Financial Sector (Collection of Data) (reporting standard) determination No. 4 of 2026

Administered by Department of the Treasury

Legislation au F2026L00017 In force Legislative Instrument

Legislation content

Financial Sector (Collection of Data) (reporting standard) determination No. 4 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. 4 of 2026 which revokes Reporting Standard SRS 600.0 Profile and Structure (RSE Licensee) made under Financial Sector (Collection of Data) (reporting standard) determination No. 15 of 2015 (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 the business operations of an RSE licensee.

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 604.0 RSE Licensee Profile made under Financial Sector (Collection of Data) (reporting standard) determination No. 9 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. 4 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 600.0 Profile and Structure (RSE Licensee) made under Financial Sector (Collection of Data) (reporting standard) determination No. 15 of 2015.

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. 4 of 2026, enacted by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001, aims to address the issue of redundant and duplicated reporting requirements for registrable superannuation entity (RSE) licensees. This legislative instrument revokes the previous Reporting Standard SRS 600.0 Profile and Structure (RSE Licensee) made under determination No. 15 of 2015, which had become obsolete following the introduction of the new Reporting Standard SRS 604.0 RSE Licensee Profile under determination No. 9 of 2025. The objective of this revocation is to streamline the reporting process, reduce administrative burden, and eliminate duplication for RSE licensees. The instrument, which is not subject to disallowance or sunsetting, will take effect on the day after its registration on the Federal Register of Legislation.

Scope and Application

The Financial Sector (Collection of Data) (reporting standard) determination No. 4 of 2026, prepared by the Australian Prudential Regulation Authority (APRA), pertains to the revocation of a previous reporting standard concerning financial data collection for entities within the financial sector. Specifically, this legislative instrument revokes the Reporting Standard SRS 600.0 Profile and Structure (RSE Licensee) made under the Financial Sector (Collection of Data) (reporting standard) determination No. 15 of 2015. The revocation aims to eliminate redundancy in data reporting for Registrable Superannuation Entities (RSE) licensees, thereby streamlining the data collection process under the new reporting standard, SRS 604.0 RSE Licensee Profile. This instrument applies to RSE licensees, who are required to comply with the updated reporting standards set forth by APRA. The instrument operates across the Commonwealth of Australia, and its application is not restricted by state or territory boundaries. Notably, the revocation of the reporting standard does not exempt any entity or conduct from the data collection requirements but rather seeks to enhance efficiency and reduce overlaps in reporting obligations. The instrument is effective from the day after it is registered on the Federal Register of Legislation, and it does not fall under disallowance or sunsetting provisions due to its specific relation to superannuation matters.

Key Provisions

The Financial Sector (Collection of Data) (reporting standard) determination No. 4 of 2026, issued by the Australian Prudential Regulation Authority (APRA) under sections 13 and 15 of the Financial Sector (Collection of Data) Act 2001, revokes the previously existing Reporting Standard SRS 600.0 Profile and Structure (RSE Licensee) made under the Financial Sector (Collection of Data) (reporting standard) determination No. 15 of 2015. This legislative instrument aims to streamline data collection practices within the financial sector by eliminating redundant reporting requirements, thus enhancing efficiency and reducing the administrative burden on entities subject to its provisions (Section 1). The revocation of the old reporting standard becomes effective the day after it is registered on the Federal Register of Legislation (Section 2). APRA, as the entity responsible for enforcing compliance, imposes specific obligations on the entities governed by this legislation. Registrable superannuation entity (RSE) licensees must ensure they adhere to the new reporting standards established by the Financial Sector (Collection of Data) (reporting standard) determination No. 9 of 2025, which replaces the information previously collected under the old standard. This transition requires these entities to align their data reporting practices with the new requirements to avoid any compliance issues (Section 1). Furthermore, entities must ensure they have updated their systems and processes to reflect the changes and to facilitate accurate and timely reporting of the required information (Section 2). Failure to comply with the provisions of the Financial Sector (Collection of Data) (reporting standard) determination No. 4 of 2026 may result in various consequences, including civil or criminal penalties. While the specific penalties are not detailed in the determination, they are likely to be governed by the broader provisions of the Financial Sector (Collection of Data) Act 2001. Under this Act, penalties for non-compliance can include fines and, in more severe cases, criminal charges. The determination itself does not specify the maximum penalties, but it is reasonable to infer that they could be substantial, reflecting the importance of accurate and reliable data in the financial sector. The Act also provides mechanisms for enforcement and review, ensuring that any breaches are appropriately addressed (Section 3).

Legal classification tags

Area of Law
Finance & Banking Law
Instrument
Legislative Instrument
Concepts
Regulatory Standards
Reporting & Disclosure Obligations
Repeal & Amendment
Consultation Requirements

Interactions

Authorises

All Versions

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.