Financial Sector (Collection of Data) (reporting standard) determination No. 19 of 2022

Administered by Department of the Treasury

Legislation au F2022L01364 Not in force Legislative Instrument

Legislation content

Financial Sector (Collection of Data) (reporting standard) determination Nos. 18 to 20 of 2022

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.

Subsection 15(1) of the Act provides that APRA may declare a day on and after which the reporting standards are to apply.

On 14 October 2022, APRA made the following determinations (the Legislative Instruments):

(1)          Financial Sector (Collection of Data) (reporting standard) determination No. 20 of 2022 which revokes Reporting Standard SRS 250.0 Acquired Insurance (SRS 250.0) made under Financial Sector (Collection of Data) (reporting standard) determination No. 6 of 2015;

(2)          Financial Sector (Collection of Data) (reporting standard) determination No. 18 of 2022 which revokes Reporting Standard SRS 533.1 Asset Allocation and Members’ Benefits Flows (SRS 533.1) made under Financial Sector (Collection of Data) (reporting standard) determination No. 38 of 2015; and

(3)          Financial Sector (Collection of Data) (reporting standard) determination No. 19 of 2022 which revokes Reporting Standard SRS 703.0 Fees Disclosed (SRS 703.0) made under Financial Sector (Collection of Data) (reporting standard) determination No. 41 of 2015,

The instruments commence on 28 October 2022.

1. Background

The above mentioned reporting standards required registrable superannuation entities (RSEs) to provide information to APRA relating to acquired insurance arrangements within a registrable superannuation entity (SRS 250.0), the strategic and actual asset allocation and members’ benefits flows of a select investment option (SRS 533.1) and the fees and costs required to be disclosed on a Product Disclosure Statement relating to a MySuper product (SRS 703.0).

In September 2021, APRA determined ten new reporting standards as a part of APRA’s Superannuation Data Transformation (SDT) project, which aims to collect accurate and comparable data on the superannuation industry to enable appropriate regulatory oversight, transparency and accountability for RSE licensees. Some of those reporting standards (specifically Reporting Standard SRS 251.0 Insurance, Reporting Standard SRS 550.0 Asset Allocation and Reporting Standard SRS 706.0 Fees and Costs (together, the New Reporting Standards)) collect information which overlaps with the three reporting standards listed above. After a period of parallel reporting to ensure the quality of the data submitted under the New Reporting Standards is sufficient, APRA has determined that collection of information under the three reporting standards listed above is no longer required.

2. Purpose and operation of the Legislative Instruments

The purpose of the Legislative Instruments is to revoke the three reporting standards listed above. The information collected under those reporting standards is now collected under New Reporting Standards which were determined as a part of APRA’s SDT project.

3. Consultation

APRA undertook public consultation on the proposed cessation of the reporting standards from April 2022 to May 2022 as part of the Superannuation Data Transformation Project Phase 2 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 a response paper dated August 2022 titled ‘Superannuation Data Transformation Project Phase 2’ which was published on APRA’s website.

4. Regulation Impact Statement

A Regulation Impact Statement was prepared and lodged in connection with the wider Superannuation Data Transformation project which contemplates the revocation of the three reporting standards listed above.  

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 Nos. 18 to 20 of 2022

These Legislative Instruments are 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 Instruments

The purpose of the Legislative Instruments is to revoke the following instruments:

(1)          Reporting Standard SRS 250.0 Acquired Insurance (SRS 250.0) made under Financial Sector (Collection of Data) (reporting standard) determination No. 6 of 2015;

(2)          Reporting Standard SRS 533.1 Asset Allocation and Members’ Benefits Flows (SRS 533.1) made under Financial Sector (Collection of Data) (reporting standard) determination No. 38 of 2015; and

(3)          Reporting Standard SRS 703.0 Fees Disclosed (SRS 703.0) made under Financial Sector (Collection of Data) (reporting standard) determination No. 41 of 2015.

Human rights implications

APRA has assessed the Legislative Instruments and is of the view that they do 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 Legislative Instruments are compatible with human rights.

Conclusion

These Legislative Instruments are compatible with human rights as they do not raise any human rights issues.

 

Overview

The Financial Sector (Collection of Data) (reporting standard) determination Nos. 18 to 20 of 2022 were enacted to address the redundancy of certain data collection requirements within the financial sector, particularly in relation to superannuation entities. These Legislative Instruments, issued by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001, serve to revoke outdated reporting standards that have been superseded by newer standards introduced as part of the Superannuation Data Transformation (SDT) project. The revocation of these standards aims to streamline data collection processes and ensure that the information gathered is both accurate and comparable, thereby facilitating better regulatory oversight, transparency, and accountability within the superannuation industry. APRA's decision to revoke these standards follows a period of parallel reporting to ensure a smooth transition to the new reporting requirements.

Scope and Application

The Financial Sector (Collection of Data) (reporting standard) determination Nos. 18 to 20 of 2022, issued under the authority of the Australian Prudential Regulation Authority (APRA) and pursuant to the Financial Sector (Collection of Data) Act 2001, revokes three previously established reporting standards that were applicable to registrable superannuation entities (RSEs). These revoked standards were SRS 250.0 Acquired Insurance, SRS 533.1 Asset Allocation and Members’ Benefits Flows, and SRS 703.0 Fees Disclosed. The revocation of these standards is effective from 28 October 2022 and is part of APRA’s Superannuation Data Transformation (SDT) project, which aims to enhance the quality and comparability of data collected from the superannuation industry to facilitate better regulatory oversight and accountability. The information previously collected under these standards is now gathered under new reporting standards (SRS 251.0 Insurance, SRS 550.0 Asset Allocation, and SRS 706.0 Fees and Costs) established through the SDT project. APRA engaged in public consultation from April to May 2022 and confirmed its intention to revoke these reporting standards in a response paper published in August 2022. The Legislative Instruments are compatible with human rights as they do not engage any of the rights or freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Key Provisions

The Financial Sector (Collection of Data) (reporting standard) determination Nos. 18 to 20 of 2022, made by the Australian Prudential Regulation Authority (APRA), revoke three existing reporting standards (SRS 250.0, SRS 533.1, and SRS 703.0) (paragraph 1). These standards, which previously required registrable superannuation entities (RSEs) to report on acquired insurance arrangements, asset allocation, and disclosed fees, are being revoked because they overlap with new reporting standards introduced as part of APRA’s Superannuation Data Transformation (SDT) project. This project aims to improve data quality and collection in the superannuation industry. The revocation of these standards is effective from 28 October 2022 (paragraph 1). These Legislative Instruments impose obligations on RSEs to cease reporting under the revoked standards (SRS 250.0, SRS 533.1, and SRS 703.0) and instead comply with the new reporting standards (SRS 251.0, SRS 550.0, and SRS 706.0) (paragraph 2). RSEs must ensure that all financial and accounting data previously reported under the revoked standards are now reported under the new standards. APRA conducted public consultation on the proposed revocations from April to May 2022, receiving submissions from both RSEs and industry bodies with no objections to the proposed changes (paragraph 3). There are no specific offences, penalties, or civil/criminal consequences outlined in the Legislative Instruments themselves for failing to comply with the revoked reporting standards post-28 October 2022. However, non-compliance with APRA's reporting standards generally could potentially lead to enforcement actions under the Financial Sector (Collection of Data) Act 2001. Such actions might include fines, corrective measures, or other regulatory sanctions, depending on the severity and nature of the non-compliance. The maximum penalties for breaches of the Act can vary but are typically set out in the Act or in APRA's guidelines (paragraph 4). The Legislative Instruments were prepared in accordance with the Acts Interpretation Act 1901, ensuring that APRA has the authority to revoke the specified reporting standards (subsection 33(3)). The revocation process followed due process, including public consultation and the publication of a response paper on APRA’s website (paragraph 3). APRA also prepared a Statement of Compatibility with human rights, confirming that the revocation of these standards does not engage any applicable rights or freedoms recognised in international human rights instruments (Attachment A).

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