Financial Sector (Collection of Data) Act 2001
21 February 2025
Compilation information and notes on amendments.
financial-sector-collection-of-data-act-2001.pdf, p.1
Classifies the text as a compilation of the Financial Sector (Collection of Data) Act 2001.
The text is classified as a compilation.
Financial Sector (Collection of Data) Act 2001.
1 Short title
financial-sector-collection-of-data-act-2001.pdf, p.7
2 Commencement
2(1) Commencement
2(2) Commencement
2(3) Commencement
Conditional commencement of Parts 2, 3 and 4
Describes the temporal interval for commencement
3 Object of Act
APRA must collect information for specified purposes.
4 Extension to external Territories
The Act extends to every external Territory.
financial-sector-collection-of-data-act-2001.pdf, p.8
5 Entities covered by the Act
5(1) Entities covered by the Act
5(2) Entities covered by the Act
(a) a registered entity; or (b) a regulated entity; or (c) a corporation to which section 5A applies; or (d) a discretionary mutual fund; or (e) a person who...
(i) provides a financial service (within the meaning of the Corporations Act 2001); and (ii) is not an entity, corporation or fund referred to in paragraphs (a) to (d) of this subsection; or (f) a person who...
Temporal relation between financial service and Corporations Act 2001
(i) provides a financial service (within the meaning of the Corporations Act 2001); and (ii) is not an entity, corporation or fund referred to in paragraphs (a) to (d) of this subsection;
Temporal relation between payment system and Payment Systems (Regulation) Act 1998
(i) is a participant in a payment system (within the meaning of section 7 of the Payment Systems (Regulation) Act 1998); and (ii) is not an entity, corporation or fund referred to in paragraphs (a) to (d) of this subsection;
5(3) Entities covered by the Act
A registered entity is a corporation whose name is entered in the Register of Entities kept by APRA under section 8.
(3) A registered entity is a corporation...
...whose name is entered in the Register...
5(4) Entities covered by the Act
Defines regulated entities under the Act.
(4) A regulated entity is any of the following:
5(5) Entities covered by the Act
5(6) Entities covered by the Act
A fund is not a discretionary mutual fund if certain conditions are met.
Fund is not a discretionary mutual fund if certain conditions are met
A fund is not a discretionary mutual fund if certain conditions are met
5(7) Entities covered by the Act
The Reserve Bank is not a financial sector entity.
There is no obligation to classify the Reserve Bank as a financial sector entity.
5A Medical indemnity entities
Applicable to corporations at a particular time if certain conditions are met.
financial-sector-collection-of-data-act-2001.pdf, p.9
6 Application of Criminal Code
Chapter 2 of the Criminal Code applies to all offences against this Act.
financial-sector-collection-of-data-act-2001.pdf, p.10
6A Application of Act
Act does not apply to State insurance beyond its limits.
7 Registrable corporations
financial-sector-collection-of-data-act-2001.pdf, p.11
7(1) Registrable corporations
Corporation must engage in finance provision or be specified in a determination.
(a) the corporation engages in finance provision.
7(1A) Registrable corporations
Determination of corporations for APRA purposes
7(1B) Registrable corporations
A determination made under paragraph (1A)(a) is not a legislative instrument.
7(1C) Registrable corporations
A determination made under paragraph (1A)(b) is a legislative instrument.
7(1D) Registrable corporations
Consider business activities in Australia that include the provision of finance before making a determination.
Duty to consider business activities in Australia that include the provision of finance.
Business activities in Australia that include the provision of finance are relevant to the determination.
Business activities in Australia that include the provision of finance must be considered before making a determination.
8 Register of entities
financial-sector-collection-of-data-act-2001.pdf, p.14
8(1) Register of entities
Obligation to keep a Register of Entities
8(2) Register of entities
Ensure public inspection of Register of Entities
8(3) Register of entities
Permits inspection and copying of Register of Entities with payment of fee.
9 Obligations of corporations
9(1) Obligations of corporations
Provide documents to APRA within 60 days after commencement of this Part.
9(2) Obligations of corporations
Corporations must provide documents to APRA within 60 days of becoming registrable.
9(3) Obligations of corporations
Allow longer period for corporations to provide documents
9(4) Obligations of corporations
A corporation is exempt from subsections (1) and (2) if it ceases to be a registrable corporation before the end of the period.
Exempts corporations from subsections (1) and (2)
The corporation ceases to be a registrable corporation.
9(5) Obligations of corporations
List of documents required by corporations
10 Matters to be included in Register of Entities
Maintain accurate information in the Register of Entities
financial-sector-collection-of-data-act-2001.pdf, p.17
11 List of names and categories of registered entities
financial-sector-collection-of-data-act-2001.pdf, p.18
11(1) List of names and categories of registered entities
11(2) List of names and categories of registered entities
List of names and categories of registered entities may be varied by APRA.
List of names and categories of registered entities may be varied.
11(3) List of names and categories of registered entities
Must consider assets, liabilities, borrowing methods, and finance when categorizing corporations.
(3) In determining the category in which a corporation is to be included or in determining whether a corporation should be transferred from one category to another category, APRA must have regard to:
Consider assets, liabilities, borrowing methods, and finance over time.
(a) the assets and liabilities of the corporation; and (b) the principal methods by which the corporation ordinarily borrows moneys; and (c) the principal kinds of finance ordinarily provided by the corporation;
Consider assets, liabilities, borrowing methods, and finance in a recurring manner.
Must try to ensure that corporations carrying on the same or similar kinds of business are included in the same category.
must try to ensure that, as far as practicable, corporations carrying on the same or similar kinds of business are included in the same category.
11(4) List of names and categories of registered entities
Publish a copy of the list in the Gazette upon request.
Must publish a copy of the list in the Gazette.
APRA must cause a copy of the list to be published in the Gazette.
The list must be published in the Gazette.
11(5) List of names and categories of registered entities
Conditional application of subsection (4) to new list and variations.
11(6) List of names and categories of registered entities
Notify corporation of category upon inclusion or transfer
(6) As soon as practicable after a corporation is included in a category...
11(7) List of names and categories of registered entities
If a corporation requests to change its category, APRA must reconsider and vary the list accordingly.
Obligation to consider corporation's request
12 Application
financial-sector-collection-of-data-act-2001.pdf, p.20
12(1) Application
Part does not apply until Part 2 commencement date.
12(2) Application
Regulated entity must provide documents to APRA until a certain date.
Regulated entity must provide documents to APRA.
13 Determination of reporting standards for, and the provision of,
financial-sector-collection-of-data-act-2001.pdf, p.21
13(1) Determination of reporting standards for, and the provision of,
Determine reporting standards for financial sector entities.
APRA has a duty to determine reporting standards.
13(1A) Determination of reporting standards for, and the provision of,
13A Copy of reporting standard to be given to financial sector
financial-sector-collection-of-data-act-2001.pdf, p.28
13A(1) Copy of reporting standard to be given to financial sector
Provide a copy of the reporting standard to financial sector entities and the Minister.
Obligation to provide a copy of the reporting standard.
13A(2) Copy of reporting standard to be given to financial sector
APRA must provide a written statement explaining the effect of section 13B to financial sector entities.
Obligation to provide a written statement
13B Financial sector entity must not disclose that it has been given a
financial-sector-collection-of-data-act-2001.pdf, p.29
13B(1) Financial sector entity must not disclose that it has been given a
Must not disclose confidential information given a reporting standard.
Given a reporting standard, the financial sector entity must not disclose confidential information.
The financial sector entity must not disclose confidential information given a reporting standard.
The financial sector entity must not disclose confidential information during the period it has been given a reporting standard.
Given a reporting standard, the financial sector entity must not disclose confidential information to others.
13B(2) Financial sector entity must not disclose that it has been given a
Must not disclose confidential information to certain parties
(2) However, subsection (1) does not apply...
Temporal intervals for disclosure exceptions
(b) the disclosure is authorised under an Act or another law;...
13C Minister may direct APRA to determine reporting standards
financial-sector-collection-of-data-act-2001.pdf, p.30
13C(1) Minister may direct APRA to determine reporting standards
Minister directs APRA to determine reporting standards.
Reporting standards classified by Minister.
13C(2) Minister may direct APRA to determine reporting standards
Minister may direct APRA to determine reporting standards
13C(3) Minister may direct APRA to determine reporting standards
14 Principal executive officer of financial sector entity (other than a
14(1) Principal executive officer of financial sector entity (other than a
Financial sector entity must comply with reporting requirement.
14(2) Principal executive officer of financial sector entity (other than a
Duty to notify governing body of failure
The principal executive officer has an obligation
14(3) Principal executive officer of financial sector entity (other than a
14(4) Principal executive officer of financial sector entity (other than a
Offence for contravention of subsection (3) is an offence of strict liability.
Prohibits contravention of subsection (3)
(4) An offence for a contravention of subsection (3) is an offence of strict liability.
An offence for contravention of subsection (3) is prohibited.
Defines the temporal interval for the strict liability offence
The temporal interval for the strict liability offence starts at the time of contravention.
Defines the recurring trace for the strict liability offence
The strict liability offence recurs with each contravention.
All agents are prohibited from contravening subsection (3).
Represents the knowledge that the contravention is a strict liability offence
The knowledge representation states that the contravention is a strict liability offence.
15 When reporting standards begin to apply to particular financial
financial-sector-collection-of-data-act-2001.pdf, p.31
15(1) When reporting standards begin to apply to particular financial
Reporting standards begin on a day declared by APRA.
15(2) When reporting standards begin to apply to particular financial
APRA may make declarations for reporting standards
16 Exemptions
16(1) Exemptions
16(1A) Exemptions
Notice under subsection (1) is not a legislative instrument.
16(1B) Exemptions
(1B) APRA may, by legislative instrument...
Classification of financial sector entities
16(2) Exemptions
Exemptions may be unconditional or subject to conditions and of indefinite duration or limited time.
17 APRA may require the variation of a reporting document or the
financial-sector-collection-of-data-act-2001.pdf, p.32
17(1) APRA may require the variation of a reporting document or the
APRA may request an explanation or information from a financial sector entity if it thinks the reporting document is incorrect, incomplete, or misleading.
APRA thinks the reporting document is incorrect, incomplete, or misleading.
APRA may give the entity written notice requesting it to give APRA in writing such explanation or information as is specified in the notice.
Entity must provide explanation or information
APRA gives the entity written notice requesting it to give APRA in writing such explanation or information as is specified in the notice.
The entity must give APRA in writing such explanation or information as is specified in the notice.
APRA may request explanation or information at any time
The entity must give APRA in writing such explanation or information as is specified in the notice at any time.
APRA may request variation of reporting document
APRA thinks that a reporting document given to APRA by a financial sector entity is incorrect, incomplete or misleading; or does not comply with a reporting standard that applies to it; or does not contain information, or adequate information, about a matter.
17(2) APRA may require the variation of a reporting document or the
Specify period for explanation or information provision
17(3) APRA may require the variation of a reporting document or the
APRA may give written directions for the variation of a reporting document if it is incorrect, incomplete or misleading.
17(4) APRA may require the variation of a reporting document or the
APRA may give written directions for the giving of information or adequate information if entity fails to provide or APRA thinks information is inadequate.
17(5) APRA may require the variation of a reporting document or the
Directions must specify a period for compliance with directions.
Must provide directions with specified periods.
17(6) APRA may require the variation of a reporting document or the
APRA must give written notice revoking or varying a direction if necessary.
17(7) APRA may require the variation of a reporting document or the
APRA must give written notice revoking or varying a direction.
17(8) APRA may require the variation of a reporting document or the
Financial sector entity must comply with a direction given to it.
(8) A financial sector entity must comply with a direction given to it under subsection (3) or (4) or with such a direction as varied under subsection (6) or (7), as the case requires.
17(9) APRA may require the variation of a reporting document or the
Section 4K of the Crimes Act 1914 applies to an obligation imposed by subsection (8)
17(10) APRA may require the variation of a reporting document or the
Offence for contravention of subsection (8) is an offence of strict liability.
17A Application of this Division
financial-sector-collection-of-data-act-2001.pdf, p.34
17A(1) Application of this Division
Must appoint an auditor under reporting standards that relate to APRA's functions.
(1) This Division applies if a financial sector entity is required to...
17A(2) Application of this Division
Division applies if a financial sector entity is required to appoint an auditor under reporting standards issued by APRA.
...if a financial sector entity is required to appoint an auditor...
Division requires appointment of an auditor if a condition is met.
17B Auditor’s functions and duties
17B(1) Auditor’s functions and duties
Auditor must perform functions and duties set out in reporting standards.
Auditor must perform functions and duties.
17B(2) Auditor’s functions and duties
Auditor must comply with reporting standards.
17B(3) Auditor’s functions and duties
Financial sector entity must make necessary arrangements for auditor's functions and duties.
Obligation to make necessary arrangements
17C Auditor must notify APRA of attempts to unduly influence etc.
17C(1) Auditor must notify APRA of attempts to unduly influence etc.
Auditor must notify APRA of attempts to unduly influence or interfere with audit functions.
17C(2) Auditor must notify APRA of attempts to unduly influence etc.
Auditor must notify APRA of attempts to unduly influence etc.
Auditor has an obligation to notify APRA.
17D Giving false or misleading information to auditor
financial-sector-collection-of-data-act-2001.pdf, p.35
17D(1) Giving false or misleading information to auditor
Giving false or misleading information to auditor is prohibited.
Prohibits giving false or misleading information to auditor.
...the person knows that the information: (i) is false or misleading in a material particular; or (ii) is missing something that makes the information misleading in a material respect.
(b) the person gives information, or allows information to be given, to an auditor of the financial sector entity;
Implies imprisonment for 5 years or 200 penalty units if offence committed.
Penalty: Imprisonment for 5 years or 200 penalty units, or both.
Prohibits failing to ensure information is not false or misleading.
Offence—person fails to ensure the information is not false or misleading etc.
17D(2) Giving false or misleading information to auditor
Prohibition of false or misleading information
Prohibition of providing false or misleading information
The provision prohibits providing false or misleading information to auditor.
Prohibition of giving false or misleading information
The provision prohibits giving false or misleading information to auditor.
Prohibition of allowing false or misleading information
The provision prohibits allowing false or misleading information to auditor.
Prohibition of relating false or misleading information
The provision prohibits relating false or misleading information to auditor.
18 Application of Division
financial-sector-collection-of-data-act-2001.pdf, p.37
Division applies to the specified offences.
19 When an infringement notice can be served
19(1) When an infringement notice can be served
APRA may serve an infringement notice on a person with reasonable grounds to believe they have committed an offence.
APRA has the power to serve an infringement notice.
APRA has reasonable grounds to believe...
...may cause an infringement notice to be served.
APRA believes a person has committed an offence.
if APRA has reasonable grounds to believe...
...a person has committed an offence or offences.
APRA may serve an infringement notice repeatedly.
may cause an infringement notice to be served on the person...
Serving an infringement notice implies that the person has committed an offence.
...may cause an infringement notice to be served on the person...
The provision establishes a temporal relationship between APRA's action and the person's potential offence.
19(2) When an infringement notice can be served
Infringement notice cannot relate to more than one offence unless specific conditions are met.
Prohibition of serving multiple infringement notices for a single offence.
19(3) When an infringement notice can be served
Infringement notice must be served within one year after the alleged offence.
Prohibits serving infringement notice outside one year limit.
(3) An infringement notice does not have any effect unless it is served within one year after the day on which the offence or the earlier or earliest of the offences is alleged to have been committed.
Temporal interval for serving infringement notice overlaps with temporal interval for committing offence.
Temporal interval for serving infringement notice traces temporal interval for committing offence.
Temporal interval for serving infringement notice diffuses temporal interval for committing offence.
20 Matters to be included in an infringement notice
Must state name of person on whom notice is to be served
21 Withdrawal of infringement notice
financial-sector-collection-of-data-act-2001.pdf, p.38
21(1) Withdrawal of infringement notice
21(2) Withdrawal of infringement notice
APRA must serve written notice of withdrawal within a specified period.
APRA has an obligation to serve written notice of withdrawal.
21(3) Withdrawal of infringement notice
APRA may consider certain factors when deciding whether to withdraw an infringement notice.
(3) The matters to which APRA may have regard...
APRA may withdraw the infringement notice if it considers these factors.
APRA's consideration of these factors is a temporal interval between withdrawing and not withdrawing the infringement notice.
This interval represents the time during which APRA considers these factors.
APRA's consideration of these factors is a recurring trace in every decision-making process.
This trace represents the pattern of considering these factors in all decisions.
APRA's consideration of these factors is a diffusion that affects every decision-making process.
This diffusion represents the spread of considering these factors in all decisions.
APRA's consideration of these factors is a cognitive process that affects every decision-making process.
This process represents the mental state of considering these factors in all decisions.
21(4) Withdrawal of infringement notice
Refund of penalty paid within specified period
22 What happens if penalty is paid
financial-sector-collection-of-data-act-2001.pdf, p.39
22(1) What happens if penalty is paid
Payment of penalty before end of period constitutes obligation to comply with infringement notice.
(1) This section applies if: (a) an infringement notice is served on a person; and (b) the person has done the act the failure to do which constituted the offence or offences and pays the penalty specified in the notice before the end of the period referred to in paragraph 20(1)(e); and (c) the infringement notice is not withdrawn.
22(2) What happens if penalty is paid
Discharge of liability for certain offences
23 More than one infringement notice may not be served for the
No more than one infringement notice can be served for the same offence.
financial-sector-collection-of-data-act-2001.pdf, p.40
Prohibits serving more than one infringement notice for the same offence.
24 Infringement notice not required to be served
No infringement notice is required for prosecution.
25 APRA may extend period for payment of penalty
25(1) APRA may extend period for payment of penalty
APRA may extend period for payment of penalty
25(2) APRA may extend period for payment of penalty
APRA may extend period for payment of penalty before or after the end of the period.
25(3) APRA may extend period for payment of penalty
Reference to extended period is taken as a reference to the extended period.
APRA's extension of the period is an obligation.
25A Notice of reviewable decision
financial-sector-collection-of-data-act-2001.pdf, p.42
25A(1) Notice of reviewable decision
APRA must give notice of original decision to person affected
25A(2) Notice of reviewable decision
Must provide notice with information about review process.
25B Request for review of decisions
25B(1) Request for review of decisions
25B(2) Request for review of decisions
Request for review of decisions must be made in writing and within a specified time period.
Obligation to make a written request within a specified time period
25C Review of decision
25C(1) Review of decision
25C(2) Review of decision
Confirm decision within 21 days or be taken to confirm
25C(3) Review of decision
Notice must be served on person who made the request if APRA confirms, revokes or varies a decision.
Statement of reasons for the decision and statement that person may seek reconsideration
25C(4) Review of decision
No effect on decision validity if requirements not met.
Exemptions from requirements do not affect decision validity.
(4) Any failure to comply with the requirements of subsection (3) in relation to a decision does not affect the validity of the decision.
The decision remains valid even if requirements are not met.
Decision validity and compliance are independent.
The decision's validity is not affected by non-compliance.
Compliance with requirements and decision validity are independent temporal events.
The compliance event is disjoint from the decision validity event.
Compliance with requirements has no effect on decision validity.
The compliance event has no diffusion effect on the decision validity event.
Compliance with requirements and decision validity are unrelated.
The compliance event has no causal relationship with the decision validity event.
25D Applications to Administrative Review Tribunal
financial-sector-collection-of-data-act-2001.pdf, p.43
25D(1) Applications to Administrative Review Tribunal
Applications may be made to the Administrative Review Tribunal for review of decisions of APRA that have been confirmed or varied under section 25C.
25D(3) Applications to Administrative Review Tribunal
Applying Administrative Review Tribunal Act 2024 to requests under section 25B
26 Saving of other laws
financial-sector-collection-of-data-act-2001.pdf, p.45
27 Entities may be directed to comply with Act
Entity must comply with provision or reporting standard
28 Validity of acts and transactions of financial sector entities
No compliance with regulations affects validity of financial sector acts and transactions.
Expresses prohibition or negation of obligation
29 Corporation not to hold out that it is a registered entity
Cannot hold out that it is a registered entity
Prohibits holding out as a registered entity
29A Delegation by Minister
Delegation of minister's functions or powers
financial-sector-collection-of-data-act-2001.pdf, p.46
30 Regulations
May make regulations prescribing matters necessary for carrying out or giving effect to the Act.
31 Definitions
financial-sector-collection-of-data-act-2001.pdf, p.47
32 Meaning of certain other expressions
financial-sector-collection-of-data-act-2001.pdf, p.49
Includes specific activities in the definition of provision of finance
The Act defines provision of finance as including...
...the lending of money, with or without security.
Defines a subclass of 'provision of finance'
...the carrying out of activities, whether directly or indirectly...
Describes the temporal relationship between activities in the definition of provision of finance
Suggests that the definition of provision of finance implies certain conditions
...the supplying of goods by way of hire-purchase.
Includes the definition of provision of finance in a broader context
...the sale (other than a lay-by sale), in the course of the carrying on of a business of selling goods by retail, of goods.
Defines the concept of provision of finance using AI
33 Assets of corporations
financial-sector-collection-of-data-act-2001.pdf, p.50
33(1) Assets of corporations
Assets of corporations are taken to be the assets in Australia of the corporation that were included in the last balance-sheet.
33(2) Assets of corporations
Assets of corporations: if no balance sheet, use Australian assets
(2) If, for the purposes of the application of this section...
then, for the purposes of the application of sections 7 and 34 in relation to the corporation:
the assets of the corporation on that day are taken to be the assets in Australia of the corporation
the value on that day of any of those assets is taken to be the value of the assets concerned as shown in the accounting records of the corporation
34 Related corporations
financial-sector-collection-of-data-act-2001.pdf, p.51
34(1) Related corporations
Determine related corporations in the same manner as bodies corporate under the Corporations Act 2001.
Obligation to determine related corporations
34(2) Related corporations
A corporation is not considered related unless it meets specific conditions.
(i) 50%; (ii) if a greater or lesser percentage is prescribed by the regulations—the percentage so prescribed;
The sum of the amounts of such of the assets in Australia of the first-mentioned corporation as consist of debts due to that corporation, being debts resulting from transactions entered into in the course of the provision of finance by that corporation, exceeds 50% or a greater/lesser percentage.
17 Sept
Conditional commencement of Corporations (Repeals, Consequentials and Transitionals) Act 2001
financial-sector-collection-of-data-act-2001.pdf, p.56
Requires temporal intervals for conditional commencement
28 June
Conditional commencement of General Insurance Reform Act 2001
19 Sept
Conditional commencement of Medical Indemnity (Prudential Supervision and Product Standards) Act 2003
2 May 2003
Conditional commencement of Private Health Insurance (Transitional Provisions and Consequential Amendments) Act 2007
30 Mar
Financial Sector Legislation Amendment (Discretionary Mutual Funds and Direct Offshore Foreign Insurers) Act 2007
24 Sept
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007
24 Sept 2007 (s 2(1)
Legislation history for Financial Sector (Collection of Data) Act 2001
26 May
financial-sector-collection-of-data-act-2001.pdf, p.57
Legislation Amendment (Enhancing Supervision and Enforcement) Act
27 Aug
Conditional commencement of Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010
Requires a relation between identifiable temporal intervals for conditional commencement
29 June
27 July 2010 (s 2(1)
Conditional commencement of Statute Law Revision Act 2011
22 Mar
Conditional commencement of Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012
3 Dec 2012
1 July 2013 (s 2(1)
Consequential Amendments and Transitional Provisions
26 June
1 July 2015 (s 2(1)
Conditional commencement of Treasury Laws Amendment (Major Bank Levy) Act 2017
Requires relation between identifiable temporal intervals for conditional commencement
23 June
24 June 2017 (s 2(1)
5 Mar 2018
Corporations Amendment (Asia Region Funds Passport) Act 2018
financial-sector-collection-of-data-act-2001.pdf, p.58
Conditional commencement of Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 40, 2019
5 Apr 2019
Conditional commencement of Treasury Laws Amendment (2023 Law Improvement Package) Act 2023
20 Sept
Consequential and Transitional Provisions No. 2 Act
31 May
Conditional commencement of the Administrative Review Tribunal (Miscellaneous Measures) Act 2025
20 Feb
Conditional commencement of the Financial Sector (Collection of Data) Act 2001
Requires temporal intervals for commencement