Financial Sector (Collection of Data) (reporting standard) determination No. 26 of 2014 - SRS 702.0 - Investment Performance

Administered by Department of the Treasury

Legislation au F2014L00553 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 2014; 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 2014; 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 2014; 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 Nos. 17 to 26 of 2014 were made by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001. This legislation was enacted to address the need for comprehensive data collection and reporting standards in the financial sector, ensuring the stability and efficiency of the financial system. APRA, as the prudential regulator, has the authority to set these standards to monitor and supervise the financial sector, including regulated institutions and the superannuation industry. The determinations were introduced to revise and adjust the reporting requirements for a transitional period, allowing industry stakeholders time to adapt to the new standards and facilitating further consultation on specific aspects of the reporting requirements. These changes were communicated to the industry via a letter dated 21 March 2014. The determinations aim to revoke existing reporting standards and establish new ones, focusing on modifying certain reporting due dates. This adjustment is intended to provide regulated entities with additional time to comply with the new data collection requirements and to allow for continued consultation with industry stakeholders. Consequently, the implementation dates for some parts of the reporting framework were deferred, with certain instruments taking effect from 1 April 2014 and others from 1 July 2014. APRA assessed these instruments against the international human rights instruments and determined that they are compatible with human rights, as no relevant articles were identified.

Scope and Application

The Financial Sector (Collection of Data) (reporting standard) determinations Nos. 17 to 26 of 2014 are legislative instruments created under the Financial Sector (Collection of Data) Act 2001 (FSCODA) and the Acts Interpretation Act 1901. These instruments are issued by the Australian Prudential Regulation Authority (APRA) and pertain to the financial sector, specifically regulated institutions including Registered Superannuation Entities (RSE) licensees, which must comply with the reporting standards outlined in these determinations. These standards govern the reporting of financial and accounting data and other information about the business activities of the entities within the financial sector. The instruments revoke previously established reporting standards and establish new ones, with varying commencement dates between 1 April and 1 July 2014. The purpose of these determinations is to make changes to reporting due dates for a transitional period, following feedback from industry, to allow for further adaptation and consultation on new data collection requirements. The instruments do not specify exclusions or exemptions but are subject to revocation or amendment as per the powers granted under the FSCODA and the Acts Interpretation Act 1901. These instruments apply on a national level within Australia and are integral to APRA's regulatory framework for the financial sector.

Key Provisions

The Financial Sector (Collection of Data) (reporting standard) determinations No. 17 to 26 of 2014, made under the Financial Sector (Collection of Data) Act 2001 (FSCODA), involve the revocation of certain existing reporting standards and the establishment of new ones. These determinations, issued by the Australian Prudential Regulation Authority (APRA), are designed to revise some reporting due dates to allow additional time for industry adaptation and to facilitate further consultations on certain aspects of the reporting requirements. The changes were communicated to the industry in a letter dated 21 March 2014. Certain of these instruments take effect from 1 April 2014, while others are set to commence on 1 July 2014. Under these determinations, APRA is empowered to mandate reporting standards for financial sector entities, including regulated institutions and RSE licensees. These standards require the submission of specified financial and accounting data through designated reporting forms. The data collected is primarily used by APRA for its supervisory functions and is also disseminated to other agencies, such as the Australian Bureau of Statistics and the Australian Securities and Investments Commission. The determinations also allow APRA to publish statistical information and analyses derived from these reporting forms. The obligations imposed by these determinations include the submission of the required data as per the specified reporting standards. Entities subject to these standards must ensure that their data submissions comply with the newly established reporting requirements. It is critical that the entities adapt their reporting processes to align with the revised due dates and standards to avoid non-compliance. These obligations are designed to enhance the quality and timeliness of the data collected, thereby supporting APRA’s regulatory functions. Breach of the obligations imposed by these determinations may lead to civil or administrative penalties. While specific penalties are not detailed in the determinations, non-compliance with regulatory requirements under FSCODA can typically result in significant financial penalties, enforcement actions, or other regulatory sanctions. The severity of the penalties may depend on the nature and extent of the non-compliance, and APRA has the authority to impose appropriate measures to ensure adherence to the reporting standards. Additionally, failure to comply with the reporting requirements could also lead to reputational damage and loss of trust among stakeholders.

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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.