{"id":"C2004A00896","name":"Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001","slug":"financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"121 of 2001","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":32672,"registerId":"commonwealth-C2004A00896-current","compilationNumber":null,"startDate":"2026-04-01","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"#### 1 Short title\n\n  This Act may be cited as the Financial Sector (Collection of Data—Consequential and Transitional Provisions) Act 2001.","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n  (1) Sections 1, 2 and 3 commence on the day on which this Act receives the Royal Assent.\n  (2) Schedules 1 to 3 commence on the same day as Parts 2 to 4 of the Financial Sector (Collection of Data) Act 2001.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Schedule(s)","content":"#### 3 Schedule(s)\n\n  Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.","sortOrder":2},{"sectionNumber":"57","sectionType":"section","heading":"Determination as to confidentiality","content":"#### 57 Determination as to confidentiality\n\n  (1) APRA may determine whether a document that was given to APRA by a registered entity, or by a body regulated by APRA, under section 13 of the Financial Sector (Collection of Data) Act 2001 contains confidential information, but must not make such a determination unless APRA has:\n    (a) given to the entity or body, or to an association or other body representing the class of entities or bodies within which the entity or body is included, a reasonable opportunity to make representations as to whether information of the kind contained in the document is confidential; and\n    (b) taken any such representations into account.\n  (2) A determination made under subsection (1) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.\n\n  \n\nPart 2—Banking Act 1959\n\n11 Subparagraph 9A(2)(a)(i)\n\nAfter “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n12 Subparagraph 11AB(2)(a)(i)\n\nAfter “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n13 After paragraph 11CA(1)(d)\n\nInsert:\n\n    ; or (e) the body corporate has contravened a requirement under the Financial Sector (Collection of Data) Act 2001.\n\n14 Subparagraphs 16B(2)(a)(ii), (3)(a)(ii) and (4)(a)(ii)\n\nAfter “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n15 At the end of section 16C\n\nAdd “or the Financial Sector (Collection of Data) Act 2001”.\n\n16 Part VI\n\nRepeal the Part.\n\n17 Subsection 62(5)\n\nRepeal the subsection.\n\n18 Application\n\n(1) The amendments made by this Part apply to a financial sector entity (within the meaning of the Financial Sector (Collection of Data) Act 2001) that is a body referred to in subitem (2) only on and after the day on which the reporting standards determined under section 13 of that Act begin to apply under section 15 of that Act to a class or kind of financial sector entities in which that body is included.\n\n(2) The bodies are:\n\n    (a) ADIs; and\n    (b) authorised NOHCs; and\n    (c) subsidiaries of ADIs; and\n    (d) subsidiaries of authorised NOHCs.\n\n(3) Expressions used in subitem (2) have the same meanings as in the Banking Act 1959.\n\n  \n\nPart 3—Insurance Act 1973\n\n19 Subsection 3(1) (definition of accounts)\n\nOmit “subsections 44(1) and (3) and 49J(1) and (3)”.\n\n20 Subsection 3(1) (definition of quarterly statutory accounts)\n\nRepeal the definition.\n\n21 Subsection 3(1) (definition of statutory accounts)\n\nRepeal the definition, substitute:\n\n> statutory accounts, in relation to a body corporate, means the reporting documents that the body corporate is required under section 13 of the Financial Sector (Collection of Data) Act 2001 to lodge with APRA.\n\n22 Subsection 3(1) (definition of yearly statutory accounts)\n\nRepeal the definition, substitute:\n\n> yearly statutory accounts, in relation to a body corporate, means the reporting documents that the body corporate is required under section 13 of the Financial Sector (Collection of Data) Act 2001 to lodge with APRA in respect of a financial year.\n\n23 Paragraph 23(f)\n\nAfter “Act”, insert “and the Financial Sector (Collection of Data) Act 2001”.\n\n24 Paragraph 24(f)\n\nAfter “Act”, insert “and the Financial Sector (Collection of Data) Act 2001”.\n\n25 Sections 44 and 45\n\nRepeal the sections.\n\n26 Section 49\n\nRepeal the section.\n\n27 Sections 49J and 49K\n\nRepeal the sections.\n\n28 Section 49P\n\nRepeal the section.\n\n29 Paragraph 52(1)(b)\n\nAfter “Act” (wherever occurring), insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n30 Subsection 52(1B)\n\nAfter “Act” (second and third occurring), insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n31 Subsection 62(1)\n\nAfter “Act” (second and third occurring), insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n32 Subparagraph 62(1A)(b)(ii)\n\nAfter “Act” (wherever occurring), insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n33 Subsection 115(1)\n\nAfter “Act” (second occurring), insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n34 Subsection 115A(1)\n\nAfter “Act” (last occurring), insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n35 Paragraph 115A(2)(a)\n\nAfter “Act” (last occurring), insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n36 Subparagraph 115A(3)(a)(i)\n\nAfter “Act”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n37 Subparagraph 117A(1)(a)\n\nAfter “Act”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n38 Subsection 123(2)\n\nRepeal the subsection.\n\nNote: The heading to section 123 is altered by omitting “, accounts”.\n\n39 Subsection 123(4)\n\nOmit “or (2)”.\n\n40 Subsection 128(1)\n\nOmit “, 44”.\n\n41 Subsection 128(1)\n\nOmit “, 49J”.\n\n42 Paragraph 128(1)(b)\n\nOmit “44,”.\n\n43 Paragraph 128(1)(b)\n\nOmit “, 49J”.\n\n44 Paragraph 132(c)\n\nRepeal the paragraph.\n\n45 Application\n\nThe amendments made by this Part apply only on and after the day on which the reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 begin to apply under section 15 of that Act to financial sector entities (within the meaning of that Act) whose sole or principal business in Australia is insurance business (within the meaning of the Insurance Act 1973).\n\n  \n\nPart 4—Life Insurance Act 1995\n\n46 Paragraph 21(3)(e)\n\nAfter “Act”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n47 Section 57\n\nOmit “section 82”, substitute “the Financial Sector (Collection of Data) Act 2001”.\n\n48 Section 82\n\nRepeal the section.\n\n49 Subsection 83(2)\n\nRepeal the subsection, substitute:\n\n  (2) The audit must be carried out before reporting documents as at the end of that financial year are given to APRA under the Financial Sector (Collection of Data) Act 2001.\n\n50 Subsection 83(3)\n\nOmit “prepared under subsection 82(1) are not effective for the purposes of this Act”, substitute “referred to in subsection (2) are not effective for the purposes of this Act or the Financial Sector (Collection of Data) Act 2001”.\n\n51 Paragraph 88(1)(a)\n\nAfter “Act”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n52 Subparagraph 88(3)(a)(i)\n\nAfter “Act”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n53 Paragraph 89(2)(a)\n\nAfter “Act”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n54 Paragraph 92(1)(a)\n\nOmit “section 82”, substitute “the Financial Sector (Collection of Data) Act 2001”.\n\n55 Paragraph 98(1)(a)\n\nAfter “Act”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n56 Subparagraph 98(3)(a)(i)\n\nAfter “Act”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n57 Sections 117 and 118\n\nRepeal the sections.\n\n58 Section 121\n\nRepeal the section.\n\n59 Section 122\n\nOmit “referred to in subsection 82(1)”, substitute “under the Financial Sector (Collection of Data) Act 2001”.\n\n60 Subsection 124(1)\n\nOmit “section 118”, substitute “the Financial Sector (Collection of Data) Act 2001”.\n\n61 Subsection 125A(1) (paragraph (b) of the definition of provision to which this section applies)\n\nRepeal the paragraph.\n\n62 Subsection 125B(1) (paragraph (b) of the definition of provision to which this section applies)\n\nRepeal the paragraph.\n\n63 Subparagraph 136(b)(i)\n\nAfter “Life Insurance Act 1945”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n64 Subparagraph 136(b)(ii)\n\nAfter “Act”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n65 Paragraphs 150(1)(b) and (c)\n\nAfter “Act”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n66 Section 166\n\nAfter “Act” (first occurring), insert “or the operation of the Financial Sector (Collection of Data) Act 2001”.\n\n67 At the end of section 166\n\nAdd “or the provisions of the Financial Sector (Collection of Data) Act 2001”.\n\n68 At the end of subsection 230A(3)\n\nAdd “or the Financial Sector (Collection of Data) Act 2001”.\n\n69 Paragraph 230B(1)(a)\n\nAfter “Act”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n70 Subsection 236(1) (paragraph (zb) of the definition of reviewable decision)\n\nRepeal the paragraph.\n\n71 Subsection 236(1) (paragraphs (zd), (ze) and (zf) of the definition of reviewable decision)\n\nRepeal the paragraphs.\n\n72 Sections 243 and 244\n\nRepeal the sections.\n\n73 Subsection 248(2)\n\nAfter “Act”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n74 Schedule\n\nInsert:\n\n> reporting document has the same meaning as in the Financial Sector (Collection of Data) Act 2001.\n\n75 Application\n\nThe amendments made by this Part apply only on and after the day on which the reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 begin to apply under section 15 of that Act to financial sector entities (within the meaning of that Act) that are registered under the Life Insurance Act 1995.\n\n  \n\nPart 5—Retirement Savings Accounts Act 1997\n\n76 Subparagraph 3(1)(a)(iv)\n\nRepeal the subparagraph, substitute:\n\n    (iv) section 183; and\n\n77 Paragraph 3(2)(d)\n\nOmit “, 184, 193 and 194”, substitute “and 184”.\n\n78 Section 16 (definition of lodge)\n\nRepeal the definition.\n\n79 Section 16 (paragraph (o) of the definition of reviewable decision)\n\nOmit “182; or”, substitute “182.”.\n\n80 Section 16 (paragraph (p) of the definition of reviewable decision)\n\nRepeal the paragraph.\n\n81 Section 37\n\nOmit “and to require RSA providers to provide an annual return to APRA”.\n\n82 Paragraphs 44(1)(a) and (b)\n\nRepeal the paragraphs.\n\nNote: The heading to section 44 is replaced by the heading “RSA provider to give copy of audit report to APRA”.\n\n83 At the end of subsection 44(1)\n\nAdd:\n\n> Note: The Financial Sector (Collection of Data) Act 2001 makes provision for annual returns and other financial documents to be given by RSA providers to APRA.\n\n84 Subsections 44(3) and (4)\n\nRepeal the subsections, substitute:\n\n  Endorsement of report on return\n  (4) If the return given under the Financial Sector (Collection of Data) Act 2001 is not given on a data processing device, or by way of electronic transmission, the report referred to in subsection (1) may be endorsed on the return.\n\n85 Subsection 64(2)\n\nOmit “returns in accordance with section 44”, substitute “reporting documents referred to in section 13 of the Financial Sector (Collection of Data) Act 2001”.\n\n86 Subsections 65(1) and (3)\n\nAfter “regulations”, insert “and the Financial Sector (Collection of Data) Act 2001”.\n\n87 Paragraph 66(1)(a)\n\nAfter “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n88 Subparagraphs 67(1)(a)(iii) and 68(1)(a)(iii)\n\nAfter “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n89 Subsection 95(1)\n\nAfter “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n90 Subsection 144(2)\n\nRepeal the subsection, substitute:\n\n  Financial returns\n  (2) The form of a financial return a copy of which is required to be given by an RSA provider to APRA under section 13 of the Financial Sector (Collection of Data) Act 2001 may require the return to contain the provider’s tax file number.\n\n91 Subparagraph 161(1)(a)(ii)\n\nAfter “Act”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n93 Sections 193 and 194\n\nRepeal the sections.\n\n94 Application\n\nThe amendments made by this Part apply only on and after the day on which the reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 begin to apply under section 15 of that Act to financial sector entities (within the meaning of that Act) that are RSA providers (within the meaning of the Retirement Savings Accounts Act 1997).\n\n  \n\nPart 6—Superannuation Industry (Supervision) Act 1993\n\n97 Paragraphs 36(1)(a) and (b)\n\nRepeal the paragraphs.\n\nNote: The heading to section 36 is replaced by the heading “Trustee to give copy of audit report to APRA”.\n\n98 After subsection 36(1)\n\nInsert:\n\n> Note: The Financial Sector (Collection of Data) Act 2001 makes provision for annual returns and other financial documents to be given by trustees to APRA.\n\n99 Subsections 36(3) and (4)\n\nRepeal the subsections, substitute:\n\n  Endorsement of report on return\n  (4) If the return given under the Financial Sector (Collection of Data) Act 2001 is not given on a data processing device, or by way of electronic transmission, the report referred to in subsection (1) may be endorsed on the return.\n\n100 Subsection 36(5)\n\nOmit “under this section”, substitute “under the Financial Sector (Collection of Data) Act 2001”.\n\n130A After paragraph 111(1)(a)\n\nInsert:\n\n    (aa) if the entity is not a self managed superannuation fund—so keep its accounts as to enable the preparation of reporting documents referred to in section 13 of the Financial Sector (Collection of Data) Act 2001; and\n\n131 At the beginning of paragraph 111(1)(b)\n\nInsert “if the entity is a self managed superannuation fund—”.\n\n131A Subparagraph 111(1)(b)(ii)\n\nOmit “36”, substitute “36A”.\n\n132 Subsection 112(1)\n\nAfter “superannuation entity”, insert “that is a self managed superannuation fund”.\n\n132A Before paragraph 113(3)(a)\n\nInsert:\n\n    (aa) must, if it is approved for a superannuation entity that is not a self managed superannuation fund, either:\n    (i) relate solely to the audit of financial statements given to APRA under the Financial Sector (Collection of Data) Act 2001 and prepared in respect of a year of income; or\n    (ii) relate not only to the audit of those statements, but also to the audit of such other accounts and statements, prepared in respect of a year of income, as are identified in the form; and\n\n133 Paragraph 113(3)(a)\n\nAfter “must”, insert “, if it is approved for a superannuation entity that is a self managed superannuation fund—”.\n\n134 Paragraph 113(3)(b)\n\nAfter “regulations”, insert “and the Financial Sector (Collection of Data) Act 2001”.\n\n135 Paragraphs 120A(1)(a) and (2)(a)\n\nAfter “Act”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n136 Paragraphs 129(1)(a) and (b)\n\nAfter “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n137 Paragraph 130(1)(b)\n\nAfter “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n138 Subparagraph 131(1)(a)(iii)\n\nAfter “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n139 Subparagraph 131A(1)(a)(iii)\n\nAfter “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n141 Paragraph 252G(1)(b)\n\nAfter “Act”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n142 Subsection 252G(1) (note)\n\nOmit “section 36”, substitute “the Financial Sector (Collection of Data) Act 2001”.\n\n142A Subsection 252G(2) (note)\n\nOmit “section 36”, substitute “the Financial Sector (Collection of Data) Act 2001”.\n\n143 Paragraph 263(1)(a)\n\nAfter “regulations”, insert “or the Financial Sector (Collection of Data) Act 2001”.\n\n144 Subsection 299U(2)\n\nRepeal the subsection, substitute:\n\n  Financial return\n  (2) The form of a financial return a copy of which is required to be given by a superannuation entity to APRA under section 13 of the Financial Sector (Collection of Data) Act 2001 may require the return to contain the entity’s tax file number.\n\n145 Subparagraph 313(1)(a)(ii)\n\nAfter “Act”, insert “or under the Financial Sector (Collection of Data) Act 2001 in connection with a superannuation entity”.\n\n146 At the end of section 347A\n\nAdd:\n\n  (13) In this section:\n\n> Regulator means the Commissioner of Taxation.\n\n146A At the end of section 348\n\nAdd:\n\n  (4) In this section:\n\n> Regulator means the Commissioner of Taxation.\n\n147 Application\n\nThe amendments made by this Part apply only on and after the day on which the reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 begin to apply under section 15 of that Act to financial sector entities (within the meaning of that Act) that are trustees of superannuation entities (within the meaning of the Superannuation Industry (Supervision) Act 1993).\n\n  \n\nPart 7—Other Acts\n\nBroadcasting Services Act 1992\n\n148 Subclause 4(4) of Schedule 1 (subparagraph (c)(i) of the definition of authorised lender)\n\nRepeal the subparagraph, substitute:\n\n    (i) that is a registered entity under the Financial Sector (Collection of Data) Act 2001; or\n\nCheques Act 1986\n\n149 Subsection 3(1) (definition of FCA institution)\n\nOmit “registered corporation under the Financial Corporations Act 1974”, substitute “registered entity under the Financial Sector (Collection of Data) Act 2001”.\n\nFinancial Corporations (Transfer of Assets and Liabilities) Act 1993\n\n150 Section 3 (paragraph (b) of the definition of eligible subsidiary)\n\nRepeal the paragraph, substitute:\n\n    (b) is a financial corporation that is a registered entity under the Financial Sector (Collection of Data) Act 2001; and\n\n151 Paragraph 4(b)\n\nRepeal the paragraph, substitute:\n\n    (b) is, under the Financial Sector (Collection of Data) Act 2001, a registered entity included in the category for money market corporations.\n\nFinancial Institutions Supervisory Levies Collection Act 1998\n\n152 Paragraph 9(2)(a)\n\n153 Transitional\n\nThe amendment made by item 152 applies to the payment of levy (within the meaning of the Financial Institutions Supervisory Levies Collection Act 1998) for the financial year beginning on 1 July 2002 and for all subsequent financial years.\n\nIncome Tax Assessment Act 1936\n\n154 Subparagraph 128AE(2)(e)(i)\n\nRepeal the subparagraph, substitute:\n\n    (i) that is, under the Financial Sector (Collection of Data) Act 2001, a registered entity included in the category for money market corporations; or\n\n155 Section 159GZA (definition of financial institution)\n\nRepeal the definition, substitute:\n\n> financial institution has the meaning given by section 159GZAA.\n\n156 After section 159GZA\n\nInsert:","sortOrder":3},{"sectionNumber":"159GZAA","sectionType":"section","heading":"Financial institution","content":"#### 159GZAA Financial institution\n\n  (1) In this Division, unless the contrary intention applies:\n\n> financial institution means:\n\n    (a) a body corporate that is an ADI (authorised deposit‑taking institution) for the purposes of the Banking Act 1959; or\n    (b) a corporation to which subsection (2) applies.\n  (2) This subsection applies to a corporation that is a registrable corporation for the purposes of the Financial Sector (Collection of Data) Act 2001 because of paragraph 6(1)(a) or (b) of that Act or would be such a registrable corporation because of that paragraph if paragraphs 6(2)(h), (i) and (j) of that Act were omitted and the following paragraph substituted:\n    (h) the sole or principal purpose for which the corporation borrows money is to lend money to an associate, within the meaning of Division 16F of Part III of the Income Tax Assessment Act 1936, of the corporation or of a foreign controller, within the meaning of that Division, of the corporation.\n\n157 Section 317 (paragraph (c) of the definition of AFI or Australian Financial Institution)\n\nRepeal the paragraph, substitute:\n\n    (c) a registered entity under the Financial Sector (Collection of Data) Act 2001;\n\nInsurance Acquisitions and Takeovers Act 1991\n\n158 Section 4 (definition of value)\n\nRepeal the definition, substitute:\n\n> value of an asset of a company at a particular time means the amount that, if:\n\n    (a) an accounting period of the company had ended at that time; and\n    (b) the company had, under the Financial Sector (Collection of Data) Act 2001, given to APRA copies of financial statements for, or as at the end of, that accounting period; and\n    (c) the financial statements had been prepared in accordance with applicable accounting principles;\n  would have been shown in those statements as the value of the asset at that time.\n\n159 Sections 77, 78 and 79\n\nRepeal the sections, substitute:","sortOrder":4},{"sectionNumber":"77","sectionType":"section","heading":"Company’s financial statements to be prima facie evidence of value of its assets","content":"#### 77 Company’s financial statements to be prima facie evidence of value of its assets\n\n  (1) This section applies if:\n    (a) a company authorised under the Insurance Act 1973 to carry on insurance business, or a company registered under the Life Insurance Act 1995, had, under the Financial Sector (Collection of Data) Act 2001, given to APRA copies of financial statements for, or as at the end of, a particular accounting period; and\n    (b) an amount is shown in those statements as the value of an asset of the company as at the end of the accounting period.\n  (2) For the purposes of this Act, the financial statements are prima facie evidence of the value of the asset as at the end of the accounting period.\n  (3) APRA may certify that a document is a copy of the financial statements.\n  (4) This section applies to the certified copy as if it were the original.","sortOrder":5},{"sectionNumber":"78","sectionType":"section","heading":"Company’s financial statements to be prima facie evidence of total net liabilities in respect of its contracts of life insurance","content":"#### 78 Company’s financial statements to be prima facie evidence of total net liabilities in respect of its contracts of life insurance\n\n  (1) This section applies if:\n    (a) a company registered under the Life Insurance Act 1995 had, under the Financial Sector (Collection of Data) Act 2001, given to APRA copies of financial statements for, or as at the end of, a particular accounting period; and\n    (b) an amount is shown in those statements as the total net liabilities in respect of all of the company’s contracts of life insurance as at the end of the accounting period.\n  (2) For the purposes of this Act, the financial statements are prima facie evidence of the total net liabilities in respect of all of the company’s contracts of life insurance as at the end of the accounting period.\n  (3) APRA may certify that a document is a copy of the financial statements.\n  (4) This section applies to the certified copy as if it were the original.","sortOrder":6},{"sectionNumber":"79","sectionType":"section","heading":"Company’s financial statements to be prima facie evidence of its unearned premiums provision and its outstanding claims provision","content":"#### 79 Company’s financial statements to be prima facie evidence of its unearned premiums provision and its outstanding claims provision\n\n  (1) This section applies if:\n    (a) a company authorised under the Insurance Act 1973 to carry on insurance business had, under the Financial Sector (Collection of Data) Act 2001, given to APRA copies of financial statements for, or as at the end of, a particular accounting period; and\n    (b) either:\n    (i) an amount is shown in those statements as the company’s unearned premiums provision as at the end of the accounting period; or\n    (ii) an amount is shown in those statements as the company’s outstanding claims provision as at the end of the accounting period.\n  (2) For the purposes of this Act, the financial statements are prima facie evidence of:\n    (a) if subparagraph (1)(b)(i) applies—the company’s unearned premiums provision as at the end of the accounting period; or\n    (b) if subparagraph (1)(b)(ii) applies—the company’s outstanding claims provision as at the end of the accounting period.\n  (3) APRA may certify that a document is a copy of the financial statements.\n  (4) This section applies to the certified copy as if it were the original.\n\n160 Application\n\nThe amendments made by items 158 and 159 apply to financial sector entities (within the meaning of the Financial Sector (Collection of Data) Act 2001) that are companies authorised under the Insurance Act 1973 to carry on insurance business, or companies registered under the Life Insurance Act 1995, only on and after the day on which the reporting standards determined under section 13 of the Financial Sector (Collection of Data) Act 2001 begin to apply under section 15 of that Act to the financial sector entities concerned.\n\nNational Crime Authority Act 1984\n\n161 Schedule 1\n\nOmit “Financial Corporations Act 1974, section 27”.\n\nReserve Bank Act 1959\n\n162 Subsection 79A(1) (definition of protected document)\n\nOmit “, the repealed Banks (Shareholdings) Act 1972 or the Financial Corporations Act 1974”, substitute “or the repealed Banks (Shareholdings) Act 1972”.\n\n163 Subsection 79A(1) (definition of protected information)\n\nOmit “, the repealed Banks (Shareholdings) Act 1972 or the Financial Corporations Act 1974”, substitute “or the repealed Banks (Shareholdings) Act 1972”.\n\n164 Subsection 79A(2)\n\nOmit “, the repealed Banks (Shareholdings) Act 1972 or the Financial Corporations Act 1974”, substitute “or the repealed Banks (Shareholdings) Act 1972”.\n\n165 Subsection 79A(8)\n\nOmit “, the repealed Banks (Shareholdings) Act 1972 or the Financial Corporations Act 1974”, substitute “or the repealed Banks (Shareholdings) Act 1972”.\n\nTaxation Administration Act 1953\n\n166 Section 13L (paragraph (c) of the definition of financial institution)\n\nRepeal the paragraph, substitute:\n\n    (c) a registered entity under the Financial Sector (Collection of Data) Act 2001.\n\nTelecommunications (Consumer Protection and Service Standards) Act 1999\n\n167 Paragraph 90(3)(d)\n\nOmit “registered corporation within the meaning of the Financial Corporations Act 1974”, substitute “registered entity under the Financial Sector (Collection of Data) Act 2001”.\n\n  \n\nSchedule 3—Transitional provisions\n\n1 Treatment of certain exemptions and determinations in connection with obligations of corporations to register\n\nAn exemption or determination by the Reserve Bank that was in force immediately before the commencement of this Schedule under paragraph 8(2)(l) of the Financial Corporations Act 1974 continues to have effect as if it were an exemption or determination by APRA under paragraph 7(2)(j) of the Financial Sector (Collection of Data) Act 2001.\n\n2 Former Register of Corporations\n\nOn the commencement of this Schedule, the Register of Corporations that, immediately before that commencement, was kept by the Reserve Bank under subsection 9(9) of the Financial Corporations Act 1974 continues in existence as the Register of Entities kept by APRA under section 8 of the Financial Sector (Collection of Data) Act 2001.\n\n3 Former list of registered corporations and categories\n\n(1) On the commencement of this Schedule:\n\n    (a) the list (the former list) of registered corporations, divided into categories, that, immediately before that commencement, was prepared by the Reserve Bank under section 10 of the Financial Corporations Act 1974 continues in existence as a list (the new list) of the names of registered entities, divided into categories, kept by APRA under subsection 11(1) of the Financial Sector (Collection of Data) Act 2001; and\n    (b) a reference in any instrument having effect under an Act to a corporation included in a particular category in the former list is taken to be a reference to that corporation in its capacity as a registered entity included in the corresponding category in the new list.\n\n(2) An obligation on the Reserve Bank to publish notice, or to notify a person, of a matter under section 10 of the Financial Corporations Act 1974, being an obligation that is undischarged as at the commencement of this Schedule, becomes, on that commencement, an obligation that APRA is to discharge in respect of the corresponding matter under section 11 of the Financial Sector (Collection of Data) Act 2001.\n\n(3) A determination by the Reserve Bank that was in force under a provision of section 10 of the Financial Corporations Act 1974 immediately before the commencement of this Schedule continues to have effect, after that commencement, as if it were a determination by APRA under the corresponding provision of section 11 of the Financial Sector (Collection of Data) Act 2001.\n\n(4) A request to the Reserve Bank under subsection 10(7) of the Financial Corporations Act 1974 that has not been dealt with by the commencement of this Schedule is, after that commencement, to be dealt with by APRA as if it were a request under subsection 11(7) of the Financial Sector (Collection of Data) Act 2001.\n\n4 Definitions\n\nIn this Schedule:\n\nAPRA means the Australian Prudential Regulation Authority.\n\nReserve Bank means the Reserve Bank of Australia.","sortOrder":7}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The legislation remains strictly limited to its original purpose: consequential and transitional provisions necessary to implement the Financial Sector (Collection of Data) Act 2001. It does not expand beyond technical amendments required to harmonise existing statutes with the new data collection framework."},"complexity_factors":["Amends 7 principal Acts extensively (Banking Act 1959, Insurance Act 1973, Life Insurance Act 1995, Retirement Savings Accounts Act 1997, Superannuation Industry (Supervision) Act 1993, plus 9 other Acts)","Contains 167 individual amendment items with precise textual substitutions, insertions, and repeals","Extensive cross-referencing to the Financial Sector (Collection of Data) Act 2001 (referenced over 70 times)","Multiple application provisions deferring commencement of amendments until reporting standards take effect under the primary Act","Transitional provisions preserving existing registrations, exemptions, and determinations under superseded legislation","Technical amendments to definitions that cascade through multiple statutory regimes (taxation, broadcasting, telecommunications, crime authority legislation)"],"plain_english_summary":"This Act is a 'clean-up' law that makes consequential amendments to multiple existing Acts to support the new **Financial Sector (Collection of Data) Act 2001**.\n\n**What it does:**\n- **Repeals old reporting requirements** scattered across the Banking Act 1959, Insurance Act 1973, Life Insurance Act 1995, Retirement Savings Accounts Act 1997, and Superannuation Industry (Supervision) Act 1993. These old laws required banks, insurers, superannuation funds and other financial entities to submit financial returns and accounts directly to APRA (the Australian Prudential Regulation Authority).\n- **Replaces them with references** to the new Financial Sector (Collection of Data) Act 2001, which creates a single, unified system for APRA to collect financial data from regulated entities.\n- **Updates definitions** in over a dozen other Acts (including tax laws, broadcasting laws, and telecommunications laws) to replace references to the old 'Financial Corporations Act 1974' with references to the new registration system under the 2001 Act.\n- **Provides transitional arrangements** so that existing registrations, exemptions, and lists maintained by the Reserve Bank under the old law continue seamlessly under APRA's authority under the new law.\n\n**Who it affects:**\n- Banks, insurance companies, superannuation funds, retirement savings account providers, and other financial corporations regulated by APRA.\n- These entities no longer need to comply with multiple different reporting obligations in different Acts; instead, they report under one consolidated regime.\n\n**Why it matters:**\nThis Act prevents legal confusion and duplication. Without it, financial entities would face overlapping or conflicting reporting duties. It ensures a smooth transition from the old Financial Corporations Act 1974 framework to the modernised data collection system, maintaining continuity of regulation while simplifying compliance."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"issue_detection":{"absurdities":[],"contradictions":[]},"summary":{"complexity_score":8,"scope_assessment":{"changed":false,"description":"The Act does exactly what its title says — it makes consequential amendments to related legislation and provides transitional provisions to support the introduction of the Financial Sector (Collection of Data) Act 2001. There is no evidence of scope creep. All amendments and transitional provisions are directly connected to integrating the new data collection regime into the broader body of financial sector law."},"complexity_factors":["Amends approximately 15 separate Acts simultaneously, requiring cross-referencing across a wide body of legislation","Highly technical legislative drafting style — most provisions are micro-amendments (inserting or omitting specific words in existing sections) requiring readers to locate and read the original provisions for context","Staggered commencement provisions — different parts of the Act commence at different times, tied to external events (when APRA sets reporting standards for each sector)","Complex transitional provisions that map old legal concepts (Reserve Bank registrations, Financial Corporations Act 1974 exemptions) onto new equivalents under the new regime","Spans multiple regulatory domains — banking, insurance, superannuation, life insurance, retirement savings — each with its own regulatory framework and terminology","References to a companion Act (Financial Sector (Collection of Data) Act 2001) that must be read alongside this Act to understand the full effect","Distinguishes between self-managed superannuation funds and other superannuation entities, with different rules applying to each","Confidentiality determination mechanism (section 57) involves procedural requirements and interaction with the Acts Interpretation Act 1901"],"plain_english_summary":"This housekeeping Act updates older laws so financial institutions regulated by APRA (banks, insurers, life companies, super funds, retirement savings providers and related corporations) report through the new central APRA data-collection system instead of legacy regimes. It transfers the old Reserve Bank register to APRA, preserves existing registrations and exemptions, allows APRA to rule on confidentiality with procedural fairness, and staggers commencement by sector as APRA issues standards — preventing legal gaps as the new system rolls out."},"flash_summary":{"complexity_score":8,"scope_assessment":{"changed":true,"description":"The Act changes the scope of reporting and accountability by centralising data collection and related obligations under the Financial Sector (Collection of Data) Act 2001 and APRA (replacing prior provisions in numerous Acts). Many amendments only take effect once APRA’s reporting standards under section 13 begin to apply (see Parts 2, 5, 6 application items and Schedule 3), so entity coverage and timing are altered compared with the pre‑existing regime."},"complexity_factors":["Wide‑ranging cross‑legislative amendments and repeals across many statutes (Banking, Insurance, Life Insurance, Superannuation, Taxation, Reserve Bank, etc.) increasing interdependence (Parts 2–7).","Conditional application of most amendments tied to commencement of reporting standards under section 13 and section 15 of the Financial Sector (Collection of Data) Act 2001 (multiple 'Application' items).","Substantial substitution of defined terms (e.g. replacing 'registered corporation' with 'registered entity' and inserting 'reporting document' definitions), affecting interpretation across Acts (many items).","Numerous repeals and relocations of duties (audit, returns, account‑keeping) to the new Act, creating transitional risks for legacy obligations (Schedules, Schedule 3 transitional items).","APRA’s new administrative discretion to determine confidentiality is procedurally constrained but its determinations are disallowable instruments (s 57), adding administrative‑law complexity.","Transitional provisions preserving existing registers, exemptions and determinations but transferring responsibility from Reserve Bank to APRA (Schedule 3 items 1–4).","Multiple points where statutory references are altered only 'on and after' the standards commence, producing dual regimes during transition and added compliance uncertainty."],"plain_english_summary":"This Act moves numerous existing reporting and account‑giving duties from older sector Acts into the Financial Sector (Collection of Data) Act 2001 and updates related definitions. It requires affected bodies (ADIs, insurers, life companies, trustees, RSA providers and similar “registered entities”) to lodge reporting documents with APRA under the new regime once APRA’s reporting standards (s 13) take effect (s 15). APRA gains a formal power to determine confidentiality of documents given to it (s 57). Compliance costs shift to conforming with the single APRA reporting framework."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001","history":"/api/acts/financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001/history","analysis":"/api/acts/financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001/important-cases","documents":"/api/acts/financial-sector-collection-of-data-consequential-and-transitional-provisions-act-2001/documents"}}