Financial Sector (Collection of Data) (reporting standard) determination No. 20 of 2022

Administered by Department of the Treasury

Legislation au F2022L01369 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 made by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001. These determinations address the redundancy of certain reporting standards previously required for registrable superannuation entities (RSEs) to report specific financial and operational data to APRA. Specifically, these legislative instruments revoke Reporting Standard SRS 250.0 Acquired Insurance, Reporting Standard SRS 533.1 Asset Allocation and Members’ Benefits Flows, and Reporting Standard SRS 703.0 Fees Disclosed, which are now superseded by new reporting standards developed as part of APRA’s Superannuation Data Transformation (SDT) project. The SDT project aims to enhance the quality and comparability of data collected from the superannuation industry to ensure better regulatory oversight and accountability. After a period of parallel reporting to validate the new reporting standards, APRA determined that the information collected under the revoked standards is no longer necessary. Public consultation was conducted from April to May 2022, with no objections raised regarding the proposed revocations. These determinations are consistent with the human rights and freedoms recognised under international instruments, as confirmed in the Statement of Compatibility prepared in accordance with the Human Rights (Parliamentary Scrutiny) Act 2011.

Scope and Application

The Financial Sector (Collection of Data) (reporting standard) determination Nos. 18 to 20 of 2022, made by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001, are intended to revoke specific reporting standards previously established to collect data from registrable superannuation entities (RSEs) regarding acquired insurance arrangements, asset allocation, and members' benefits flows, as well as fees and costs disclosed on Product Disclosure Statements for MySuper products. These determinations apply to RSEs within the Commonwealth of Australia and are aimed at streamlining and improving the quality of data collection within the superannuation industry. The revocation of these reporting standards, which were made under earlier determinations in 2015, takes effect from 28 October 2022. The revocation is part of APRA’s Superannuation Data Transformation (SDT) project, which introduced new reporting standards to replace the outdated ones. This legislative action does not introduce any new exclusions or exemptions beyond those already in place under the Financial Sector (Collection of Data) Act 2001. APRA undertook public consultation on this matter, receiving submissions from reporting entities and industry bodies, with no objections raised to the proposed revocation. Furthermore, the Legislative Instruments have been assessed for compatibility with human rights, and APRA has determined that they do not engage any of the rights or freedoms recognised in the relevant international instruments.

Key Provisions

The Financial Sector (Collection of Data) (reporting standard) determination Nos. 18 to 20 of 2022 primarily involve the revocation of three existing reporting standards, namely SRS 250.0 Acquired Insurance, SRS 533.1 Asset Allocation and Members’ Benefits Flows, and SRS 703.0 Fees Disclosed. These determinations are made under the authority granted by section 13 of the Financial Sector (Collection of Data) Act 2001 (the Act). Section 15 of the Act allows the Australian Prudential Regulation Authority (APRA) to declare a commencement date for the reporting standards, which in this case is set for 28 October 2022. These legislative instruments aim to streamline data collection processes by eliminating redundancies that have arisen due to the introduction of new reporting standards as part of APRA's Superannuation Data Transformation (SDT) project. The obligations imposed by these legislative instruments on financial sector entities primarily involve the cessation of data collection under the three revoked reporting standards. Entities that were previously required to report on acquired insurance arrangements, asset allocation, and disclosed fees under SRS 250.0, SRS 533.1, and SRS 703.0, respectively, must now comply with the new reporting standards introduced as part of the SDT project. This transition is designed to ensure that data collection is more efficient and aligned with current regulatory objectives. Entities must ensure that they are aware of and compliant with the new standards, which collect similar information but are intended to be more comprehensive and integrated within the broader SDT framework. There are no specific offences, penalties, or civil/criminal consequences outlined in the legislative instruments themselves for non-compliance with the revoked reporting standards. However, failure to comply with APRA’s reporting requirements generally could potentially lead to enforcement actions under the Financial Sector (Collection of Data) Act 2001. The Act provides for various enforcement measures, including the issuance of compliance orders, financial penalties, and other regulatory sanctions. The maximum penalties for breaches of the Act can include substantial fines and, in severe cases, criminal charges against responsible individuals. The exact penalties would depend on the nature and severity of the breach, as well as any applicable provisions of the Act or other relevant legislation.

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