Financial Sector (Collection of Data) (reporting standard) determination No. 2 of 2026

Administered by Department of the Treasury

Legislation au F2026L00015 Not in force Legislative Instrument

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Financial Sector (Collection of Data) (reporting standard) determination No. 2 of 2026

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 13 January 2026, APRA made the Financial Sector (Collection of Data) (revocation) determination No. 2 of 2026 which revokes Reporting Standard SRS 532.0 Investment Exposure Concentrations made under Financial Sector (Collection of Data) (reporting standard) determination No. 37 of 2015 (the old reporting standard).

The instrument commences on 6 February 2026.

1. Background

The old reporting standard required registrable superannuation entity (RSE) licensees to provide information to APRA relating to movements in the investments of a RSE.

APRA released a discussion paper in November 2023[1]  outlining proposed enhancements to its superannuation data collection relating to RSE licensee profile, RSE profile and Investments. The consultation proposed new draft reporting standards and included an explanation of any existing reporting standards that APRA proposed to replace or amend. The consultation proposed the replacement of the old reporting standard. In December 2024, APRA released a response to submissions, Enhancements for Superannuation Data Collections consultation response (December response paper) which published final versions of the reporting standards and listed seven existing reporting standards that would be revoked, including the old reporting standard[2]. The revocation of the seven existing reporting standards aims to reduce duplication of reporting and to move RSEs and RSE licensees off APRA’s legacy system for reporting data, Direct to APRA.

Reporting Standard SRS 553.0 Investment Exposure Concentrations (the new Reporting Standard) made under Financial Sector (Collection of Data) (reporting standard) determination No. 8 of 2025 collects information which overlaps with the information collected under the old reporting standard. APRA will revoke the old reporting standard to avoid duplication of reporting.

2. Purpose and operation of the Legislative Instrument

The purpose of the legislative instrument is to revoke the old reporting standard. The information collected under the old reporting standard is now collected under the new Reporting Standard. This will reduce duplication of reporting for RSE licensees.

Operation of the instrument

The first paragraph of the instrument identifies the source of the power that is being exercised by the delegate and is the operative paragraph that revokes the old reporting standard.

The second paragraph provides that the revoked reporting standard will cease to apply on 6 February 2026.

The third paragraph provides for the instrument to commence on 6 February 2026.

3. Documents incorporated by reference

Under paragraph 14(1)(a) of the Legislation Act 2003, the reporting standard revocation determination incorporates by reference as in force from time to time:

  • Legislation Act 2003 (Cth)

This document can be freely obtained at www.legislation.gov.au.  

4. Consultation

APRA undertook public consultation on the proposed cessation of several reporting standards, including the old reporting standard, from November 2023 to December 2024 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 old reporting standard in its December 2024 response paper[3].

5. 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 old reporting standard.

6. 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.

7.    Legislative instrument – disallowance and sunsetting

The instrument is a legislative instrument for the purposes of the Legislation Act 2003 (Legislation Act). In accordance with section 44 of the Legislation Act and item 3 in paragraphs 9 and item 6 in paragraph 11 of the Legislation (Exemptions and Other Matters) Regulation 2015 (Legislation Regulation), the instrument is not subject to disallowance or sunsetting under the Legislation Act, on the grounds that the instrument relates to superannuation. The instrument is a determination which revokes a reporting standard. The Explanatory Statement to the Legislation Regulation states:

“Item 3 is an instrument (other than regulations) relating to superannuation. This item preserves the exemption in item 39 of the table in subsection 44(2) of the Legislative Instruments Act. This exemption exists because exposure of superannuation instruments to disallowance would cause commercial uncertainty, as well as uncertainty for superannuation fund members and providers. These instruments are intended to have enduring operation and are not suitable for the disallowance process.”

“Item 6 is an instrument (other than a regulation) relating to superannuation. This item preserves the exemption in item 42 of the table in subsection 54(2) of the Legislative Instruments Act. Sunsetting of instruments relating to superannuation could cause commercial uncertainty, as well as uncertainty for superannuation fund members and providers. These instruments are intended to have enduring operation and it would not be appropriate to subject them to sunsetting.”

As detailed above, consultation with industry stakeholders occurred prior to the finalisation of the legislative instrument. APRA conducts regular reviews of its reporting standards, which range from post-implementation reviews to targeted reviews of specific standards or aspects of standards. 

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. 2 of 2026

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 the Legislative Instrument is to revoke the following instrument:

Reporting Standard SRS 532.0 Investment Exposure Concentrations made under Financial Sector (Collection of Data) (reporting standard) determination No. 37 of 2015.

Human rights implications

APRA has assessed the Legislative 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 Legislative Instrument is compatible with human rights.

Conclusion

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

 

[1] See: https://www.apra.gov.au/discussion-paper-superannuation-data-transformation-phase-2.

[2] See: https://www.apra.gov.au/enhancements-for-superannuation-data-collections-consultation-response.

[3] See: https://www.apra.gov.au/enhancements-for-superannuation-data-collections-consultation-response.

Overview

The Financial Sector (Collection of Data) (reporting standard) determination No. 2 of 2026 was enacted by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001. This legislative instrument was introduced to address the problem of data duplication within the financial sector, specifically in relation to the reporting requirements for Registrable Superannuation Entities (RSE). The Act empowers APRA to set reporting standards for financial entities, and the revocation of the old reporting standard, SRS 532.0 Investment Exposure Concentrations, aims to streamline the reporting process by eliminating redundancies. This was achieved through a consultation process that began in November 2023, culminating in the final determination in December 2024. The revocation of the old standard will be effective from 6 February 2026, facilitating a transition to a new reporting standard, SRS 553.0 Investment Exposure Concentrations, which consolidates the information previously collected under the old standard.

Scope and Application

The Financial Sector (Collection of Data) (reporting standard) determination No. 2 of 2026, issued by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001, aims to revoke the previously existing Reporting Standard SRS 532.0 Investment Exposure Concentrations, which was established by Financial Sector (Collection of Data) (reporting standard) determination No. 37 of 2015. This revocation applies to entities within the financial sector, specifically registrable superannuation entities (RSE) licensees, who are required to report financial and accounting data to APRA. The revocation is intended to eliminate redundancy and streamline the reporting process by consolidating data collection under the new Reporting Standard SRS 553.0 Investment Exposure Concentrations, which was introduced by Financial Sector (Collection of Data) (reporting standard) determination No. 8 of 2025. The legislative instrument took effect on 6 February 2026, following public consultation that ran from November 2023 to December 2024, with no objections raised against the proposed revocation. This determination is part of APRA’s Superannuation Data Transformation Project, which seeks to modernise data collection practices within the superannuation sector.

Key Provisions

The Financial Sector (Collection of Data) (reporting standard) determination No. 2 of 2026 revokes the old reporting standard SRS 532.0 Investment Exposure Concentrations, made under the Financial Sector (Collection of Data) (reporting standard) determination No. 37 of 2015. The revocation takes effect from 6 February 2026, as specified in the first paragraph of the instrument. This means that, from this date, the requirements and obligations under the old reporting standard will no longer apply to registrable superannuation entities (RSE) licensees. Instead, these entities will need to comply with the new Reporting Standard SRS 553.0 Investment Exposure Concentrations, made under Financial Sector (Collection of Data) (reporting standard) determination No. 8 of 2025. The old reporting standard was intended to collect information about investment movements in RSEs, but its functions are now subsumed by the new standard to avoid redundancy and streamline data collection processes. Entities governed by the Act, specifically RSE licensees, are required to adhere to the new reporting standards effective from the commencement date. This includes transitioning their reporting systems and processes to align with the new standards, ensuring that they no longer collect the information previously mandated by the old reporting standard. Failure to comply with the new standards may result in non-compliance issues with APRA. It is important for RSE licensees to update their internal systems and training to reflect the changes brought about by the revocation of the old reporting standard and adoption of the new one. There are no specific offences, penalties, or civil/criminal consequences mentioned for breaching the provisions of this revocation determination. However, non-compliance with APRA's reporting standards can generally lead to enforcement actions under the Financial Sector (Collection of Data) Act 2001. These actions may include fines, legal proceedings, and other regulatory sanctions. APRA may also impose administrative penalties for non-compliance, although the exact penalties are not specified in this particular determination. The primary consequence of not adhering to the new reporting standards would be the risk of facing regulatory scrutiny and potential enforcement actions by APRA.

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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.