Commonwealth Consolidated Acts

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

             (1)  APRA may:

                     (a)  by legislative instrument, determine reporting standards that are required to be complied with by financial sector 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 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 ).

             (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

                     (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).

             (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)  Subsection (5) does not apply if APRA is satisfied that the delay that would be involved in holding the consultations would prejudice the interests of depositors, policy holders or members of the financial sector entity or financial sector entities concerned.

             (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.