Contents

Part 1--Preliminary                                                                                                              1

1............ Short title [see Note 1] ........................................................................ 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Object of Act ....................................................................................... 1

4............ Extension to external Territories .......................................................... 2

5............ Entities covered by the Act .................................................................. 2

5A......... Medical indemnity entities ................................................................... 3

6............ Application of Criminal Code ............................................................. 4

6A......... Application of Act ............................................................................... 4

Part 2--Registration of corporations                                                                          5

7............ Registrable corporations ...................................................................... 5

8............ Register of entities ............................................................................... 6

9............ Obligations of corporations ................................................................. 7

10.......... Matters to be included in Register of Entities ...................................... 9

11.......... List of names and categories of registered entities ............................. 10

Part 3--Provision of documents to APRA                                                            12

Division 1--Deferred application of this Part in relation to registered entities                 12

12.......... Application ........................................................................................ 12

Division 2--Determination of reporting standards and requirement to provide documents      13

13.......... Determination of reporting standards for, and the provision of, certain documents   13

13A....... Copy of reporting standard to be given to financial sector entities and the Minister etc.            16

13B....... Financial sector entity must not disclose that it has been given a copy of a reporting standard etc.           17

13C....... Minister may direct APRA to determine reporting standards ............ 17

14.......... Principal executive officer of financial sector entity (other than a superannuation entity) to notify the entity's governing body of a failure to provide reporting documents to APRA .............. 18

15.......... When reporting standards begin to apply to particular financial sector entities          18

16.......... Exemptions ....................................................................................... 19

17.......... APRA may require the variation of a reporting document or the provision of financial information         19

Division 2A--Auditing of documents                                                                  22

17A....... Application of this Division .............................................................. 22

17B....... Auditor's functions and duties .......................................................... 22

17C....... Auditor must notify APRA of attempts to unduly influence etc. the auditor             22

17D....... Giving false or misleading information to auditor ............................. 23

Division 3--Administrative penalties in lieu of prosecution for certain offences              25

18.......... Application of Division ..................................................................... 25

19.......... When an infringement notice can be served ...................................... 25

20.......... Matters to be included in an infringement notice ............................... 25

21.......... Withdrawal of infringement notice .................................................... 26

22.......... What happens if penalty is paid ......................................................... 27

23.......... More than one infringement notice may not be served for the same offence             28

24.......... Infringement notice not required to be served ................................... 28

25.......... APRA may extend period for payment of penalty ............................ 28

Part 3A--Review of decisions                                                                                       29

25A....... Notice of reviewable decision ........................................................... 29

25B....... Request for review of decisions ........................................................ 29

25C....... Review of decision ............................................................................ 29

25D....... Applications to Administrative Appeals Tribunal ............................. 30

Part 4--Miscellaneous                                                                                                        32

26.......... Saving of other laws ......................................................................... 32

27.......... Entities may be directed to comply with Act ..................................... 32

28.......... Validity of acts and transactions of financial sector entities ............... 32

29.......... Corporation not to hold out that it is a registered entity ..................... 32

29A....... Delegation by Minister ...................................................................... 33

30.......... Regulations ....................................................................................... 33

Part 5--Interpretation                                                                                                       34

31.......... Definitions ........................................................................................ 34

32.......... Meaning of certain other expressions ................................................ 36

33.......... Assets of corporations ...................................................................... 36

34.......... Related corporations .......................................................................... 37

Notes                                                                                                                                              39

  

Notes to the Financial Sector (Collection of Data) Act 2001

Note 1

The Financial Sector (Collection of Data) Act 2001 as shown in this compilation comprises Act No. 104, 2001 amended as indicated in the Tables below.

For application, saving or transitional provisions made by the Corporations (Repeals, Consequentials and Transitionals) Act 2001, see Act No. 55, 2001.

For all other relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Financial Sector (Collection of Data) Act 2001	104, 2001	17 Sept 2001	Ss. 7-30: 1 July 2002 (see Gazette 2002, No. GN24) Remainder: Royal Assent
Corporations (Repeals, Consequentials and Transitionals) Act 2001	55, 2001	28 June 2001	Ss. 4-14 and Schedule 3 (item 191): 15 July 2001 (see Gazette 2001, No. S285) (a)	Ss. 4-14 [see Note 1]
General Insurance Reform Act 2001	119, 2001	19 Sept 2001	Schedules 1 and 3: 1 July 2002 Remainder: Royal Assent	--
Medical Indemnity (Prudential Supervision and Product Standards) (Consequential Amendments) Act 2003	36, 2003	2 May 2003	1 July 2003	--
Private Health Insurance (Transitional Provisions and Consequential Amendments) Act 2007	32, 2007	30 Mar 2007	Schedule 2 (item 10): 1 Apr 2007 (see s. 2(1))	--
Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007	149, 2007	24 Sept 2007	Schedule 1 (items 1-6): Royal Assent	--
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007	154, 2007	24 Sept 2007	Schedule 4 (items 37-40): Royal Assent	--
Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008	25, 2008	26 May 2008	Schedule 4 (items 15-17, 43): Royal Assent	Sch. 4 (item 43)
Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009	75, 2009	27 Aug 2009	Schedule 1 (item 203): 27 Feb 2010	--
Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010	82, 2010	29 June 2010	Schedule 4 (items 7-25): 27 July 2010 Schedule 4 (item 37): Royal Assent	Sch. 4 (item 37)
Statute Law Revision Act 2011	5, 2011	22 Mar 2011	Schedule 7 (item 61): 19 Apr 2011	--

(a)     The Financial Sector (Collection of Data) Act 2001 was amended by Schedule 3 (item 191) only of the Corporations (Repeals, Consequentials and Transitionals) Act 2001, subsection 2(3) of which provides as follows:

                 (3)   Subject to subsections (4) to (10), Schedule 3 commences, or is taken to have commenced, at the same time as the Corporations Act 2001.

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted
Provision affected	How affected
Part 1
S. 3.......................................	am. No. 149, 2007; No. 82, 2010
S. 5.......................................	am. No. 119, 2001; No. 36, 2003; No. 149, 2007; No. 82, 2010
S. 5A.....................................	ad. No. 36, 2003
S. 6A.....................................	ad. No. 149, 2007
Part 2
S. 7.......................................	am. No. 32, 2007; No. 75, 2009
S. 9.......................................	am. No. 5, 2011
Part 3
Division 2
Heading to s. 13..................	rs. No. 82, 2010
S. 13.....................................	am. No. 154, 2007; No. 82, 2010
Ss. 13A-13C........................	ad. No. 82, 2010
S. 16.....................................	am. No. 154, 2007; No. 82, 2010
Division 2A
Div. 2A of Part 3...................	ad. No. 82, 2010
Ss. 17A-17D........................	ad. No. 82, 2010
Part 3A
Part 3A..................................	ad. No. 25, 2008
Ss. 25A-25D........................	ad. No. 25, 2008
Part 4
S. 29A...................................	ad. No. 82, 2010
Part 5
S. 31.....................................	am. No. 149, 2007; No. 25, 2008; No. 82, 2010
S. 34.....................................	am. No. 55, 2001

Table A

Application, saving or transitional provisions

Financial Sector Legislation Amendment (Review of Prudential Decisions) Act 2008 (No. 25, 2008)

Schedule 4

43  Application

The amendments made by this Schedule apply to decisions made on or after the day on which this Schedule commences.

Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 (No. 82, 2010)

Schedule 4

37  Saving--exemptions under subsection 16(1) of the Financial Sector (Collection of Data) Act 2001

(1)       If:

                     (a)  APRA exempted a financial sector entity under subsection 16(1) of the Financial Sector (Collection of Data) Act 2001 before the commencement of this item; and

                     (b)  the exemption was in force immediately before the commencement;

the exemption has effect, after that commencement, as if the exemption had been made under subsection 16(1) of that Act as inserted by this Schedule.

(2)       If:

                     (a)  APRA exempted a class or kind of financial sector entities under subsection 16(1) of the Financial Sector (Collection of Data) Act 2001 before the commencement of this item; and

                     (b)  the exemption was in force immediately before the commencement;

the exemption has effect, after that commencement, as if the exemption had been made under subsection 16(1B) of that Act as inserted by this Schedule.