Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 (82 of 2010)

Schedule 4   Amendment of other Acts

Part 1   Amendments

Financial Sector (Collection of Data) Act 2001

13   After subsection 13(1)

Insert:

(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 theActs Interpretation Act 1901).