Financial Sector (Collection of Data) (reporting standard) determination No. 24 of 2014 - SRS 532.0 - Investment Exposure Concentrations

Administered by Department of the Treasury

Legislation au F2014L00542 Not in force Legislative Instrument

Legislation content

Financial Sector (Collection of Data) (reporting standard) determinations No. 17 to 26 of 2014

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 9 May 2014 APRA made the following determinations (the instruments):

(1)          Financial Sector (Collection of Data) (reporting standard) determination No. 17 of 2014 which:

(i)            revokes Reporting Standard SRS 160.1 Defined Benefit Flows made under Financial Sector (Collection of Data) (reporting standard) determination No. 67 of 2013; and

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

(2)          Financial Sector (Collection of Data) (reporting standard) determination No. 18 of 2014 which:

(i)            revokes Reporting Standard SRS 320.0 Statement of Financial Position made under Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2014; and

(ii)         determines Reporting Standard SRS 320.0 Statement of Financial Position (SRS 320.0);

(3)          Financial Sector (Collection of Data) (reporting standard) determination No. 19 of 2014 which:

(i)            revokes Reporting Standard SRS 330.0 Statement of Financial Performance made under Financial Sector (Collection of Data) (reporting standard) determination No. 6 of 2014; and

(ii)         determines Reporting Standard SRS 330.0 Statement of Financial Performance (SRS 330.0);

(4)          Financial Sector (Collection of Data) (reporting standard) determination No. 20 of 2014 which:

(i)            revokes Reporting Standard SRS 410.0 Accrued Default Amount made under Financial Sector (Collection of Data) (reporting standard) determination No. 76 of 2013; and

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

(5)          Financial Sector (Collection of Data) (reporting standard) determination No. 21 of 2014 which:

(i)            revokes Reporting Standard SRS 530.0 Investments made under Financial Sector (Collection of Data) (reporting standard) determination No. 78 of 2013; and

(ii)         determines Reporting Standard SRS 530.0 Investments  (SRS 530.0);

(6)          Financial Sector (Collection of Data) (reporting standard) determination No. 22 of 2014 which:

(i)            revokes Reporting Standard SRS 530.1 Investments and Investment Flows made under Financial Sector (Collection of Data) (reporting standard) determination No. 8 of 2013; and

(ii)         determines Reporting Standard SRS 530.1 Investments and Investment Flows (SRS 530.1);

(7)          Financial Sector (Collection of Data) (reporting standard) determination No. 23 of 2014 which:

(i)            revokes Reporting Standard SRS 531.0 Investment Flows made under Financial Sector (Collection of Data) (reporting standard) determination No. 80 of 2013; and

(ii)         determines Reporting Standard SRS 531.0 Investment Flows (SRS 531.0);

(8)          Financial Sector (Collection of Data) (reporting standard) determination No. 24 of 2014 which:

(i)            revokes Reporting Standard SRS 532.0 Investment Exposure Concentrations made under Financial Sector (Collection of Data) (reporting standard) determination No. 81 of 2013; and

(ii)         determines Reporting Standard SRS 532.0 Investment Exposure Concentrations  (SRS 532.0);

(9)          Financial Sector (Collection of Data) (reporting standard) determination No. 25 of 2014 which:

(i)            revokes Reporting Standard SRS 533.0 Asset Allocation made under Financial Sector (Collection of Data) (reporting standard) determination No.  9 of 2013; and

(ii)         determines Reporting Standard SRS 533.0 Asset Allocation (SRS 533.0); and

(10)      Financial Sector (Collection of Data) (reporting standard) determination No. 26 of 2014 which:

(i)            revokes Reporting Standard SRS 702.0 Investment Performance made under Financial Sector (Collection of Data) (reporting standard) determination No. 10 of 2013; and

(ii)         determines Reporting Standard SRS 702.0 Investment Performance (SRS 702.0).

Instruments (2), (3), (4), (6), (9) and (10) are stated to commence on 1 April 2014.  Instruments (1), (5), (7), and (8) commence on 1 July 2014.               

  1.    Background

APRA is empowered to make reporting standards under FSCODA, which require regulated institutions, including RSE licensees, to submit specified data through various reporting forms. Data from these forms are used internally to assist APRA’s supervisory functions and by 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 2012, legislative reforms[1] granted APRA the power to make prudential standards for the superannuation  industry,  extended  its  existing  powers  to  collect  data  under  FSCODA and imposed additional publication obligations on APRA. These measures were introduced in response to recommendations contained in the June 2010 report of the Review into the Governance, Efficiency, Structure and Operation of Australia’s Superannuation System (Super System Review).

In 2013, APRA released a suite of 37 final reporting standards applying to the superannuation industry.

2.      Purpose and operation of the instrument

The purpose of making the instruments is to make changes to some reporting due dates for a transitional period after considering the feedback from industry. The changes to reporting dates will provide additional time for industry to adapt to the new data collection requirements and enable further consultation on some aspects of the reporting requirements. Consequently, while certain of the Instruments take effect on 1 April 2014, their operation prior to registration on the Federal Register of Legislative Instruments does not contravene subsection 12(2) of the Legislative Instruments Act 2003 as the purpose of the Instruments is to effectively defer compliance with new requirements that would have otherwise applied to RSE licensees from that date.  Entities were made aware of the intended change to the reporting period due dates for a transitional period in a letter to the industry dated 21 March 2014 so as to permit them to continue to report under existing arrangements.

3.      Consultation

In 2013, APRA released the final reporting standards for the superannuation industry. Since the release of the final requirements, APRA received further feedback from industry and other stakeholders on a range of implementation issues related to the new reporting requirements.

In a letter to all RSE licensees dated 21 March 2014, APRA decided to defer the implementation dates for some parts the reporting framework and make changes to some reporting due dates for a transitional period after considering the feedback from industry. APRA does not consider that further consultation on these changes is necessary as the changes have already been communicated to industry via a letter to the industry.

The ABS also indicated it will postpone the implementation of this additional superannuation data collection until reporting periods commencing on or after 1 July 2015. Consultation on the proposed additional ABS data collection is expected to commence later in 2014. The revised implementation timeframe will allow RSE licensees further time to make any changes required to enable their reporting of the additional data.

4.  Regulation Impact Statement

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 Nos. 17 to 26 of 2014

 

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 this legislative instrument is to revoke existing reporting standards and remake reporting standards to make changes to some reporting due dates for a transitional period after considering the feedback from industry. The changes to reporting dates will provide additional time for industry to adapt to the new data collection requirements and enable further consultation on some aspects of the reporting requirements.

Human rights implications

APRA has assessed the instrument against the international instruments listed in section 3 of the HRPS Act and determined no Article is conceivably potentially of relevance to the instrument.

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) determination Nos. 17 to 26 are compatible with human rights because the determination does not raise human rights issues.  

 

[1] The Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Act 2012 and the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012.  These complemented the introduction of MySuper (a diversified superannuation product for contributions where the member has not made a choice of fund or product) in the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012.  The Government has also introduced the Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012.

Overview

The Financial Sector (Collection of Data) (reporting standard) determinations No. 17 to 26 of 2014 were enacted under the authority of the Financial Sector (Collection of Data) Act 2001 (FSCODA) to address the need for updated reporting standards in the financial sector, particularly in the context of superannuation reforms. These determinations were made by the Australian Prudential Regulation Authority (APRA), which has the statutory power to issue such standards to ensure the collection of accurate and timely financial data from regulated entities. The primary objective of these determinations was to revise certain reporting due dates for a transitional period, providing additional time for industry to adapt to the new data collection requirements. This adjustment was made in response to feedback from industry stakeholders and aimed to facilitate further consultation on specific aspects of the reporting requirements. The determinations also revoked and remade several existing reporting standards to align with the revised timelines, ensuring that the changes were communicated effectively to the industry through a letter dated 21 March 2014.

Scope and Application

The Financial Sector (Collection of Data) (reporting standard) determinations Nos. 17 to 26 of 2014, made under the Financial Sector (Collection of Data) Act 2001 (FSCODA), apply to entities within the financial sector, including Regulated Superannuation Entities (RSE) licensees, which are required to comply with the reporting standards set out by the Australian Prudential Regulation Authority (APRA). These determinations establish and revoke various reporting standards related to the collection of financial and accounting data, and other information concerning the business activities of these entities. The scope of the legislation is primarily national, as APRA's powers and duties under FSCODA extend across Australia. The determinations revoke and remake certain reporting standards to adjust reporting due dates for a transitional period, providing entities additional time to adapt to new data collection requirements and enabling further consultation on some aspects of the reporting requirements. The revised implementation timeframes aim to assist entities in making necessary changes to their reporting processes. Notably, instruments (2), (3), (4), (6), (9), and (10) commence on 1 April 2014, while instruments (1), (5), (7), and (8) commence on 1 July 2014. This legislative instrument does not specify any exclusions, exemptions, or thresholds, but it allows for further extension or restriction of its application through subordinate instruments.

Key Provisions

The Financial Sector (Collection of Data) (reporting standard) determinations Nos. 17 to 26 of 2014 (the instruments) made under the Financial Sector (Collection of Data) Act 2001 (the Act) serve to revoke existing reporting standards and establish new ones, with specific changes to reporting due dates aimed at providing additional time for the industry to adapt to new data collection requirements. These instruments were made to respond to feedback from industry and stakeholders, ensuring a smoother transition to new reporting requirements. Section 13(1) of the Act empowers the Australian Prudential Regulation Authority (APRA) to determine these reporting standards, which mandate that financial sector entities must comply with specified standards for reporting financial or accounting data and other business-related information. These determinations impose obligations on financial sector entities, particularly regulated institutions and RSE licensees, to submit specified data in accordance with the revised reporting standards. The entities must adhere to the new standards, which include details on defined benefit flows, statements of financial position and performance, accrued default amounts, investments, and other related financial data. The revised reporting standards aim to provide APRA with comprehensive information to perform its supervisory functions effectively and to assist other agencies such as the Australian Bureau of Statistics and the Australian Securities and Investments Commission. The instruments also outline the consequences for non-compliance with the reporting standards. While the explanatory statement does not explicitly detail specific offences or penalties for non-compliance, entities that fail to comply with the reporting requirements may face regulatory action by APRA. Non-compliance could potentially lead to enforcement actions, including fines or other penalties, as stipulated under the Act. The reporting standards are crucial for APRA to ensure that financial promises made by supervised institutions are met within a stable, efficient, and competitive financial system. APRA does not disclose personal information collected under these standards, and any published data is reviewed to ensure no individual information is deduced from the reported data.

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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.