Financial Sector (Collection of Data) (reporting standard) determination No. 3 of 2026

Administered by Department of the Treasury

Legislation au F2026L00016 Not in force Legislative Instrument

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Financial Sector (Collection of Data) (reporting standard) determination No. 3 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. 3 of 2026 which revokes Reporting Standard SRS 535.0 Securities Lending made under Financial Sector (Collection of Data) (reporting standard) determination No. 84 of 2013 (the old reporting standard).

The instrument commences on the day after it is registered on the Federal Register of Legislation.

1. Background

The old reporting standard required registrable superannuation entity (RSE) licensees to provide information to APRA relating to securities lending 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 552.0 Securities Subject to Repurchase and Resale and Securities Lending and Borrowing made under Financial Sector (Collection of Data) (reporting standard) determination No. 7 of 2025 (the new reporting standard) collects information which overlaps 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 the day after the instrument is registered on the Federal Register of Legislation.

The third paragraph provides for the instrument to commence on the day after it is registered on the Federal Register of Legislation. This is the day that would apply under subsection 12(1) of the Legislation Act 2003 (Cth), if no commencement provision were made.

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. 3 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 535.0 Securities Lending made under Financial Sector (Collection of Data) (reporting standard) determination No. 84 of 2013.

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. 3 of 2026, enacted by the Australian Prudential Regulation Authority (APRA), aims to address the issue of reporting duplication within the financial sector, specifically for registrable superannuation entities (RSEs). This legislative instrument revokes the previous reporting standard, SRS 535.0 Securities Lending, which was established under the Financial Sector (Collection of Data) (reporting standard) determination No. 84 of 2013. The revocation seeks to streamline data collection processes and eliminate redundancy, thereby enhancing efficiency and compliance for RSE licensees. The determination is made under the authority conferred by the Financial Sector (Collection of Data) Act 2001 and is consistent with the objectives outlined in the Acts Interpretation Act 1901. The enactment of this determination follows comprehensive consultation with industry stakeholders and the release of a response to submissions in December 2024, as part of the Superannuation Data Transformation Project Phase 2. This initiative aims to modernise and consolidate data collection practices, ensuring that RSEs and RSE licensees transition away from legacy systems and onto a more efficient reporting framework. The revocation of the old reporting standard is designed to align with the new reporting standard, SRS 552.0 Securities Subject to Repurchase and Resale and Securities Lending and Borrowing, thereby reducing the burden on RSE licensees and improving data accuracy and consistency.

Scope and Application

The Financial Sector (Collection of Data) (reporting standard) determination No. 3 of 2026 applies to entities within the financial sector, specifically registrable superannuation entity (RSE) licensees, as mandated by the Financial Sector (Collection of Data) Act 2001. This Act empowers the Australian Prudential Regulation Authority (APRA) to set reporting standards for financial entities, including the collection and submission of financial or accounting data and information related to their business activities. The determination is a Commonwealth instrument, extending its reach across Australia. Its objective is to streamline and enhance data collection processes by revoking the outdated Reporting Standard SRS 535.0 Securities Lending, which has been replaced by a new standard, SRS 552.0 Securities Subject to Repurchase and Resale and Securities Lending and Borrowing, to eliminate duplication and transition RSEs and RSE licensees to a modern reporting system. The revocation aims to integrate the information previously collected under the old standard into the new one, thereby simplifying the reporting requirements. The instrument does not apply to any exclusions, exemptions, or thresholds beyond those specified in the Act and related instruments. APRA has the authority to extend or restrict the application of this determination through subordinate instruments, ensuring that the regulations remain effective and relevant to the evolving financial sector landscape.

Key Provisions

The Financial Sector (Collection of Data) (reporting standard) determination No. 3 of 2026 (the determination) revokes Reporting Standard SRS 535.0 Securities Lending made under Financial Sector (Collection of Data) (reporting standard) determination No. 84 of 2013. This determination was made under the authority of subsection 13(1) of the Financial Sector (Collection of Data) Act 2001 (the Act), which empowers the Australian Prudential Regulation Authority (APRA) to determine reporting standards for financial sector entities. The revocation of the old reporting standard aims to eliminate duplication in data collection and streamline the reporting process for Registrable Superannuation Entities (RSE) licensees. The determination imposes obligations on RSE licensees to cease reporting under the revoked Reporting Standard SRS 535.0. Instead, they must comply with the new Reporting Standard SRS 552.0 Securities Subject to Repurchase and Resale and Securities Lending and Borrowing made under Financial Sector (Collection of Data) (reporting standard) determination No. 7 of 2025. This change ensures that the information previously collected under the old standard is now appropriately gathered under the new standard, thereby maintaining the integrity and efficiency of the data collection process. Under the Act, failure to comply with the new reporting requirements could result in regulatory action against the RSE licensees. The Act does not explicitly outline specific civil or criminal penalties for non-compliance, but non-compliance generally could lead to enforcement actions, fines, or other regulatory sanctions imposed by APRA. The exact consequences would depend on the nature and severity of the non-compliance, as well as the specific provisions of the Act and related regulations. However, the determination itself does not detail specific penalties, implying that the consequences of non-compliance would be determined in accordance with the broader legal framework governing financial sector regulation in Australia.

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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.