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

17   After section 13

Insert:

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

(1) If a reporting standard determined under subsection 13(1) is not a legislative instrument, APRA must, as soon as practicable after the reporting standard is determined, give a copy of the standard to:

(a) each financial sector entity that is required to comply with the standard; and

(b) the Minister.

(2) At the same time that a copy of the reporting standard is given to a financial sector entity under subsection (1), APRA must give the financial sector entity a written statement that explains the effect of section 13B.

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

(1) If APRA gives a financial sector entity a copy of a reporting standard under subsection 13A(1), the financial sector entity must not disclose to any person:

(a) that the financial sector entity has been given a copy of the reporting standard; or

(b) any confidential information that is included in the reporting standard.

Penalty: Imprisonment for 2 years.

(2) However, subsection (1) does not apply if:

(a) the disclosure is to:

(i) APRA for the purposes of APRA performing APRA's functions under this Act or any other law of the Commonwealth; or

(ii) an employee, officer or contractor of the financial sector entity for the purposes of the employee, officer or contractor performing his or her duties in relation to reporting standards; or

(iii) to a lawyer for the financial sector entity; or

(b) the disclosure is authorised under an Act or another law; or

(c) the confidential information included in the reporting standard has already been lawfully made available to the public from other sources.

Note: A defendant bears an evidential burden in relation to the matters in subsection (2) (see subsection 13.3(3) of theCriminal Code).

13C Minister may direct APRA to determine reporting standards

(1) The Minister may, in writing, direct APRA to determine reporting standards under subsection 13(1B) that are to be complied with by any of the following:

(a) financial sector entities of a kind referred to in paragraph 5(2)(e), or a class of those entities;

(b) financial sector entities of a kind referred to in paragraph 5(2)(f), or a class of those entities;

(c) a particular financial sector entity of a kind referred to in paragraph 5(2)(e) or (f), or particular financial sector entities of that kind.

(2) A direction under subsection (1) is not a legislative instrument.

(3) This section does not limit the power of APRA to determine reporting standards under subsection 13(1).