{"id":"F2015L00810","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 4 of 2015 - SRS 160.1 - Defined Benefit Member Flows","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-4-of-2015-srs-160-1-defined-","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":128603,"registerId":"commonwealth-F2015L00810-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Authority","sectionType":"division","heading":"Authority","content":"### Authority\n\n1.  This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.","sortOrder":0},{"sectionNumber":"Purpose","sectionType":"division","heading":"Purpose","content":"### Purpose\n\n2. Information collected in Form SRF 160.1 Defined Benefit Member Flows (SRF 160.1) is used by APRA for the purposes of prudential supervision and publication, including assessing compliance with Prudential Standard SPS 160 Defined Benefit Matters (SPS 160)","sortOrder":1},{"sectionNumber":"Application and commencement","sectionType":"division","heading":"Application and commencement","content":"### Application and commencement\n\n3. This Reporting Standard applies to each registrable superannuation entity (RSE) licensee (RSE licensee) in respect of each defined benefit RSE and each sub-fund within its business operations.[\\[1\\]](#_ftn1)\n\n4. This Reporting Standard applies for reporting periods ending on or after 1 July 2015.","sortOrder":2},{"sectionNumber":"Information required","sectionType":"division","heading":"Information required","content":"### Information required\n\n5. An RSE licensee to which this Reporting Standard applies must provide APRA with the information required by SRF 160.1 in respect of each reporting period.","sortOrder":3},{"sectionNumber":"Forms and method of submission","sectionType":"division","heading":"Forms and method of submission","content":"### Forms and method of submission\n\n6. The information required by this Reporting Standard must be given to APRA in electronic format using the ‘Direct to APRA’ application or, where ‘Direct to APRA’ is not available, by a method notified by APRA, in writing, prior to submission.\n\nNote: the ‘Direct to APRA’ application software (also known as ‘D2A’) may be obtained from APRA.","sortOrder":4},{"sectionNumber":"Reporting periods and due dates","sectionType":"division","heading":"Reporting periods and due dates","content":"### Reporting periods and due dates\n\n7. Subject to paragraph 8, an RSE licensee to which this Reporting Standard applies must provide the information required by this Reporting Standard in respect of each quarter based on the year of income of each defined benefit RSE, or of the RSE within which each sub-fund is located, within its business operations.\n\n8. If, having regard to the particular circumstances of an defined benefit RSE or sub-fund, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by paragraph 7, APRA may, by notice in writing, change the reporting periods for the particular defined benefit RSE or sub-fund.\n\n9. The information required by this Reporting Standard must be provided to APRA:\n\n(a) in the case of quarterly information:\n\n(i) for reporting periods ending on or after 1 July 2015 but before 1 July 2017 – within 35 calendar days after the end of the quarter to which the information relates[\\[2\\]](#_ftn2); and\n\n(ii) for reporting periods ending on or after 1 July 2017 – within 28 calendar days after the end of the quarter to which the information relates; and\n\n(b) in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.\n\n10. APRA may grant, in writing, an RSE licensee an extension of a due date with respect to one or more defined benefit RSEs or sub-funds within its business operations, in which case the new due date for the provision of the information will be the date on the notice of extension.","sortOrder":5},{"sectionNumber":"Quality control","sectionType":"division","heading":"Quality control","content":"### Quality control\n\n11. The information provided by an RSE licensee under this Reporting Standard must be the product of systems, procedures and internal controls that have been reviewed and tested by the RSE auditor of the defined benefit RSE or the RSE within which sub-fund, to which the information relates, is located,.[\\[3\\]](#_ftn3) This will require the RSE auditor to review and test the RSE licensee’s systems, procedures and internal controls designed to enable the RSE licensee to report reliable information to APRA. This review and testing must be done on:\n\n(a) an annual basis or more frequently if necessary to enable the RSE auditor to form an opinion on the reliability and accuracy of information; and\n\n(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of SPS 310.\n\n12. All information provided by an RSE licensee under this Reporting Standard must be subject to systems, processes and controls developed by the RSE licensee for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the RSE licensee to ensure that an appropriate set of policies and procedures for the authorisation of information submitted to APRA is in place.","sortOrder":6},{"sectionNumber":"Authorisation","sectionType":"division","heading":"Authorisation","content":"### Authorisation\n\n13. When an officer or agent of an RSE licensee provides the information required by this Reporting Standard using the ‘Direct to APRA’ software, it will be necessary for the officer or agent to digitally sign the relevant information using a digital certificate acceptable to APRA.\n\n14. If the information required by this Reporting Standard is provided by an agent who submits using the ‘Direct to APRA’ software on the RSE licensee’s behalf, the RSE licensee must:\n\n(a) obtain from the agent a copy of the completed form with the information provided to APRA; and\n\n(b) retain the completed copy.\n\n15. An officer or agent of an RSE licensee who submits the information under this Reporting Standard for, on behalf of, the RSE licensee must be authorised by either:\n\n(a) the Chief Executive Officer of the RSE licensee; or\n\n(b) the Chief Financial Officer of the RSE licensee.","sortOrder":7},{"sectionNumber":"Variations","sectionType":"division","heading":"Variations","content":"### Variations\n\n16. APRA may, by written notice to an RSE licensee, vary the reporting requirements of SRF 160.1 in relation to that RSE licensee or one or more defined benefit RSEs or sub-funds within that RSE licensee’s business operations.","sortOrder":8},{"sectionNumber":"Interpretation","sectionType":"division","heading":"Interpretation","content":"### Interpretation\n\n17. In this Reporting Standard:\n\nAPRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;\n\nChief Executive Officer means the chief executive officer of the RSE licensee, by whatever name called, and whether or not he or she is a member of the Board of the RSE licensee[\\[4\\]](#_ftn4);\n\nChief Financial Officer means the chief financial officer of the RSE licensee, by whatever name called;\n\ndefined benefit RSE means an RSE that is a defined benefit fund within the meaning given in SPS 160;\n\ndue date means the relevant date under paragraph 9 or, if applicable, paragraph 10;\n\nreporting period means a period mentioned in paragraph 7 or, if applicable, paragraph 8;\n\nRSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act;\n\nRSE auditor means an auditor appointed by the RSE licensee to perform functions under this Reporting Standard;\n\nRSE licensee has the meaning given in section 10(1) of the SIS Act;\n\nSIS Act means Superannuation Industry (Supervision) Act 1993;\n\nSIS Regulations means Superannuation Industry (Supervision) Regulations 1994;\n\nsub-fund means a defined benefit sub-fund within the meaning given in SPS 160; and\n\nyear of income has the meaning given in section 10(1) of the SIS Act.","sortOrder":9}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This instrument remains tightly focused on its original purpose: establishing reporting requirements for defined benefit member flows. It does not appear to have expanded beyond the data collection mandate established under the Financial Sector (Collection of Data) Act 2001."},"complexity_factors":["12 defined terms in the interpretation section (section 17)","Multiple cross-references to external legislation (SIS Act, SPS 160, SPS 310) and professional standards","Tiered reporting deadlines with a transition date (35 days pre-July 2017, 28 days post-July 2017)","Conditional provisions allowing APRA to vary requirements by written notice (paragraphs 8, 10, 16)","Nested quality control requirements involving third-party auditors with specific assurance standards","Dual authorisation pathways (CEO or CFO) with digital signature requirements"],"plain_english_summary":"This rule requires RSE licensees running defined‑benefit superannuation schemes to report quarterly SRF 160.1 data to APRA electronically via Direct to APRA, with historical and current submission timeframes (35 days pre‑July 2017; 28 days thereafter) unless APRA varies them.  \n\nIt also mandates annual auditor checks of systems and controls, board/senior‑management approvals, and digitally signed, authorised submissions so APRA can monitor the prudential health and compliance of defined‑benefit funds."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"The standard sets reporting obligations for defined benefit RSEs and sub‑funds as presented. The text contains no indication that it alters or narrows the original scope; it applies to each RSE licensee in respect of each defined benefit RSE and sub‑fund (para 3) and provides APRA powers to vary timing or requirements (paras 8, 16)."},"complexity_factors":["Scope and coverage: Applies to every RSE licensee in respect of each defined benefit RSE and each sub‑fund (para 3) — increases compliance reach across multi‑fund operators.","Reporting frequency and APRA discretion: Quarterly reporting tied to 'year of income' with APRA able to require more/less frequent reporting for particular RSEs/sub‑funds (paras 7–8).","Due dates and transitional timing: Different due dates depending on reporting period (35 days then 28 days) and ability for APRA to specify other times or grant extensions (para 9–10).","Submission method and authentication: Electronic submission via 'Direct to APRA' (D2A) or APRA‑notified method and mandatory digital certificate signature for officers/agents (paras 6, 13).","Quality control and audit requirement: Information must come from systems/procedures/internal controls reviewed and tested by the RSE auditor at least annually and as a limited assurance engagement consistent with professional standards (para 11).","Board/senior management responsibility: Internal review/authorisation policies are the responsibility of the Board and senior management (para 12) — creates governance accountability.","Record retention and agent obligations: If an agent submits, the RSE licensee must obtain and retain the completed form supplied by the agent (para 14).","Variation power: APRA may vary reporting requirements for an RSE licensee or specific defined benefit RSEs/sub‑funds by written notice (para 16) — introduces regulatory discretion affecting compliance scope."],"plain_english_summary":"This Reporting Standard requires RSE licensees to submit SRF 160.1 data to APRA about member flows in defined benefit RSEs and defined‑benefit sub‑funds, using APRA’s electronic lodgement system, on a quarterly basis (subject to APRA variation). APRA states the data is for prudential supervision and to assess compliance with SPS 160; the Standard also requires auditor-reviewed systems, board-level authorisation and digital signing, and allows APRA to vary timing or content."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-4-of-2015-srs-160-1-defined-","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-4-of-2015-srs-160-1-defined-/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-4-of-2015-srs-160-1-defined-/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-4-of-2015-srs-160-1-defined-/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-4-of-2015-srs-160-1-defined-/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-4-of-2015-srs-160-1-defined-/documents"}}