Financial Sector (Collection of Data) (reporting standard) determinations
Nos. 32 - 40 of 2007
EXPLANATORY STATEMENT
Prepared by the Australian Prudential Regulation Authority (APRA)
Issued by the authority of APRA
Financial Sector (Collection of Data) Act 2001, paragraph 13(1)(a)
Under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act), APRA may, by writing, determine reporting standards 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.
Financial Sector (Collection of Data) (reporting standard) determinations Nos. 32 - 40 of 2007 (the instruments) respectively determine the reporting standards outlined below in respect of discretionary mutual funds (DMFs) to which section 5 of the Act applies:
DRS 1.0: Notification
DRS 100.0: Insurance and Sundry Information
DRS 210.0: Outstanding Claims Provision
DRS 300.0:Statement of Financial Position
DRS 310.0: Statement of Financial Performance
DRS 310.1: Gross Earned Contribution Revenue and Insurance Expense
DRS 310.2: Claims Expense and Insurance Recoveries
DRS 310.3: Insurance by Class
DRS 310.4: Other Information
Under subsection 15(1) of the Act, APRA has declared that the reporting standards shall begin to apply to all DMFs on 1 January 2008.
- Background
This Explanatory Statement explains the APRA reporting framework for DMFs to be established following amendments to the Act made by the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007.
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 DMFs covered by the reporting standard; and (3) a set of detailed technical instructions regarding completion of the form except for the Notification Form.
2. Purpose of the instrument
The purpose of each instrument is to determine reporting standards applying to DMFs.
3. Operation of the instruments
The instruments determine the new standards which have been developed after consultation with DMFs.
Consultation
Consultation with all DMFs was held over a 6 week period.
4. Regulation Impact Statement
A RIS was prepared by Treasury before lodging the Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Bill 2007.