Financial Sector (Collection of Data) (reporting standard) determination No. 29 of 2016 - Reporting Standard RRS 331.0 - Selected Revenues and Expenses

Administered by Department of the Treasury

Legislation au F2016L01513 Not in force Legislative Instrument

Legislation content

Financial Sector (Collection of Data) (reporting standard) determination Nos. 24 to 34 of 2016

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.

The instruments commence upon registration on the Federal Register of Legislation.

On 23 September 2016, APRA made the following determinations (the instruments):

(1)          Financial Sector (Collection of Data) (reporting standard) determination No. 24 of 2016 which:

(i)            revokes Reporting Standard RRS 320.1 Debt Securities Held made under Financial Sector (Collection of Data) (reporting standard) determination No. 50 of 2006; and

(ii)         determines Reporting Standard RRS 320.1 Debt Securities Held (RRS 320.1);

(2)          Financial Sector (Collection of Data) (reporting standard) determination No. 25 of 2016 which:

(i)            revokes Reporting Standard RRS 320.2 Equity  Securities Held made under Financial Sector (Collection of Data) (reporting standard) determination No. 51 of 2006; and

(ii)         determines Reporting Standard RRS 320.2 Equity  Securities Held (RRS 320.2);

(3)          Financial Sector (Collection of Data) (reporting standard) determination No. 26 of 2016 which:

(i)            revokes Reporting Standard RRS 320.3 Debt Securities on Issue made under Financial Sector (Collection of Data) (reporting standard) determination No. 52 of 2006; and

(ii)         determines Reporting Standard RRS 320.3 Debt Securities on Issue (RRS 320.3);

(4)          Financial Sector (Collection of Data) (reporting standard) determination No. 27 of 2016 which:

(i)            revokes Reporting Standard RRS 320.4 Bills Acceptance made under Financial Sector (Collection of Data) (reporting standard) determination No. 53 of 2006; and

(ii)         determines Reporting Standard RRS 320.4 Bills Acceptance (RRS 320.4);

(5)          Financial Sector (Collection of Data) (reporting standard) determination No. 28 of 2016 which:

(i)            revokes Reporting Standard RRS 320.5 Securities Subject to Repurchase and Resale and Stock Lending and Borrowing made under Financial Sector (Collection of Data) (reporting standard) determination No. 54 of 2006; and

(ii)         determines Reporting Standard RRS 320.5 Securities Subject to Repurchase and Resale and Stock Lending and Borrowing (RRS 320.5);

(6)          Financial Sector (Collection of Data) (reporting standard) determination No. 29 of 2016 which:

(i)            revokes Reporting Standard RRS 331.0 Selected Revenue and Expenses made under Financial Sector (Collection of Data) (reporting standard) determination No. 55 of 2006; and

(ii)         determines Reporting Standard 331.0 Selected Revenue and Expenses (RRS 331.0);

(7)          Financial Sector (Collection of Data) (reporting standard) determination No. 30 of 2016 which:

(i)            revokes Reporting Standard RRS 332.0 Statement of Economic Activity made under Financial Sector (Collection of Data) (reporting standard) determination No. 56 of 2006; and

(ii)         determines Reporting Standard RRS 332.0 Statement of Economic Activity (RRS 332.0);

(8)          Financial Sector (Collection of Data) (reporting standard) determination No. 31 of 2016 which:

(i)            revokes Reporting Standard RRS 391.0 Commercial Finance made under Financial Sector (Collection of Data) (reporting standard) determination No. 57 of 2006; and

(ii)         determines Reporting Standard 391.0 Commercial Finance (RRS 391.0);

(9)          Financial Sector (Collection of Data) (reporting standard) determination No. 32 of 2016 which:

(i)            revokes Reporting Standard RRS 392.0 Housing Finance made under Financial Sector (Collection of Data) (reporting standard) determination No. 58 of 2006; and

(ii)         determines Reporting Standard RRS 392.0 Housing Finance (RRS 392.0);

(10)      Financial Sector (Collection of Data) (reporting standard) determination No. 33 of 2016 which:

(i)            revokes Reporting Standard RRS 393.0 Lease Finance made under Financial Sector (Collection of Data) (reporting standard) determination No. 59 of 2006; and

(ii)         determines Reporting Standard RRS 393.0 Lease Finance (RRS 393.0);

(11)      Financial Sector (Collection of Data) (reporting standard) determination No. 34 of 2016 which:

(i)            revokes Reporting Standard RRS 394.0 Personal Finance made under Financial Sector (Collection of Data) (reporting standard) determination No. 60 of 2006; and

(ii)         determines Reporting Standard RRS 394.0 Personal Finance (RRS 394.0).

The instruments commence upon registration on the Federal Register of Legislation.             

  1.    Background

Financial Sector (Collection of Data) Determinations Nos. 24 to 34 of 2016 determine reporting standards which will apply to Registered Financial Corporation (RFCs). RFCs are financial corporations involved in the provision of finance; they are not prudentially regulated by APRA. However, APRA has responsibility for registering these entities under the Act and for collecting data about their businesses and activities. APRA collects this information through reporting standards determined under the Act. Entities with assets less than $50 million are not required to report.

The reporting standards determined under Financial Sector (Collection of Data) (reporting standard) determinations Nos. 50 to 60 of 2006 (the instruments) are due to sunset on 1 October 2016. APRA is remaking these reporting standards under the Financial Sector (Collection of Data) (reporting standard) determinations Nos. 23 to 34 of 2016 (the instruments), so that APRA can continue to collect and data from the registered entities on behalf of Reserve Bank of Australia and Australian Bureau of Statistics. 

 

Each reporting standard comprises: (1) the body of the reporting standard itself (which contains details about inter alia when returns under the standards must be lodged with APRA); (2) one or more reporting forms which must be completed by RFCs covered by the reporting standard; and (3) a set of detailed technical instructions regarding completion of the form.

2.      Purpose and operation of the instrument

The purpose of the instrument is to remake those reporting standards, applying to RFCs, which are due to sunset on 1 October 2016.

There are no changes being made to the reporting standards or the instruction guides. The requirements are consistent with those under the reporting standards that are due to sunset on 1 October 2016.

Financial Sector (Collection of Data) (reporting standard) determination No. 24 of 2016 - Reporting Standard RRS 320.1 Debt Securities Held

This reporting standard requires a registered entity that had total assets of $500 million or more at the end of the most recent complete financial year at the time of reporting, to give APRA quarterly statements of debt securities held.

Financial Sector (Collection of Data) (reporting standard) determination No. 25 of 2016 - Reporting Standard RRS 320.2 - Equity Securities Held

This reporting standard requires a registered entity that had total assets of $500 million or more at the end of the most recent complete financial year at the time of reporting, to give APRA quarterly statements of equity securities held.

Financial Sector (Collection of Data) (reporting standard) determination No. 26 of 2016 - Reporting Standard RRS 320.3 - Debt Securities on Issue

This reporting standard requires a registered entity that had total assets of $500 million or more at the end of the most recent complete financial year at the time of reporting, to give APRA quarterly statements of debt securities on issue.

Financial Sector (Collection of Data) (reporting standard) determination No. 27 of 2016 - Reporting Standard RRS 320.4 - Bill Acceptances

This reporting standard requires a registered entity that had total assets of $500 million or more at the end of the most recent complete financial year at the time of reporting, to give APRA quarterly statements of bill acceptances.

Financial Sector (Collection of Data) (reporting standard) determination No. 28 of 2016 - Reporting Standard RRS 320.5 - Securities Subject to Repurchase and Resale and Stock Lending and Borrowing

This reporting standard requires a registered entity that, at the end of the most recent complete financial year at the time of reporting, had total assets of $500 million or more to give APRA quarterly statements of securities subject to repurchase and resale and stock lending and borrowing.

Financial Sector (Collection of Data) (reporting standard) determination No. 29 of 2016 - Reporting Standard RRS 331.0 - Selected Revenues and Expenses

This reporting standard requires a registered entity that had total assets of $500 million or more at the end of the most recent complete financial year at the time of reporting, to give the APRA quarterly statements of selected revenues and expenses.

Financial Sector (Collection of Data) (reporting standard) determination No. 30 of 2016 - Reporting Standard RRS 332.0 - Statement of Economic Activity

This reporting standard requires a registered entity that had total assets of $500 million or more at the end of the most recent complete financial year at the time of reporting, to give APRA annual statements of economic activity. 

Financial Sector (Collection of Data) (reporting standard) determination No. 31 of 2016 - Reporting Standard RRS 391.0 - Commercial Finance

This reporting standard applies to relevant registered entities. In general terms, these are entities described in the Schedule to this reporting standard. This reporting standard requires a relevant registered entity to give APRA monthly statements in relation to commercial finance.

Financial Sector (Collection of Data) (reporting standard) determination No. 32 of 2016 - Reporting Standard RRS 392.0 - Housing Finance

This reporting standard applies to relevant registered entities. In general terms, these are entities described in the Schedule to this reporting standard. This reporting standard requires a relevant registered entity to give APRA monthly statements in relation to housing finance. 

Financial Sector (Collection of Data) (reporting standard) determination No. 33 of 2016 - Reporting Standard RRS 393.0 – Lease Finance

This reporting standard applies to relevant registered entities. In general terms, these are entities described in the Schedule to this reporting standard. This reporting standard requires a relevant registered entity to give APRA monthly statements in relation to lease finance. 

Financial Sector (Collection of Data) (reporting standard) determination No. 34 of 2016 - Reporting Standard RRS 394.0 - Personal Finance

This reporting standard applies to relevant registered entities. In general terms, these are entities described in the Schedule to this reporting standard. This reporting standard requires a relevant registered entity to give APRA monthly statements in relation to personal finance.

3.      Consultation

The instruments are minor or machinery in nature and do not substantially alter existing arrangements.

4.  Regulation Impact Statement

The Office of Best Practice Regulation has advised that a Regulation Impact Statement is not required for this legislative instrument.

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

Human Rights (Parliamentary Scrutiny) Act 2011

Financial Sector (Collection of Data) (reporting standard) determinations Nos. 24 to 34 of 2016

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

These legislative instruments remake those reporting standards, applying to Registered Financial Corporations (RFCs), which are due to sunset on 1 October 2016. The requirements are the same as those under the reporting standards that are due to sunset on 1 October 2016. The data collected under these reporting standards is used by the Reserve Bank of Australia and the Australian Bureau of Statistics to assist them with their functions. APRA collects the data on behalf of these agencies. No personal information is collected by APRA under these reporting standards; therefore, APRA is of the view that these legislative instruments do not raise any human rights issues.

 

Human rights implications

APRA has assessed these instruments 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, these legislative instruments are compatible with human rights.

Conclusion

These Legislative Instruments are compatible with human rights as it does not raise any human rights issues.

 

 

Overview

The Financial Sector (Collection of Data) (reporting standard) determinations Nos. 24 to 34 of 2016 were enacted to address the impending expiration of existing reporting standards for Registered Financial Corporations (RFCs) under the Financial Sector (Collection of Data) Act 2001. The Australian Prudential Regulation Authority (APRA), exercising its powers under the Act, has remade these standards to ensure the continued collection of data from RFCs for the Reserve Bank of Australia and the Australian Bureau of Statistics. This continuation is essential for maintaining the financial sector's stability and supporting statistical analysis and policy-making. The determinations, which come into effect upon registration on the Federal Register of Legislation, maintain the existing reporting requirements without altering them, ensuring consistency and minimising disruption for RFCs. These legislative instruments were developed following consultation and have been assessed for their impact on regulations and compatibility with human rights, with the conclusion that they do not raise any human rights issues. They are a continuation of the existing framework for data collection, ensuring that APRA can continue to fulfil its role in gathering critical financial data on behalf of key statutory agencies.

Scope and Application

The Financial Sector (Collection of Data) (reporting standard) determinations Nos. 24 to 34 of 2016 apply to Registered Financial Corporations (RFCs), which are financial corporations registered under the Financial Sector (Collection of Data) Act 2001 (the Act) and involved in the provision of finance. These corporations, which are not prudentially regulated by the Australian Prudential Regulation Authority (APRA), are required to provide financial and accounting data and other information about their business and activities to APRA. The reporting standards are designed to collect data from RFCs with total assets of $500 million or more at the end of the most recent complete financial year at the time of reporting, except for those with assets less than $50 million who are exempt from reporting. These determinations, which replace the previous reporting standards set out in determinations Nos. 50 to 60 of 2006, are made under sections 13 and 15 of the Act and subsection 33(3) of the Acts Interpretation Act 1901, and come into effect upon registration on the Federal Register of Legislation. The data collected is used by the Reserve Bank of Australia and the Australian Bureau of Statistics to assist them with their functions, and APRA has assessed that these legislative instruments are compatible with human rights as they do not raise any human rights issues.

Key Provisions

The main operative sections of these determinations are the Financial Sector (Collection of Data) (reporting standard) determinations Nos. 24 to 34 of 2016. These determinations remake various reporting standards that were set to sunset on 1 October 2016. The determinations specify the reporting requirements for Registered Financial Corporations (RFCs) with assets of $500 million or more at the end of the most recent complete financial year. These standards mandate that RFCs submit quarterly or monthly reports to the Australian Prudential Regulation Authority (APRA) detailing their holdings of debt and equity securities, bill acceptances, securities subject to repurchase and resale, selected revenues and expenses, economic activity, and various types of finance (commercial, housing, lease, and personal). Each determination includes the reporting standard itself, the relevant reporting forms, and detailed technical instructions for completing the forms. The obligations imposed by these determinations require RFCs with the specified asset thresholds to provide APRA with timely and accurate financial and economic data. The reports must be submitted in accordance with the prescribed formats and timelines set out in the reporting standards. The data collected is used by the Reserve Bank of Australia and the Australian Bureau of Statistics to assist them in carrying out their respective functions. The determinations ensure that APRA can continue to collect and manage the necessary data from RFCs on behalf of these agencies. Failure to comply with these reporting requirements may result in civil or criminal consequences, although the specific penalties are not detailed in the explanatory statement. Generally, under the Financial Sector (Collection of Data) Act 2001, non-compliance with reporting requirements can lead to penalties, which may include fines and, in severe cases, criminal charges. The maximum penalties would be determined according to the specific provisions of the Act and any relevant regulations or subsidiary legislation. These consequences underscore the importance of adhering to the stipulated reporting standards to avoid potential legal repercussions.

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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.