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