Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 (171 of 2012)

Schedule 3   Collection and disclosure of information

Part 1   Amendments

Australian Prudential Regulation Authority Act 1998

4   Section 57

Repeal the section, substitute:

57 Determination of confidentiality

(1) This section applies in relation to reporting documents that are required to be given to APRA under section 13 of the Financial Sector (Collection of Data) Act 2001 by:

(a) a registered entity; or

(b) a body regulated by APRA.

A reporting document of that kind is referred to in this section as a relevant reporting document .

(2) APRA may determine, by legislative instrument, that:

(a) all or a specified part of a relevant reporting document contains, or does not contain, confidential information; or

(b) all or a specified part of relevant reporting documents of a specified kind contains, or do not contain, confidential information.

(3) APRA must not make a determination under subsection (2) unless APRA gives interested parties for the determination a reasonable opportunity to make representations as to whether or not the relevant reporting document contains, or relevant reporting documents of that kind contain, confidential information.

(4) APRA may determine that:

(a) all or a specified part of a relevant reporting document does not contain confidential information; or

(b) all or a specified part of relevant reporting documents of a specified kind do not contain confidential information;

if, taking into account any representations made under subsection (3) in relation to the document or documents of that kind, APRA considers that the benefit to the public from the disclosure of the document or documents, or information contained in the document or documents, outweighs any detriment to commercial interests that the disclosure may cause.

(5) In this section:

interested party , for a determination, means:

(a) if the determination is to relate to all or a specified part of a relevant reporting document - an entity or body that is required to give the document under section 13 of the Financial Sector (Collection of Data) Act 2001; or

(b) if the determination is to relate to all or a specified part of a relevant reporting document of a specified kind - an association or other body representing an entity or body, or a class of entities or bodies, required to give a document of that kind under section 13 of the Financial Sector (Collection of Data) Act 2001.

registered entity means a corporation that is, or has at any time been, a registered entity within the meaning of the Financial Sector (Collection of Data) Act 2001.