{"id":"F2021L00323","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 11 of 2021","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-11-of-2021","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":101529,"registerId":"commonwealth-F2021L00323-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Financial Sector (Collection of Data) (reporting standard) determination No. 11 of 2021","content":"![](image.001.png)\n\nFinancial Sector (Collection of Data) (reporting standard) determination No. 11 of 2021\n\nReporting Standard RRS 332.0 Statement of Economic Activity\n\nFinancial Sector (Collection of Data) Act 2001\n\nI, Alison Bliss, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901 REVOKE Financial Sector (Collection of Data) (reporting standard) determination No. 30 of 2016, including Reporting Standard RRS 332.0 Statement of Economic Activity made under that Determination.\n\nUnder section 15 of the Act, I DECLARE that the revoked reporting standard shall cease to apply on 31 March 2021.\n\nThis instrument commences on 31 March 2021.\n\nDated: 22 March 2021\n\n\\[Signed\\]\n\nAlison Bliss\n\nGeneral Manager\n\nData Analytics and Insights Division\n\nInterpretation\n\nIn this Determination:\n\nAPRA means the Australian Prudential Regulation Authority.","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":true,"description":"This Determination removes Reporting Standard RRS 332.0 (Statement of Economic Activity) from operation by revoking the earlier Determination No. 30 of 2016 and declaring the revoked standard ceases to apply on 31 March 2021. Concretely, it narrows (removes) the set of reporting standards APRA collects under that specific instrument as of the stated date; the instrument does not itself introduce replacement reporting obligations or transitional provisions."},"complexity_factors":["Instrument is short and performs a single, discrete legal action: revocation of a prior determination.","Relies on a small number of statutory references (para 13(1)(a) of the Financial Sector (Collection of Data) Act 2001; s15 of that Act; s33(3) of the Acts Interpretation Act 1901).","Immediate commencement/cessation date requires prompt operational updates by affected parties.","Potential uncertainty about whether the revoked data collection will be replaced (the instrument is silent on transitional arrangements), which raises practical but not legal complexity within the instrument itself.","Administrative follow-through (stopping or redirecting reporting processes) may involve IT and compliance teams but is not governed by the text."],"plain_english_summary":"What this instrument does (mechanically)\n\n- This Determination revokes a prior reporting determination (Financial Sector (Collection of Data) (reporting standard) determination No. 30 of 2016) and specifically withdraws Reporting Standard RRS 332.0 titled \"Statement of Economic Activity.\" The revoked reporting standard is declared to cease to apply on 31 March 2021, and the instrument itself commences on 31 March 2021 (see declaration and commencement lines).\n\nWho made the change and under what power\n\n- The action is taken by an APRA delegate, Alison Bliss, using powers under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 and subsection 33(3) of the Acts Interpretation Act 1901 (as stated on the instrument). The declaration that the revoked standard ceases to apply is made under section 15 of the Financial Sector (Collection of Data) Act 2001 (as stated).\n\nWho is affected\n\n- Organisations and persons who were previously required to comply with Reporting Standard RRS 332.0 (the entities that reported under that standard) are affected. Practically, those entities will no longer be required to prepare or submit the data governed by RRS 332.0 after 31 March 2021.\n\nWhy it matters (practical consequences, incentives and trade-offs)\n\n- Removes an existing reporting obligation: affected reporters stop preparing and submitting whatever data RRS 332.0 required, which reduces their compliance time and costs tied to that specific standard (mechanical effect of the revocation).\n\n- Reduces APRA's data collection under that specific legal instrument: APRA will cease to receive the data covered by RRS 332.0 unless it uses other reporting standards or instruments to collect comparable information. The instrument does not say whether such substitution will occur (the text only revokes the named standard and sets the cessation date).\n\n- Administrative and transitional effects: because the instrument takes effect on 31 March 2021 (commencement same as cessation date), entities and APRA may need to update reporting processes, IT feeds, and compliance calendars immediately. That creates a short window for operational changes.\n\n- Decision-making and discretion: the revocation is an exercise of delegated regulatory power by an APRA official under specified statutory paragraphs (paragraph 13(1)(a) of the Act; subsection 33(3) of the Acts Interpretation Act 1901). The instrument itself does not set out any transitional arrangements, replacement standards, or new reporting requirements.\n\nConcrete who-pays and behaviour-change statement\n\n- Who pays: entities that were preparing and submitting RRS 332.0 reports will no longer incur the preparation and submission costs for that standard after 31 March 2021. APRA will no longer receive those submissions under RRS 332.0, which reduces APRA's incoming data under that instrument.\n\n- What changes for behaviour: affected entities will cease the reporting activity tied to RRS 332.0 from 31 March 2021. APRA (and its delegate) retains the discretion to issue other reporting instruments, but this Determination only removes RRS 332.0 (it does not itself create replacement reporting requirements).\n\nNotes on implementation risk and opportunity costs\n\n- Implementation risk: immediate effect on a set date can create short-term operational disruption if systems and notices are not updated promptly.\n\n- Opportunity cost for APRA: if APRA needs the same data for supervision, it will have to secure it by other means (new reporting standards, data requests, or other collection powers) — the Determination does not describe such follow-up measures.\n\nRelevant textual anchors (from the instrument)\n\n- Revocation of Determination No. 30 of 2016 including RRS 332.0 (first paragraph).  \n- Declaration that the revoked reporting standard shall cease to apply on 31 March 2021 (\"Under section 15 of the Act, I DECLARE...\").  \n- Commencement date: \"This instrument commences on 31 March 2021.\"  \n- Signature and delegation: Alison Bliss, delegate of APRA, citing paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 and subsection 33(3) of the Acts Interpretation Act 1901."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument performs exactly the function intended by the enabling legislation — it revokes a specific reporting standard and sets its cessation date. There is no scope creep; the instrument is narrower than the general powers conferred by the Act, focusing solely on the revocation of Determination No. 30 of 2016 and its associated reporting standard."},"complexity_factors":["Very short instrument (approximately 200 words)","Only one defined term ('APRA') in the interpretation section","No cross-references to other legislation beyond basic enabling provisions (Financial Sector (Collection of Data) Act 2001 and Acts Interpretation Act 1901)","Simple linear structure: revocation declaration, cessation date, commencement date","No conditional logic, exceptions, or operative provisions beyond the straightforward revocation","Single operative action (revocation) with clear temporal boundaries"],"plain_english_summary":"**What this legislation does:**\n\nThis is a technical instrument made by APRA (the Australian Prudential Regulation Authority — the government body that supervises banks, insurers, and superannuation funds) that **revokes and replaces** an old reporting requirement for financial institutions.\n\nSpecifically:\n- It **cancels** Determination No. 30 of 2016 and its associated \"Reporting Standard RRS 332.0 Statement of Economic Activity\"\n- It **sets a cut-off date** of 31 March 2021 — after this date, financial institutions no longer have to follow the old reporting standard\n- It **commences immediately** on that same date (31 March 2021)\n\n**Who it affects:**\n\n- **Financial institutions** regulated by APRA (banks, credit unions, insurers, superannuation funds) that previously had to submit \"Statement of Economic Activity\" reports under the old standard\n- These entities no longer need to comply with the revoked standard from 31 March 2021 onwards\n\n**Why it matters:**\n\nThis is part of APRA's ongoing work to streamline or update its data collection requirements. Rather than amending the old standard, APRA has chosen to revoke it entirely — likely because the data collection requirement is no longer needed, has been replaced by a different reporting framework, or is being consolidated into other reporting standards. For affected institutions, this means one less reporting obligation to manage.\n\n**Key point:** This is a **revocation instrument** — it removes a regulatory requirement rather than creating a new one."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-11-of-2021","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-11-of-2021/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-11-of-2021/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-11-of-2021/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-11-of-2021/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-11-of-2021/documents"}}