as the data collected under this reporting standard is no longer required. This will reduce the reporting burden on ADIs.
3. Consultation
APRA undertook public consultation on the proposed cessation of ARS 321.0 from January 2017 to April 2017 as part of the economic and financial statistics data modernisation consultation.[1] Submissions were received from both reporting entities and industry bodies, with no objections raised in response to the proposed revocation of ARS 321.0. APRA confirmed its intention to revoke ARS 321.0 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. 14 of 2017
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 Reporting Standard ARS 321.0 Statement of Financial Position (Offshore Operations) made under Financial Sector (Collection of Data) (reporting standard) determination No. 38 of 2008.
Human rights implications
APRA has assessed the 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