Commonwealth Consolidated Acts

FINANCIAL SECTOR (COLLECTION OF DATA) ACT 2001 - SECT 3

             (1)  The object of this Act is to enable the Australian Prudential Regulation Authority ( APRA ) to collect information in order to assist:

                     (a)  APRA in the prudential regulation or monitoring of bodies in the financial sector; and

                     (b)  another financial sector agency to perform its functions or exercise its powers; and

                     (c)  the Minister to formulate financial policy.

             (2)  In order to achieve that object, this Act:

                     (a)  provides for certain corporations to be registered, and divided into categories, by APRA; and

                     (b)  authorises APRA to determine reporting standards for corporations that are so registered and for certain other bodies that it regulates or monitors and to require them to provide APRA with information about their businesses and activities.