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

Administered by Department of the Treasury

Legislation au F2016L01500 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 introduced by the Australian Prudential Regulation Authority (APRA) to address the impending sunset of previous reporting standards on 1 October 2016. These determinations are made under the authority conferred by the Financial Sector (Collection of Data) Act 2001, which empowers APRA to set reporting standards for financial sector entities. The primary objective of these determinations is to ensure the continuity of data collection from Registered Financial Corporations (RFCs) for the Reserve Bank of Australia and the Australian Bureau of Statistics. These entities, which are not prudentially regulated by APRA but are registered under the Act, must comply with the specified reporting standards to provide essential financial and economic data. The determinations restate the existing reporting standards without any substantive changes, maintaining consistency with the previous requirements. The instruments became effective upon their registration on the Federal Register of Legislation. These determinations are a practical measure to address the operational need for uninterrupted data collection, ensuring that APRA can effectively fulfill its role in gathering and providing critical financial information to other regulatory bodies. By keeping the reporting standards unchanged, APRA aims to maintain the integrity and utility of the financial data collected, which is vital for informed decision-making in the financial sector.

Scope and Application

The Financial Sector (Collection of Data) (reporting standard) determinations Nos. 24 to 34 of 2016, issued by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001, apply to Registered Financial Corporations (RFCs) that are involved in the provision of finance but are not prudentially regulated by APRA. These instruments determine specific reporting standards that RFCs must adhere to when submitting financial and accounting data to APRA, who in turn collects this information on behalf of the Reserve Bank of Australia and the Australian Bureau of Statistics. The reporting standards apply to RFCs with total assets of $500 million or more at the end of the most recent complete financial year at the time of reporting, and cover various aspects such as debt securities, equity securities, bill acceptances, securities subject to repurchase and resale, selected revenues and expenses, economic activity, and finance related to commercial, housing, lease, and personal sectors. Notably, entities with assets less than $50 million are exempt from these reporting requirements. These determinations remake the existing reporting standards that were set to sunset on 1 October 2016, ensuring continuity in data collection practices. The instruments commence upon registration on the Federal Register of Legislation, and no changes have been made to the reporting standards or the instruction guides, maintaining consistency with the previous requirements.

Key Provisions

The primary operative sections of the Financial Sector (Collection of Data) (reporting standard) determinations Nos. 24 to 34 of 2016 (the instruments) concern the determination of various reporting standards for Registered Financial Corporations (RFCs). These reporting standards govern the collection of financial and accounting data from RFCs, as outlined in sections 13 and 15 of the Financial Sector (Collection of Data) Act 2001. The instruments detail the requirements for RFCs with total assets of $500 million or more at the end of the most recent complete financial year to submit quarterly statements on various financial instruments and activities to the Australian Prudential Regulation Authority (APRA). These include debt securities held (RRS 320.1), equity securities held (RRS 320.2), debt securities on issue (RRS 320.3), bill acceptances (RRS 320.4), securities subject to repurchase and resale and stock lending and borrowing (RRS 320.5), selected revenues and expenses (RRS 331.0), and a statement of economic activity (RRS 332.0). Additionally, the instruments require monthly statements on commercial finance (RRS 391.0), housing finance (RRS 392.0), lease finance (RRS 393.0), and personal finance (RRS 394.0) from relevant registered entities as defined in the Schedules of the respective reporting standards. These determinations impose specific obligations on RFCs and relevant registered entities to submit the required financial data to APRA. The reporting standards dictate the frequency and type of information that must be reported, ensuring that APRA can continue to collect data for the Reserve Bank of Australia and the Australian Bureau of Statistics. The obligations are consistent with the previous reporting standards that are set to expire on 1 October 2016. RFCs with assets less than $50 million are exempt from these reporting requirements. The Financial Sector (Collection of Data) Act 2001 and the Acts Interpretation Act 1901 provide the legislative framework for these determinations. Subsection 13(1) of the Act empowers APRA to determine reporting standards, while subsection 33(3) of the Acts Interpretation Act 1901 allows for the revocation of such instruments. The instruments come into effect upon their registration on the Federal Register of Legislation. In terms of consequences for non-compliance, the legislation does not explicitly outline specific offences, penalties, or civil/criminal consequences for breach within the explanatory statement. However, failure to comply with the reporting requirements could potentially lead to enforcement actions by APRA, including requests for additional information, fines, or other regulatory measures. The exact penalties for non-compliance would be determined in accordance with the provisions of the Financial Sector (Collection of Data) Act 2001 and any relevant regulations or guidelines issued by APRA.

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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.