Financial Sector (Collection of Data) (reporting standard) determination No. 6 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. 6 of 2026 which revokes Reporting Standard SRS 721.0 ABS Securities Subject to Repurchase and Resale and Stock Lending and Borrowing made under Financial Sector (Collection of Data) (reporting standard) determination No. 43 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 securities subject to repurchase and resale and stock lending and borrowing of a registrable superannuation entity (RSE), for the purposes of the Australian Bureau of Statistics.
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. 6 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 721.0 ABS Securities Subject to Repurchase and Resale and Stock Lending and Borrowing made under Financial Sector (Collection of Data) (reporting standard) determination No. 43 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.