Non-Confidentiality Determination No. 6 of 2004

Overview

The Australian Prudential Regulation Authority Act 1998 was enacted to ensure the stability and efficiency of Australia’s financial system by regulating and supervising authorised deposit-taking institutions (ADIs) and other financial entities. The Act established the Australian Prudential Regulation Authority (APRA) to carry out these functions. In 2004, Non-Confidentiality Determination No. 6 was issued to clarify the scope of confidential information in reports provided by locally-incorporated banks and foreign ADIs under the Reporting Standard ARS 320.0 (2003). The determination was made by Steve Davies, a delegate of APRA, under section 57 of the Australian Prudential Regulation Authority Act 1998, and it specifies which items of information in these reports are not to be considered confidential. This legislation aims to balance the need for transparency with the protection of sensitive financial information, thereby supporting regulatory oversight while safeguarding the proprietary interests of financial institutions.

Scope and Application

The Non-Confidentiality Determination No. 6 of 2004, issued by the Australian Prudential Regulation Authority (APRA) under section 57 of the Australian Prudential Regulation Authority Act 1998, applies to reporting documents provided by locally-incorporated banks and foreign Authorised Deposit-taking Institutions (ADIs) under the Reporting Standard ARS 320.0 (2003). These documents are subject to the Financial Sector (Collection of Data) Act 2001 and must be furnished to APRA. The determination applies to reports that are received by APRA after the last previous determination under section 57 and before the date of this determination, specifically targeting locally-incorporated banks and foreign ADIs. While most information in these reports is deemed non-confidential, certain specified items remain confidential, as outlined in Part 2 of the Schedule. This legislation aims to balance the need for financial oversight with the protection of sensitive financial data.

Key Provisions

Under the Australian Prudential Regulation Authority Act 1998, section 57, a Non-Confidentiality Determination No. 6 of 2004 has been issued by Steve Davies, a delegate of the Australian Prudential Regulation Authority (APRA). This Determination specifies that certain reporting documents provided by locally-incorporated banks and foreign Authorised Deposit-taking Institutions (ADIs) under the Reporting Standard ARS 320.0 (2003) do not contain confidential information, except for specific items outlined in the Schedule. These documents must be submitted to APRA under the Reporting Standard and must be received between the last previous determination and the date of this current determination. The covered documents pertain to financial positions as reported by locally-incorporated banks or foreign ADIs. The obligations under this Determination require that the specified reporting documents be furnished to APRA in accordance with the stipulated conditions. These documents must be provided under the Financial Sector (Collection of Data) Act 2001, and they must relate specifically to the financial positions of locally-incorporated banks or foreign ADIs. The determination sets out a timeframe, ensuring that only documents received after the last confidentiality determination and before the date of this current determination are covered. It is imperative that the reporting documents adhere to these criteria to be exempt from confidentiality requirements. Despite the general non-confidentiality of the reporting documents, certain specific items of information are identified as remaining confidential. This includes various components of share capital, such as ordinary shares, preference shares, and other categories, as well as total share capital. Additionally, specific reserves, including general reserves, capital profits reserves, and assets revaluation reserves for different categories such as property, plant and equipment, intangibles, and investment in subsidiaries, among others, are also designated as confidential. Other confidential items include retained profits, accumulated losses at the end of the period, total shareholders’ equity, total income tax liability, and total provisions. Failure to comply with the stipulations of this Determination could lead to legal consequences, although the specific penalties are not detailed in the text provided. Typically, breaches of such regulatory requirements could result in civil or criminal penalties under the Australian Prudential Regulation Authority Act 1998 or the Financial Sector (Collection of Data) Act 2001. The exact penalties may vary depending on the severity and nature of the breach, but they could include fines or other enforcement actions to ensure compliance with regulatory obligations.