Commonwealth Consolidated Acts

FINANCIAL SECTOR (COLLECTION OF DATA) ACT 2001 - SECT 13

             (1)  APRA may:

                     (a)  determine, in writing, reporting standards that are required to be complied with by financial sector entities of a kind referred to in paragraphs 5(2)(a) to (d) with respect to any of the following documents ( reporting documents ):

                              (i)  statements, reports, returns, certificates or other documents containing information of a financial or accounting nature relating to the business or activities of the entities;

                             (ii)  surveys, reports, returns, certificates or other documents containing other information relating to the business or activities of the entities; and

                     (b)  publish those reporting standards that are legislative instruments in any way that it considers appropriate.

Note:          When APRA has determined a reporting standard, it has power at any time to revoke or vary the standard (see subsection 33(3) of the Acts Interpretation Act 1901 ).

          (1A)  A reporting standard is a legislative instrument, unless:

                     (a)  APRA considers, on reasonable grounds, that the reporting standard includes confidential information, the publication of which is likely to have a detrimental effect on:

                              (i)  the stability of the financial system; or

                             (ii)  the stability of one or more financial institutions; and

                     (b)  APRA considers, on reasonable grounds, that the information to be contained in the reporting documents is required urgently by APRA for any of the following purposes:

                              (i)  to determine the financial or prudential condition of financial sector entities;

                             (ii)  to determine the nature or level of exposure that financial sector entities have to risks, including risks relating to particular transactions, entities, business sectors, asset classes or events;

                            (iii)  to assess potential threats to the stability of the financial system;

                            (iv)  to assist APRA, the Minister or a financial sector agency to respond to any threats to the stability of the financial system;

                             (v)  to determine what, if any, action should be taken by, or in relation to, one or more financial sector entities; and

                     (c)  the reporting standard does not require the information referred to in paragraph (b) to be given on an ongoing basis.

          (1B)  If the Minister directs APRA under section 13C to determine reporting standards under this subsection in relation to a financial sector entity or financial sector entities, APRA must:

                     (a)  by legislative instrument, determine reporting standards that are required to be complied with by the financial sector entity or entities with respect to any of the following documents ( reporting documents ):

                              (i)  statements, reports, returns, certificates or other documents containing information of a financial or accounting nature relating to the business or activities of the entities;

                             (ii)  surveys, reports, returns, certificates or other documents containing other information relating to the business or activities of the entities; and

                     (b)  publish those reporting standards in any way that APRA considers appropriate.

Note:          When APRA has determined a reporting standard, APRA has power at any time to revoke or vary the standard (see subsection 33(3) of the Acts Interpretation Act 1901 ).

             (2)  The reporting standards may include matters relating to:

                     (a)  the forms of reporting documents; and

                     (b)  the information to be contained in reporting documents; and

                   (bb)  the auditing of reporting documents; and

                     (c)  the persons who are to sign reporting documents; and

                     (d)  the times as at which, or the periods to which, the information in reporting documents is to relate; and

                     (e)  the giving of reporting documents to APRA, and the specifying of, or the authorising of APRA to specify, the times before which, or the periods within which, those documents are to be so given; and

                      (f)  the discretion of APRA, in particular cases, to vary reporting standards, including, but not limited to, the discretion to vary any times or periods specified in or under the standards as mentioned in paragraph (e).

          (2A)  Without limiting the matters that may be included in the reporting standards under paragraph (2)(b), the matters may relate to information (including personal information or tax file numbers, for example) that APRA requires to perform APRA's functions under:

                     (a)  Division 2AA of Part II of the Banking Act 1959 ; or

                     (b)  Part VC of the Insurance Act 1973 .

             (3)  The reporting standards may impose:

                     (a)  different requirements to be complied with by different financial sector entities or classes of financial sector entities, including (to avoid doubt) requirements to be complied with only by a particular entity or particular entities; and

                     (b)  different requirements to be complied with in different situations and in respect of different businesses or activities.

             (4)  A reporting standard that is determined for a particular financial sector entity may, in addition to, or instead of, a reporting standard that would apply to the entity apart from this subsection, require the entity to provide information relating to the consolidated position of the entity and its subsidiaries other than subsidiaries (if any) excluded from the requirement by that reporting standard.

             (5)  When preparing proposed reporting standards, subject to subsection (6), APRA must consult:

                     (a)  if the standards would affect a class or classes of financial sector entities--the entities concerned or such associations or other bodies representing them as APRA thinks appropriate; or

                     (b)  if the standards would affect only a particular financial sector entity or particular financial sector entities--the entity or entities concerned.

             (6)  However, subsection (5) does not apply if APRA is satisfied that the delay that would be involved in holding the consultations would:

                     (a)  prejudice the interests of depositors, policy holders or members of the financial sector entity or financial sector entities concerned; or

                     (b)  have a detrimental effect on the stability of the financial system.

             (7)  The validity of a reporting standard is not affected by any failure of APRA to hold consultations as required by subsection (5).

             (9)  If a financial sector entity is required by or under a reporting standard to give a reporting document to APRA before a particular time or within a particular period, the entity must comply with the requirement.

Penalty:  50 penalty units.

           (10)  To avoid doubt, section 4K of the Crimes Act 1914 applies to an obligation imposed by subsection (9).

Note:          The effect of section 4K of the Crimes Act 1914 is that, if a financial sector entity to which subsection (9) applies refuses or fails to comply with a requirement before the time, or within the period, specified in the requirement, the obligation to comply with the requirement continues after that time or that period with daily offences being committed until the requirement is complied with.

           (11)  An offence for a contravention of subsection (9) is an offence of strict liability.