financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.7
1 The whole of the Act.
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.8
Provisions related to data collection in the financial sector
4 Financial Sector (Collection of Data—Consequential and Transitional
1 Subsection 56(1)
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.10
10 At the end of Part 6
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.14
10 Financial Sector (Collection of Data—Consequential and
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.23
Omit 'under this section', substitute 'under the Financial Sector (Collection of Data) Act 2001'.
100 Subsection 36(5)
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.11
Insert 'or the Financial Sector (Collection of Data) Act 2001' after 'regulations'
11 Subparagraph 9A(2)(a)(i)
Regulations or Financial Sector (Collection of Data) Act 2001
12 Subparagraph 11AB(2)(a)(i)
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.16
12 Financial Sector (Collection of Data—Consequential and
Contravening a requirement under the Financial Sector (Collection of Data) Act 2001 is prohibited.
13 After paragraph 11CA(1)(d)
Prohibition of contravening a requirement.
Insertion of reporting documents requirement for non-self managed superannuation funds
130A After paragraph 111(1)(a)
Insert “if the entity is a self managed superannuation fund—”.
131 At the beginning of paragraph 111(1)(b)
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.24
131A Subparagraph 111(1)(b)(ii)
Insertion of self-managed superannuation fund definition
132 Subsection 112(1)
Must provide audit information for superannuation entities
132A Before paragraph 113(3)(a)
Insertion of condition for superannuation entity approval
133 Paragraph 113(3)(a)
Insert 'Financial Sector (Collection of Data) Act 2001' after 'regulations'
134 Paragraph 113(3)(b)
Insertion of additional act into section 120A(1)(a) and (2)(a)
135 Paragraphs 120A(1)(a) and (2)(a)
136 Paragraphs 129(1)(a) and (b)
137 Paragraph 130(1)(b)
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.25
138 Subparagraph 131(1)(a)(iii)
Financial Sector (Collection of Data) Act 2001
139 Subparagraph 131A(1)(a)(iii)
14 Subparagraphs 16B(2)(a)(ii), (3)(a)(ii) and (4)(a)(ii)
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.18
14 Financial Sector (Collection of Data—Consequential and
Insertion of Act or Financial Sector (Collection of Data) Act 2001
141 Paragraph 252G(1)(b)
142 Subsection 252G(1) (note)
Omit section 36 and substitute with the Financial Sector (Collection of Data) Act 2001.
142A Subsection 252G(2) (note)
143 Paragraph 263(1)(a)
Entity must provide tax file number on financial return.
144 Subsection 299U(2)
Insertion of additional connection for superannuation entities
145 Subparagraph 313(1)(a)(ii)
146 At the end of section 347A
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.26
Defines regulator as Commissioner of Taxation.
146A At the end of section 348
Establishes a class hierarchy for the term 'regulator'.
Amendments apply on and after a specific date to financial sector entities that are trustees of superannuation entities.
147 Application
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.27
Repeal and substitute subparagraph (c)(i) of the definition of authorised lender
148 Subclause 4(4) of Schedule 1 (subparagraph (c)(i) of the
149 Subsection 3(1) (definition of FCA institution)
15 At the end of section 16C
Eligible subsidiary must be a registered entity under the Financial Sector (Collection of Data) Act 2001.
150 Section 3 (paragraph (b) of the definition of eligible
Eligible subsidiary must be a registered entity.
Repeal and substitute a paragraph with a new definition.
151 Paragraph 4(b)
152 Paragraph 9(2)(a)
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.28
Applicable to payment of levy for financial years beginning on 1 July 2002 and subsequent
153 Transitional
Repeal and substitute a subparagraph with a new provision related to registered entities in the money market corporations category.
154 Subparagraph 128AE(2)(e)(i)
Repeal and redefine financial institution definition.
155 Section 159GZA (definition of financial institution)
156 After section 159GZA
156(1) After section 159GZA
A registrable corporation must report its associates to the state.
156(2) After section 159GZA
Must provide information about associates.
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.29
Repeal paragraph, substitute with registered entity under Financial Sector (Collection of Data) Act 2001
157 Section 317 (paragraph (c) of the definition of AFI or
158 Section 4 (definition of value)
Repeal sections and substitute with new ones.
159 Sections 77, 78 and 79
16 Part VI
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.20
16 Financial Sector (Collection of Data—Consequential and
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.31
Amendments apply to specific financial sector entities under certain conditions.
160 Application
Omit section 27 of Financial Corporations Act 1974
161 Schedule 1
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.32
Substitute definition of protected document
162 Subsection 79A(1) (definition of protected document)
Omit specified acts from definition of protected information
163 Subsection 79A(1) (definition of protected information)
Prohibits omission of specified acts from definition
Omit specified acts from the list of repealed laws.
164 Subsection 79A(2)
165 Subsection 79A(8)
Repeal of paragraph (c) of the definition of financial institution and substitution with a registered entity under the Financial Sector (Collection of Data) Act 2001.
166 Section 13L (paragraph (c) of the definition of financial
167 Paragraph 90(3)(d)
17 Subsection 62(5)
Application of amendments to financial sector entities
18 Application
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.22
18 Financial Sector (Collection of Data—Consequential and
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.13
19 Subsection 3(1) (definition of accounts)
Prohibits omission of specified subsections.
Mandatory inclusion of the Financial Sector (Collection of Data) Act 2001
2 Subsection 56(1) (after paragraph (b) of the definition of Act
Repeal definition of quarterly statutory accounts
20 Subsection 3(1) (definition of quarterly statutory
20 Financial Sector (Collection of Data—Consequential and
Definition of statutory accounts for bodies corporate
21 Subsection 3(1) (definition of statutory accounts)
Substitutes definition of statutory accounts
Definition of yearly statutory accounts for a body corporate
22 Subsection 3(1) (definition of yearly statutory accounts)
22 Financial Sector (Collection of Data—Consequential and
Regulator is defined as the Commissioner of Taxation.
Inserts the Financial Sector (Collection of Data) Act 2001 after 'Act'
23 Paragraph 23(f)
24 Paragraph 24(f)
24 Financial Sector (Collection of Data—Consequential and
25 Sections 44 and 45
26 Section 49
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.30
26 Financial Sector (Collection of Data—Consequential and
26(2) Financial Sector (Collection of Data—Consequential and
APRA must certify that a document is a copy of the financial statements.
26(3) Financial Sector (Collection of Data—Consequential and
The certified document is a copy of the financial statements.
Temporal relationship between certification and financial statements
Certification occurs after the preparation of financial statements
Relationship between certification and financial statement accuracy
Certification implies that the document is accurate
Artificial intelligence recognition of certification
Artificial intelligence can recognize certifications
APRA has the authority to certify documents
Propagation of certification through the financial sector
Certification is used to verify financial statements
This section applies to the certified copy as if it were the original.
26(4) Financial Sector (Collection of Data—Consequential and
The certified copy is treated as if it were the original.
Applicability of section to certified copy
27 Sections 49J and 49K
28 Section 49P
28 Financial Sector (Collection of Data—Consequential and
Insertion of 'or the Financial Sector (Collection of Data) Act 2001'
29 Paragraph 52(1)(b)
Add “or” to definition of protected document
3 Subsection 56(1) (at the end of paragraph (c) of the
The definition of protected document includes...
Insertion of Financial Sector (Collection of Data) Act 2001 into the Act
30 Subsection 52(1B)
Insertion of Financial Sector (Collection of Data) Act 2001
31 Subsection 62(1)
Temporal relation between insertion and Act
32 Subparagraph 62(1A)(b)(ii)
Insertion of a new Act into the list of Acts.
33 Subsection 115(1)
34 Subsection 115A(1)
35 Paragraph 115A(2)(a)
36 Subparagraph 115A(3)(a)(i)
37 Subparagraph 117A(1)(a)
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.15
38 Subsection 123(2)
39 Subsection 123(4)
List of entities related to a registered entity
4 Subsection 56(1) (after paragraph (c) of the definition of
40 Subsection 128(1)
41 Subsection 128(1)
42 Paragraph 128(1)(b)
43 Paragraph 128(1)(b)
44 Paragraph 132(c)
Amendments apply on and after a specific date to financial sector entities with sole or principal business in insurance.
45 Application
Defines temporal intervals for commencement
46 Paragraph 21(3)(e)
47 Section 57
48 Section 82
Audit must be carried out before reporting documents.
49 Subsection 83(2)
Add “or” to definition of protected information
5 Subsection 56(1) (at the end of paragraph (c) of the
The definition of protected information is...
Subsection 83(3) obligation to update references
50 Subsection 83(3)
51 Paragraph 88(1)(a)
52 Subparagraph 88(3)(a)(i)
53 Paragraph 89(2)(a)
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.17
54 Paragraph 92(1)(a)
55 Paragraph 98(1)(a)
56 Subparagraph 98(3)(a)(i)
57 Determination as to confidentiality
57 Sections 117 and 118
57(1) Determination as to confidentiality
Obligation to provide opportunity for representation
APRA must give entity/bodies reasonable opportunity to make representations
APRA must take representations into account
Disallowable instrument for section 46A of the Acts Interpretation Act 1901
57(2) Determination as to confidentiality
58 Section 121
Substitute financial sector data collection act reference
59 Section 122
Update reference to reflect new act commencement
6 Subsection 56(1) (after paragraph (c) of the definition of
Disclosure of confidential information is permitted.
6 Financial Sector (Collection of Data—Consequential and Transitional
Permission to disclose confidential information.
Substitute Act name in section 118 with Financial Sector (Collection of Data) Act 2001.
60 Subsection 124(1)
61 Subsection 125A(1) (paragraph (b) of the definition of
62 Subsection 125B(1) (paragraph (b) of the definition of
63 Subparagraph 136(b)(i)
64 Subparagraph 136(b)(ii)
Insert 'or the Financial Sector (Collection of Data) Act 2001'
65 Paragraphs 150(1)(b) and (c)
Insertion of 'or the operation of the Financial Sector (Collection of Data) Act 2001'
66 Section 166
Granting permission to reference another act
67 At the end of section 166
Add “or the Financial Sector (Collection of Data) Act 2001”.
68 At the end of subsection 230A(3)
The addition occurs during the commencement period
Temporal relationship between addition and commencement
The addition occurs at the end of subsection 230A(3)
Implication from addition to effect on list
Adding an act to the list implies that it is in the list
Inference from addition to effect on list
Adding an act to the list infers that it is in the list
The list of acts is defined in subsection 230A(1)
Propagation of addition through the list
Adding an act to the list propagates the change throughout the list
69 Paragraph 230B(1)(a)
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.9
7 Subsection 56(1)
Repeal paragraph (zb) of the definition of reviewable decision
70 Subsection 236(1) (paragraph (zb) of the definition of
Repeal paragraphs (zd), (ze) and (zf) of the definition of reviewable decision
71 Subsection 236(1) (paragraphs (zd), (ze) and (zf) of the
Prohibits repeal of paragraphs (zd), (ze) and (zf)
72 Sections 243 and 244
73 Subsection 248(2)
Defines reporting document for Financial Sector (Collection of Data) Act 2001
74 Schedule
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.19
Amendments apply on and after a specific date.
75 Application
Repeal and substitute a subparagraph with section 183.
76 Subparagraph 3(1)(a)(iv)
Omit specified text and substitute with new text.
77 Paragraph 3(2)(d)
Company must provide financial statements to APRA.
77 Company’s financial statements to be prima facie evidence of
78 Section 16 (definition of lodge)
78 Company’s financial statements to be prima facie evidence of
Company must provide APRA with financial statements.
78(1) Company’s financial statements to be prima facie evidence of
(a) a company registered under the Life Insurance Act 1995 had, (b) an amount is shown in those statements as the total net liabilities...
Implication of registration and liability statement
Financial statements are prima facie evidence of total net liabilities in respect of all contracts of life insurance.
78(2) Company’s financial statements to be prima facie evidence of
Obligation to provide prima facie evidence
Company must provide a certified copy of financial statements.
78(3) Company’s financial statements to be prima facie evidence of
Certified copy of financial statements is prima facie evidence.
78(4) Company’s financial statements to be prima facie evidence of
79 Section 16 (paragraph (o) of the definition of reviewable
79 Company’s financial statements to be prima facie evidence of its
79(1) Company’s financial statements to be prima facie evidence of its
Financial statements are prima facie evidence of unearned premiums or outstanding claims.
79(2) Company’s financial statements to be prima facie evidence of its
Company must provide certified financial statements as prima facie evidence.
79(3) Company’s financial statements to be prima facie evidence of its
Obligation to provide certified financial statements.
Certified copy of financial statements is prima facie evidence
79(4) Company’s financial statements to be prima facie evidence of its
Prohibits the omission of specific text.
8 Paragraph 56(2)(c)
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.12
List of entities subject to data collection
8 Financial Sector (Collection of Data—Consequential and Transitional
Repeal a paragraph of the definition of reviewable decision
80 Section 16 (paragraph (p) of the definition of reviewable
Omit provision requiring RSA providers to provide an annual return.
81 Section 37
Prohibits provision requiring RSA providers to provide an annual return.
82 Paragraphs 44(1)(a) and (b)
Note on RSA providers' obligations under the Financial Sector (Collection of Data) Act 2001
83 At the end of subsection 44(1)
Endorsement of report on return if not given electronically
84 Subsections 44(3) and (4)
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.21
Substitute reporting documents with a specific Act
85 Subsection 64(2)
86 Subsections 65(1) and (3)
87 Paragraph 66(1)(a)
88 Subparagraphs 67(1)(a)(iii) and 68(1)(a)(iii)
89 Subsection 95(1)
9 After subsection 56(5)
No offence if document given to APRA is submitted for Census purposes.
9(5A) After subsection 56(5)
Submission for Census purposes overlaps with production of document
Section 9(5A) of the Financial Sector (Collection of Data) Act 2001
Knowledge graph representing submission for Census purposes and production of document
No offence if submitted for Census purposes
Section 9 of the Financial Sector (Collection of Data) Act 2001
If document given to APRA is submitted for Census purposes, then no offence occurs
Submission for Census purposes validates production of document
Exemption from offence for producing document to certain authorities
9(5B) After subsection 56(5)
Conditional commencement of regulations for financial sector entities.
9(5C) After subsection 56(5)
RSA provider must provide tax file number with financial return
90 Subsection 144(2)
91 Subparagraph 161(1)(a)(ii)
93 Sections 193 and 194
94 Application
97 Paragraphs 36(1)(a) and (b)
Inserts note regarding annual returns and financial documents to be given by trustees to APRA.
98 After subsection 36(1)
Endorsement of report on return if return is not given electronically
99 Subsections 36(3) and (4)
Must endorse report on return if not given electronically
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.5
1 Short title
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.33
Continuation of exemptions and determinations
1 Treatment of certain exemptions and determinations in
2 Commencement
Continuation of Register of Corporations
2 Former Register of Corporations
2(1) Commencement
The commencement date is related to the receipt of Royal Assent
(1) Sections 1, 2 and 3 commence on the day on which this Act receives the Royal Assent.
The commencement date is a key concept in the Act
The sections come into effect on a specific day
2(2) Commencement
Requires temporal relation between schedules and Parts 2-4 of the Financial Sector (Collection of Data) Act 2001
Temporal intervals mentioned in the text
Classifies the legal effect as a prohibition
No explicit duty, ban conduct, grant permission, or create right
Amendment and repeal of Acts specified in Schedules
3 Schedule(s)
Continuation of former list and categories, transfer of obligations
3 Former list of registered corporations and categories
financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001.pdf, p.34
Continuation of Reserve Bank determinations and requests under Financial Corporations Act 1974
30 Financial Sector (Collection of Data—Consequential and
Temporal relation between Reserve Bank determinations and requests
Determination by Reserve Bank was in force immediately before commencement of Schedule
Determination by Reserve Bank continues to have effect
Request to Reserve Bank under subsection 10(7) of Financial Corporations Act 1974 has not been dealt with by commencement of Schedule
Determination by Reserve Bank continues to have effect as if it were a determination by APRA under corresponding provision
4 Definitions
An Act to repeal and amend various Acts, and to deal with transitional matters, in connection with the enactment of the Financial Sector (Collection of Data) Act 2001, and for related purposes
Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001