{"id":"F2018L00736","name":"Financial Sector (Collection of Data) Regulations 2018","slug":"financial-sector-collection-of-data-regulations-2018","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439639,"registerId":"F2018L00736-fast-fetch-1775955589549","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Financial Sector (Collection of Data) Regulations 2018","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![Commonwealth Coat of Arms of Australia](image.001.jpeg)\n\n \n\nFinancial Sector (Collection of Data) Regulations 2018\n\nI, General the Honourable Sir Peter Cosgrove AK MC (Ret’d), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.\n\nDated 07 June 2018\n\nPeter Cosgrove\n\nGovernor‑General\n\nBy His Excellency’s Command\n\nKelly O’Dwyer\n\nMinister for Revenue and Financial Services\n\n \n\n \n\n \n\n \n\nContents\n\n1 Name\n\n2 Commencement\n\n3 Authority\n\n4 Schedules\n\n5 Definitions\n\n6 Discretionary mutual funds\n\n7 Financial sector agencies\n\nSchedule 1—Repeals\n\nFinancial Sector (Collection of Data) Regulations 2008\n\n \n\n1  Name\n\n  This instrument is the Financial Sector (Collection of Data) Regulations 2018.\n\n2  Commencement\n\n (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n \n\n- Commencement information\n- Column 1 Column 2 Column 3\n- Provisions Commencement Date/Details\n- 1. The whole of this instrument 1 October 2018. 1 October 2018\n\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.\n\n (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.\n\n3  Authority\n\n  This instrument is made under the Financial Sector (Collection of Data) Act 2001.\n\n4  Schedules\n\n  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.\n\n5  Definitions\n\n  In this instrument:\n\nAct means the Financial Sector (Collection of Data) Act 2001.\n\n6  Discretionary mutual funds\n\n (1) For the purposes of paragraph 5(5)(b) of the Act, a fund meeting the following criteria is declared to be a discretionary mutual fund:\n\n (a) 2 or more persons have contributed to the fund;\n\n (b) payments have been or may be made out of the fund in respect of liabilities, losses, damages or expenses of the contributors;\n\n (c) the fund is governed by rules under which any such payments for the benefit of the contributors are subject to a discretion of a person or body other than the contributors.\n\n (2) For the purposes of paragraph 5(5)(b) of the Act, a fund meeting the following criteria is declared to be a discretionary mutual fund:\n\n (a) only one person contributes or has contributed to the fund;\n\n (b) payments have been or may be made out of the fund in respect of liabilities, losses, damages or expenses of the contributor or another person (the covered person);\n\n (c) the fund is governed by rules under which any such payments for the benefit of the contributor or the covered person are subject to a discretion of a person or body other than the contributor or the covered person.\n\n7  Financial sector agencies\n\n  For the purposes of paragraph (c) of the definition of financial sector agency in section 31 of the Act, the following authorities are prescribed:\n\n (a) the Australian Bureau of Statistics;\n\n (b) the Department administered by the Minister administering the Agricultural and Veterinary Chemicals Act 1994;\n\n (c) the Department administered by the Minister administering the Private Health Insurance Act 2007.\n\nSchedule 1—Repeals\n\n \n\nFinancial Sector (Collection of Data) Regulations 2008\n\n1  The whole of the instrument\n\nRepeal the instrument.\n\n \n","sortOrder":0}],"analysis":{"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"},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":true,"description":"Yes. The instrument repeals the Financial Sector (Collection of Data) Regulations 2008 (Schedule 1) and sets new, specific definitions for discretionary mutual funds (s6) and prescribes particular agencies as financial sector agencies (s7), thereby updating which funds and agencies are captured under the Act's data-collection provisions."},"complexity_factors":["Cross-reference to the parent Act and a specific paragraph (declared for the purposes of paragraph 5(5)(b) of the Act) (s6)","Two alternative, multi-part tests for what counts as a discretionary mutual fund (s6(1) and s6(2))","Prescribing authorities as financial sector agencies ties into the Act's definition (s7; relates to section 31 of the Act)","Repeal of the entire 2008 instrument (Schedule 1) replaces prior regulatory text","Clear commencement date provided (1 October 2018) (s2)","Some terms (for example, \"discretion\" and \"governed by rules\") are open to interpretation when applied in practice (s6)"],"plain_english_summary":"This regulation updates how the Financial Sector (Collection of Data) Act 2001 operates. It declares which pooled arrangements count as \"discretionary mutual funds\", prescribes three government bodies as \"financial sector agencies\", and repeals the 2008 regulations. The changes affect fund operators, contributors and the named departments because those definitions determine who must supply data under the Act and which agencies may receive it."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The legislation maintains its original narrow purpose: supporting the parent Act by defining specific technical terms (discretionary mutual funds) and prescribing specific agencies. The 2018 version appears to be a straightforward re-enactment/update of the 2008 regulations with no significant expansion of scope."},"complexity_factors":["Very short instrument (only 7 substantive sections plus a repeal schedule)","Minimal defined terms (only 'Act' is defined)","No cross-references to other legislation beyond the parent Act and two named Acts for departmental identification","Simple conditional structure: two alternative tests for discretionary mutual funds with clear criteria (a), (b), (c)","Straightforward list of three agencies with no sub-conditions or exceptions","No nested exceptions, deeming provisions, or complex temporal provisions"],"plain_english_summary":"These regulations (under the Financial Sector (Collection of Data) Act 2001) define “discretionary mutual funds” — pooled arrangements where a manager can choose whether to pay claims — and distinguish multi‑ and single‑contributor forms, giving them special treatment under the Act. They also add three government bodies (ABS and two policy departments) as authorised recipients of collected financial data, and repeal the 2008 regulations, effective 1 October 2018."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-regulations-2018","history":"/api/acts/financial-sector-collection-of-data-regulations-2018/history","analysis":"/api/acts/financial-sector-collection-of-data-regulations-2018/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-regulations-2018/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-regulations-2018/important-cases","documents":"/api/acts/financial-sector-collection-of-data-regulations-2018/documents"}}