Financial Sector (Collection of Data) (reporting standard) determination No. 7 of 2026

Administered by Department of the Treasury

Legislation au F2026L00020 Not in force Legislative Instrument

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Financial Sector (Collection of Data) (reporting standard) determination No. 7 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. 7 of 2026 which revokes Reporting Standard SRS 722.0 ABS Derivatives Schedule made under Financial Sector (Collection of Data) (reporting standard) determination No. 44 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 derivatives schedule of a 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 550.0 Asset Allocation made under Financial Sector (Collection of Data) (reporting standard) determination No. 5 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. 7 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 722.0 ABS Derivatives Schedule made under Financial Sector (Collection of Data) (reporting standard) determination No. 44 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. 7 of 2026, enacted by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001, aims to address the problem of reporting duplication within the superannuation sector. This legislative instrument revokes the Reporting Standard SRS 722.0 ABS Derivatives Schedule, which was established under the Financial Sector (Collection of Data) (reporting standard) determination No. 44 of 2015. The primary objective of this determination is to streamline the data collection process by eliminating redundant reporting requirements, thus enhancing efficiency and reducing the administrative burden on registrable superannuation entity (RSE) licensees. The revocation of the old reporting standard aligns with the introduction of new reporting standards, such as SRS 550.0 Asset Allocation, to consolidate and modernise the data collection framework. The determination, which incorporates relevant provisions from the Legislation Act 2003 and the Acts Interpretation Act 1901, came into effect following extensive consultation with industry stakeholders, culminating in APRA's December 2024 response paper. The consultation process, spanning from November 2023 to December 2024, garnered submissions from various reporting entities and industry bodies, with no objections raised against the proposed revocation. Additionally, a Statement of Compatibility with Human Rights was prepared in accordance with the Human Rights (Parliamentary Scrutiny) Act 2011, confirming that the legislative instrument does not engage any of the rights or freedoms recognised in the international instruments listed in section 3 of the Act.

Scope and Application

The Financial Sector (Collection of Data) (reporting standard) determination No. 7 of 2026, made by the Australian Prudential Regulation Authority (APRA) under the Financial Sector (Collection of Data) Act 2001, pertains to the revocation of Reporting Standard SRS 722.0 ABS Derivatives Schedule made under Financial Sector (Collection of Data) (reporting standard) determination No. 44 of 2015. This determination applies to financial sector entities, specifically registrable superannuation entity (RSE) licensees, who are required to provide information to APRA concerning the derivatives schedule of a RSE for the purposes of the Australian Bureau of Statistics. The instrument’s purpose is to eliminate duplication in reporting by replacing the old reporting standard with a new one, SRS 550.0 Asset Allocation, which is made under Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2025. This revocation is part of APRA's broader Superannuation Data Transformation Project aimed at streamlining data collection processes and reducing administrative burdens for RSE licensees. The instrument commences on the day after it is registered on the Federal Register of Legislation and is not subject to disallowance or sunsetting, as it pertains to superannuation and is intended to have enduring operation. APRA undertook public consultation on this revocation from November 2023 to December 2024, receiving no objections to the proposed changes.

Key Provisions

The Financial Sector (Collection of Data) (reporting standard) determination No. 7 of 2026, issued by the Australian Prudential Regulation Authority (APRA), primarily serves to revoke the previously established Reporting Standard SRS 722.0 ABS Derivatives Schedule, which was made under the Financial Sector (Collection of Data) (reporting standard) determination No. 44 of 2015. This revocation is effective from the day after the determination is registered on the Federal Register of Legislation. This legislative instrument aims to streamline the data collection process by eliminating redundant reporting requirements for registrable superannuation entities (RSE) licensees, thereby reducing duplication and facilitating compliance with more contemporary reporting standards. APRA, under the authority granted by the Financial Sector (Collection of Data) Act 2001, specifically sections 13 and 15, has determined the need to revoke certain outdated reporting standards to align with current data collection practices. The revocation of Reporting Standard SRS 722.0 ABS Derivatives Schedule is intended to enhance efficiency in data collection processes. RSE licensees, who were previously required to submit information to APRA for the Australian Bureau of Statistics, will now report under the new Reporting Standard SRS 550.0 Asset Allocation, which was introduced in the Financial Sector (Collection of Data) (reporting standard) determination No. 5 of 2025. This change is part of broader efforts to modernise the superannuation data collection framework, ensuring it is more effective and less burdensome for RSE licensees. Entities governed by this Act, including RSE licensees, are now required to comply with the new reporting standard instead of the revoked one. This transition is crucial for maintaining accurate and up-to-date financial and accounting data for regulatory oversight. The new standard, SRS 550.0 Asset Allocation, encompasses the information previously collected under SRS 722.0, thereby ensuring continuity in data reporting while eliminating overlaps. RSE licensees must ensure they are familiar with and compliant with the new standard to avoid any discrepancies in their reporting obligations. Failure to comply with the new reporting standards could result in civil or administrative penalties, although specific penalties are not detailed in the document. However, the overarching legislative framework under which APRA operates, including the Financial Sector (Collection of Data) Act 2001 and the Acts Interpretation Act 1901, provides for various sanctions for non-compliance with regulatory standards. These may include fines or other civil penalties, depending on the severity and impact of the non-compliance. The revocation of the old reporting standard is intended to simplify compliance for RSE licensees and reduce the administrative burden associated with outdated reporting requirements.

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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.