Financial Sector (Collection of Data) (reporting standard) determination No.
56 of 2008
EXPLANATORY STATEMENT
Prepared by the Australian Prudential Regulation Authority (APRA)
Financial Sector (Collection of Data) Act 2001 (the Act), paragraph 13(1)(a)
Under paragraph 13(1)(a) of 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) determination No. 56 of 2008 determines Reporting Standard FRS 100.0 Reporting Requirements for First Home Saver Accounts Providers (the Standard) which comes into force on the later of 1 October 2008 and the date of its registration on the Federal Register of Legislative Instruments.
- Background
The First Home Saver Accounts Act 2008 (FHSA Act) commenced on 26 June 2008 and provides for First Home Saver Accounts (FHSAs) to be opened or issued on or after 1 October 2008.
The FHSA Act allows for prudentially regulated institutions that are public offer and extended public offer licensees (collectively referred to as RSE licensees), life insurance companies, and authorised deposit-taking institutions to provide FHSAs. APRA is tasked with ensuring that a robust prudential reporting framework is in place for the effective regulation of FHSA providers.
The Standard comprises:
- the body of the reporting standard itself;
- Form FRF 100.0 Reporting Requirements for First Home Saver Accounts Providers (FRF 100.0), which must be completed by the FHSA provider; and
- a set of detailed technical instructions regarding completion of FRF 100.0.
The first submission of quarterly data required from FHSA providers will relate to the reporting period ending 31 December 2008.
2. Purpose and operation of the instrument
The Standard outlines the overall requirements for the provision of information to APRA relating to the First Home Saver Accounts business of First Home Saver Accounts providers. Data collected are used by APRA for the purpose of prudential supervision, including assessing compliance with prudential standards. The data may also be used by the Reserve Bank of Australia, the Australian Bureau of Statistics, the Australian Securities and Investments Commission and the Australian Tax Office.
3. Consultation
APRA undertook consultation on its proposed reporting requirements for FHSA providers in June and July 2008. The issues raised by industry and other interested parties were considered and incorporated in the final reporting standard, where appropriate.