{"id":"F2013L00981","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 65 of 2013 - SRS 114.1 - Operational Risk Financial Requirement","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-65-of-2013-srs-114-1-operati","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":90725,"registerId":"commonwealth-F2013L00981-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. 65 of 2013 - SRS 114.1 - Operational Risk Financial Requirement","content":"![](image.001.png)\n\nFinancial Sector (Collection of Data) (reporting standard) determination No. 65 of 2013\n\nReporting Standard SRS 114.1 Operational Risk Financial Requirement\n\nFinancial Sector (Collection of Data) Act 2001\n\nI, Steven John Davies, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) DETERMINE Reporting Standard SRS 114.1 Operational Risk Financial Requirement, in the form set out in the Schedule, which applies to financial sector entities to the extent provided in paragraph 3 of the reporting standard.\n\nUnder section 15 of the Act, I DECLARE that the reporting standard applies to those financial sector entities on and after 1 July 2013.\n\nThis instrument commences on the date of registration on the Federal Register of Legislative Instruments.\n\nDated: 3 June 2013\n\n\\[signed\\]\n\nSteven John Davies\n\nGeneral Manager\n\nStatistics\n\nInterpretation\n\nIn this Determination:\n\nAPRA means the Australian Prudential Regulation Authority.\n\nfinancial sector entity has the meaning given by section 5 of the Act.\n\n  \nSchedule\n\nReporting Standard SRS 114.1 Operational Risk Financial Requirement comprises the 12 pages commencing on the following page.\n\n![](image.002.png)\n\nReporting Standard SRS 114.1\n\nOperational Risk Financial Requirement\n\nObjective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA relating to the operational risk financial requirement (ORFR) of an RSE licensee including any reserves held to meet the ORFR.\n\nIt includes Form SRF 114.1 Operational Risk Financial Requirement and associated specific instructions and must be read in conjunction with Prudential Standard SPS 114 Operational Risk Financial Requirement.\n\nAuthority\n\n1.  This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.\n\nPurpose\n\n2. Information collected in Form SRF 114.1 Operational Risk Financial Requirement (SRF 114.1) is used by APRA for the purposes of prudential supervision and publication, including assessing compliance with Prudential Standard SPS 114 Operational Risk Financial Requirement.\n\nApplication and commencement\n\n3. This Reporting Standard applies to each registrable superannuation entity (RSE) licensee (RSE licensee) in respect of each RSE, defined benefit RSE, pooled superannuation trust (PST) and eligible rollover fund (ERF) within its business operations.[\\[1\\]](#_ftn1)\n\n4. This Reporting Standard applies for reporting periods ending on or after 1 July 2013.\n\nInformation required\n\n5. An RSE licensee to which this Reporting Standard applies must provide APRA with the information required by SRF 114.1 in respect of each reporting period.\n\nForms 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.\n\nReporting 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 year of income of each RSE, defined benefit RSE, PST or ERF within its business operations.\n\n8. If, having regard to the particular circumstances of an RSE, defined benefit RSE, PST or ERF, 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 RSE, defined benefit RSE, PST or ERF.\n\n9. The information required by this Reporting Standard must be provided to APRA:\n\n(a) for reporting periods ending on or after 1 July 2013 but before 1 July 2015 – within four months after the end of the year of income to which the information relates;\n\n(b) for reporting periods ending on or after 1 July 2015 – within three months after the end of the year of income to which the information relates; and\n\n(c) 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 RSEs, defined benefit RSEs, PSTs or ERFs 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.\n\nQuality 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 RSE, defined benefit RSE, PST or ERF to which the information relates.[\\[2\\]](#_ftn2) 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.\n\nAuthorisation\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.\n\nVariations\n\n16. APRA may, by written notice to an RSE licensee, vary the reporting requirements of SRF 114.1 in relation to that RSE licensee or one or more RSEs, defined benefit RSEs, PSTs or ERFs within that RSE licensee’s business operations.\n\nInterpretation\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[\\[3\\]](#_ftn3);\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 Prudential Standard SPS 160 Defined Benefit Matters;\n\ndue date means the relevant date under paragraph 9 or, if applicable, paragraph 10;\n\neligible rollover fund (ERF) has the meaning given in section 10(1) of the SIS Act and, in relation to the period between 1 July 2013 and 31 December 2013, includes an existing ERF within the meaning given in section 391 of the SIS Act;\n\npooled superannuation trust (PST) has the meaning given in section 10(1) of the SIS Act;\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 that is not a defined benefit RSE, PST, ERF, small APRA fund or single member approved deposit fund[\\[4\\]](#_ftn4);\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; and\n\nyear of income has the meaning given in section 10(1) of the SIS Act.\n\n| SRF 114.1: Operational Risk Financial Requirement |\n| ------------------------------------------------- |\n\n| Australian Business Number | Institution Name |                         |\n| -------------------------- | ---------------- | ----------------------- |\n|                            |                  |                         |\n| Reporting Period           | Scale Factor     | Reporting Consolidation |\n|                            |                  |                         |\n\n| ORFR basis |\n| ---------- |\n\n| How is the ORFR held (RSE)? | ORFR holding                          |\n| --------------------------- | ------------------------------------- |\n|                             | ORFR trustee capital                  |\n|                             | ORFR reserve                          |\n|                             | ORFR trustee capital and ORFR reserve |\n\n| Details of ORFR attributed to the RSE |\n| ------------------------------------- |\n\n|                         | Attributed to the RSE | of which: Attributed to MySuper products | of which: Attributed to defined benefit sub-funds |\n| ----------------------- | --------------------- | ---------------------------------------- | ------------------------------------------------- |\n|                         | (1)                   | (2)                                      | (3)                                               |\n| 2. ORFR target amount   |                       |                                          |                                                   |\n| 3. ORFR reserves        |                       |                                          |                                                   |\n| 4. ORFR trustee capital |                       |                                          |                                                   |\n\n| Movements in ORFR reserve |\n| ------------------------- |\n\n| 5. Transfers into ORFR reserve |\n| ------------------------------ |\n\n| 5.1. Transfers from other reserves to address an operational risk event |       |\n| ----------------------------------------------------------------------- | ----- |\n| 5.2. Other transfers from other reserves                                |       |\n| 5.3. Deductions from members benefits                                   |       |\n| 5.4. Compensation payments from trustee insurance policies              |       |\n| 5.5. Compensation payments from service providers                       |       |\n| 5.6. Earnings on reserve                                                |       |\n| 5.7. Other transfers into ORFR reserve                                  |       |\n| 5.7.1. Details of other transfers into ORFR reserve                     |       |\n| Description                                                             | Value |\n| (1)                                                                     | (2)   |\n|                                                                         |       |\n|                                                                         |       |\n| 5.8. Total                                                              |       |\n\n  \n\n| 6. Transfers out of ORFR reserve |\n| -------------------------------- |\n\n| 6.1. Transfers to other reserves                      |       |\n| ----------------------------------------------------- | ----- |\n| 6.2. Payments to address an operational risk event    |       |\n| 6.3. Loss on reserve                                  |       |\n| 6.4. Other transfers out of ORFR reserve              |       |\n| 6.4.1. Details of other transfers out of ORFR reserve |       |\n| Description                                           | Value |\n| (1)                                                   | (2)   |\n|                                                       |       |\n|                                                       |       |\n| 6.5. Total                                            |       |\n\n| 7. ORFR reserve surplus distributed |\n| ----------------------------------- |\n\n| 7.1. Distributed to member accounts  |       |\n| ------------------------------------ | ----- |\n| 7.2. Distributed to employer-sponsor |       |\n| 7.3. Distributed to other recipient  |       |\n| 7.3.1. Details of other recipient    |       |\n| Description                          | Value |\n| (1)                                  | (2)   |\n|                                      |       |\n|                                      |       |\n| 7.4. Total                           |       |\n\nReporting Form SRF 114.1\n\nOperational Risk Financial Requirement\n\nInstructions\n\nThese instructions assist completion of Reporting Form SRF 114.1 Operational Risk Financial Requirement (SRF 114.1). SRF 114.1 collects information relating to the operational risk financial requirement (ORFR) of an RSE licensee including reserves held to meet the ORFR and investments of the ORFR reserve. Information reported in SRF 114.1 is required primarily for prudential and publication purposes.\n\nReporting level\n\nSRF 114.1 must be completed for each registrable superannuation entity (RSE), defined benefit RSE, pooled superannuation trust (PST) and eligible rollover fund (ERF).\n\nReporting basis and unit of measurement\n\nReport all items on SRF 114.1 in accordance with the Australian Accounting Standards unless otherwise specified.\n\nItems on SRF 114.1 must be reported as at the end of the reporting period or with respect to transactions that occurred during the reporting period.\n\nItems on SRF 114.1 are to be reported as thousands of dollars and dates. Report dates as DD/MM/YYYY.\n\nThese instructions specify the reporting basis and unit of measurement that applies to each item.\n\nSpecific instructions\n\nTerms highlighted in bold italics indicate that the definition is provided in these instructions.\n\nORFR basis\n\nItem 1 collects information about how the financial resources to meet the RSE licensee’s ORFR are held within the RSE, namely whether it is held as trustee capital, a reserve or a combination of trustee capital and a reserve.\n\n| Item 1               | Report how the financial resources to meet the RSE licensee’s ORFR are held, with respect to the RSE, in item 1 as ORFR trustee capital, ORFR reserve or a combination of ORFR trustee capital and ORFR reserve.If ORFR trustee capital is reported in item 1, leave item 5 to item 7 inclusive blank.                                                               |\n| -------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ORFR trustee capital | Represents trustee capital held by the RSE licensee for the purposes of meeting the operational risk financial requirement. Reference: Prudential Standard SPS 114 Operational Risk Financial Requirement.                                                                                                                                                           |\n| ORFR reserve         | Represents the reserve held within an RSE within the RSE licensee's business operations for the purposes of meeting the operational risk financial requirement. An ORFR reserve must be separately identifiable from member accounts and reserves held in the RSE for other purposes. Reference: Prudential Standard SPS 114 Operational Risk Financial Requirement. |\n\nDetails of the ORFR attributed to the RSE\n\nItem 2 to item 4 inclusive collect information on certain features of the ORFR attributed to the RSE, including the ORFR target amount, the ORFR reserves held, the ORFR trustee capital held and how these amounts are attributed within the RSE.\n\nReporting basis: report item 2 to item 4 inclusive as at the end of the reporting period.\n\nUnit of measurement: report item 2 to item 4 inclusive in thousands of dollars.\n\n| Item 2             | Report the ORFR target amount that is attributed to the RSE in item 2.Report the ORFR target amount that is: attributed to the RSE in column 1; attributed to MySuper products within the RSE in column 2; and attributed to defined benefit sub-funds within the RSE in column 3. |\n| ------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ORFR target amount | Represents the target amount of financial resources to address the operational risks of each RSE within the RSE licensee's business operations. Reference: Prudential Standard SPS 114 Operational Risk Financial Requirement.                                                     |\n\n| Item 3 | Report the amount of ORFR reserves that is attributed to the RSE in item 3.Report the amount of ORFR reserves that is: attributed to the RSE in column 1; attributed to MySuper products within the RSE in column 2; and attributed to defined benefit sub-funds within the RSE in column 3.The ORFR reserves reported in item 3 must equal the sum of the value reported for this item in the previous reporting period, transfers into ORFR reserve reported in item 5 and earnings on ORFR reserve reported in item 7 inclusive minus transfers out of ORFR reserve reported in item 6. |\n| ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |\n\n| Item 4 | Report the amount of ORFR trustee capital that is attributed to the RSE in item 4. |\n| ------ | ---------------------------------------------------------------------------------- |\n\nMovements in ORFR reserve\n\nItem 5 to item 7 inclusive collect information on movements into and out of the ORFR reserve that is held by the RSE.\n\nReporting basis: report item 5 to item 7 inclusive with respect to transactions that occurred during the reporting period.\n\nUnit of measurement: report item 5 to item 7 inclusive in thousands of dollars.\n\n| Item 5                                                             | Report transfers into ORFR reserve in item 5 as gross of transfers out of ORFR reserve.Item 5.7 is a derived item. Report other transfers into ORFR reserve in item 5.7 as total transfers into ORFR reserve reported in item 5.8 minus the sum of transfers from other reserves to address an operational risk event reported in item 5.1, other transfers from other reserves reported in item 5.2, deductions from members reported in item 5.3, compensation payments from trustee insurance policies reported in item 5.4, compensation payments from service providers reported in item 5.5 and earnings on reserve reported in item 5.6.Report details of other transfers into ORFR reserve on separate lines in item 5.7.1. The sum of the items in column 2 of item 5.7.1 must equal the amount of other transfers into ORFR reserve reported in item 5.7.Report a description of the other transfers into ORFR reserve in column 1 and the value in column 2. Report a description in column 1 that includes the source of the transfer. |\n| ------------------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Transfers into ORFR reserve                                        | Represents amounts transferred to the ORFR reserve resulting in an increase in the ORFR reserve. Reference: Prudential Standard SPS 114 Operational Risk Financial Requirement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| Transfers from other reserves to address an operational risk event | Represents the amount transferred into the ORFR reserve from other reserves to provide funds to rectify a particular loss caused by an operational risk. Reference: Prudential Standard SPS 114 Operational Risk Financial Requirement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |\n| Other transfers from other reserves                                | Represents the amount transferred into the ORFR reserve from another type of reserve of the RSE that is not reported as transfers from other reserves to address an operational risk event. Reference: Prudential Standard SPS 114 Operational Risk Financial Requirement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| Deductions from members benefits                                   | Represents the amount transferred from deductions to member accounts or through fees and charges to members in relation to building the financial resources to meet the operational risk financial requirement. Reference: Prudential Standard SPS 114 Operational Risk Financial Requirement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n| Compensation payments from trustee insurance policies              | Represents money transferred, from compensation payments from trustee insurance policies. These monies replenish the financial resources held to meet the operational risk financial requirement after a loss. Reference: Prudential Standard SPS 114 Operational Risk Financial Requirement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n| Compensation payments from service providers                       | Represents money transferred, from compensation payments from agreements with service providers. These monies replenish the financial resources held to meet the operational risk financial requirement after a loss. Reference: Prudential Standard SPS 114 Operational Risk Financial Requirement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |\n| Earnings on reserve                                                | Represents the total value earned via investing the amount held in a reserve.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |\n\n| Item 6                                        | Report transfers out of ORFR reserve in item 6 as gross of transfers into ORFR reserve.Item 6.4 is a derived item. Report other transfers out of ORFR reserve in item 6.4 as total transfers out of ORFR reserve reported in item 6.5 minus the sum of transfers to other reserves reported in item 6.1, payments to address an operational risk event reported in item 6.2 and loss on reserve reported in item 6.3.Report details of other transfers out of ORFR reserve on separate lines in item 6.4.1. The sum of the items in column 2 of item 6.4.1 must equal the amount of other transfers out of ORFR reserve reported in item 6.4. Report the aggregate of ORFR reserve surplus distributed in item 6.4.1 and report the detail in item 8.Report a description of the other transfers out of ORFR reserve in column 1 and the value in column 2. Report a description in column 1 that includes the destination of the transfer. |\n| --------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Transfers out of ORFR reserve                 | Represents amounts transferred out of the ORFR reserve resulting in a decrease in the ORFR reserve. Reference: Prudential Standard SPS 114 Operational Risk Financial Requirement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |\n| Transfers to other reserves                   | Represents the amount transferred out of the ORFR reserve to another type of reserve of the RSE that has met the RSE licensee's criteria for determining when and how the financial resources held to meet the operational risk financial requirement can be called upon. Reference: Prudential Standard SPS 114 Operational Risk Financial Requirement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |\n| Payments to address an operational risk event | Represents the amount of money transferred out in order to address an operational risk event that has met the RSE licensee's criteria for determining when and how the financial resources held to meet the operational risk financial requirement can be called upon. Reference: Prudential Standard SPS 114 Operational Risk Financial Requirement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |\n\n| Loss on reserve | Represents the total value of loss via investing the amount held in a reserve. |\n| --------------- | ------------------------------------------------------------------------------ |\n\nORFR reserve surplus distributed\n\nItem 7 collects information on distributions of an ORFR reserve surplus.\n\nReporting basis: report item 7 with respect to transactions that occurred during the reporting period.\n\nUnit of measurement: report item 7 column 2 in thousands of dollars.\n\n| Item 7               | If an RSE licensee distributed an ORFR reserve surplus during the period, report item 7; otherwise, leave item 7 blank.Report the value of the ORFR reserve surplus distributed to member accounts in item 7.1 and distributed to employer sponsors in item 7.2.Item 7.3 is a derived item. Report the value of ORFR reserve surplus distributed to other recipients in item 7.3 as total ORFR reserve surplus distributed reported in item 7.4 minus ORFR reserve surplus distributed to member accounts in item 7.1 and distributed to employer sponsors in item 7.2.Report details of ORFR reserve surplus distributed to other recipients on separate lines in item 7.3.1. The sum of the items in column 2 must equal the value of ORFR reserve surplus distributed to other recipients reported in item 7.3.Report a description of the other recipient in column 1 and the value in column 2. |\n| -------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| ORFR reserve surplus | Represents an amount of the financial resources held in the form of ORFR reserve to meet the ORFR target amount that the RSE licensee has determined exceeds the ORFR target amount, and the excess financial resources are not needed for it to continue to meet this amount.Reference: Prudential Standard SPS 114 Operational Risk Financial Requirement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |\n| Member account       | Represents a distinct entry recorded in the register of member accounts (or other equivalent mechanism).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |\n| Employer sponsor     | Represents an employer sponsor as given within the meaning in SIS Act, s. 16(1).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |\n\nInterpretation\n\nFor the purposes of these instructions:\n\n-   defined benefit RSE means an RSE that is a defined benefit fund within the meaning given in Prudential Standard SPS 160 Defined Benefit Matters;\n-   eligible rollover fund (ERF) has the meaning given in section 10(1) of the SIS Act and, in relation to the period between 1 July 2013 and 31 December 2013, includes an existing ERF within the meaning given in section 391 of the SIS Act;\n\n-   MySuper product has the meaning given in section 10(1) of the SIS Act;\n\n-   operational risk financial requirement (ORFR) has the meaning given in SPS 114;\n-   pooled superannuation trust (PST) has the meaning given in section 10(1) of the SIS Act;\n-   RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act that is not a defined benefit RSE, PST, ERF, small APRA fund or single member approved deposit fund[\\[5\\]](#_ftn5);\n-   RSE licensee has the meaning given in section 10(1) of the SIS Act;\n-   SIS Act means Superannuation Industry (Supervision) Act 1993;\n-   SIS Regulations means Superannuation Industry (Supervision) Regulations 1994; and\n-   SPS 114 means Prudential Standard SPS 114 Operational Risk Financial Requirement.\n\n---\n\n[\\[1\\]](#_ftnref1) For the purposes of this Reporting Standard, an ‘RSE licensee’s business operations’ includes all activities as an RSE licensee (including the activities of each RSE of which it is the licensee), and all other activities of the RSE licensee to the extent that they are relevant to, or may impact on, its activities as an RSE licensee. For the avoidance of doubt, if the RSE licensee is trustee of more than one RSE, defined benefit RSE, PST or ERF, the RSE licensee must separately provide the information required by the form for each RSE, defined benefit RSE, PST or ERF within its business operations.\n\n[\\[2\\]](#_ftnref2) Refer also to Prudential Standard SPS 310 Audit and Related Matters (SPS 310).\n\n[\\[3\\]](#_ftnref3) Refer to Prudential Standard SPS 510 Governance.\n\n[\\[4\\]](#_ftnref4) For the purposes of this Reporting Standard, ‘small APRA fund’ means a superannuation entity that is a regulated superannuation fund, within the meaning of the SIS Act, which has fewer than five members and ‘single member approved deposit fund’ means a superannuation entity that is an approved deposit fund, within the meaning of the SIS Act, and has only one member.\n\n[\\[5\\]](#_ftnref5) For the purposes of these instructions, ‘small APRA funds’ means a superannuation entity that is a regulated superannuation fund, within the meaning of the SIS Act, which has fewer than five members and ‘single member approved deposit fund’ means a superannuation entity that is an approved deposit fund, within the meaning of the SIS Act, and has only one member.","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":false,"description":"No change in scope is evident within this instrument itself. The Determination establishes reporting obligations for RSE licensees in respect of each RSE, defined benefit RSE, PST and ERF within their business operations and excludes small APRA funds and single‑member approved deposit funds (para 3; Interpretation). APRA retains operational flexibility to alter reporting frequency or vary requirements for particular RSEs (paras 8 and 16), and may grant due‑date extensions (para 10)."},"complexity_factors":["Multiple reporting units and entity types to which the standard applies (RSE, defined benefit RSE, PST, ERF) (para 3; Interpretation).","Detailed line items and derived fields with reconciliation rules (Items 2–7; Specific instructions for derived items 5.7 and 6.4).","Mandatory auditor review and limited assurance engagement referencing external auditing standards and SPS 310 (para 11).","APRA discretion to change reporting frequency for particular RSEs, vary requirements, and grant extensions (paras 8, 16, 10).","Cross-references to other prudential and legislative instruments (SPS 114, SPS 310, SIS Act and SIS Regulations) increasing interpretive dependencies (Objective; Interpretation).","Technical submission and authorisation requirements (electronic 'Direct to APRA' channel, digital certificate, authorised officer sign-off) (paras 6, 13, 15).","Timing rules including phased due-date change (four months to three months depending on period) and reporting-period definitions (para 9; para 7).","Attribution rules across MySuper products and defined benefit sub-funds and exclusions for small APRA funds/single-member ADFs (items columns; Interpretation)."],"plain_english_summary":"This Determination requires registrable superannuation entity (RSE) licensees to report their Operational Risk Financial Requirement (ORFR) to APRA using Form SRF 114.1. It covers the ORFR target, reserves, trustee capital, movements and any distributions.\n\nThe standard sets electronic submission, timing, auditor assurance and reconciliation rules, and allows APRA to change reporting frequency or vary requirements. APRA uses the data for prudential supervision and publication."},"kimi_summary":{"content_quality":"ok","complexity_score":5,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose: collecting operational risk financial data from superannuation trustees. The scope covers the expected entity types (RSEs, PSTs, ERFs, defined benefit funds) with appropriate exclusions for small funds. No significant scope creep is evident — the instrument does not expand into unrelated areas of prudential supervision or impose substantive requirements beyond data collection and audit verification."},"complexity_factors":["17 defined terms in the interpretation section, many cross-referencing other legislation (SIS Act, SPS 114, SPS 160, SPS 310)","Nested conditional reporting: different due dates based on reporting period (pre/post 1 July 2015), with APRA discretion to modify timeframes","Multiple entity types with slightly different definitions across the instrument and instructions (e.g., 'RSE' excludes defined benefit RSEs in the form but includes them in application paragraph 3)","Derived calculation items requiring mathematical reconciliation (items 5.7, 6.4, 7.3 must equal totals minus specified components)","Dual structure: Determination instrument plus 12-page Schedule with form and detailed instructions, requiring cross-reading","Footnote definitions that modify primary definitions (e.g., footnote 4 redefines 'small APRA fund' and 'single member approved deposit fund' for this instrument)","Quality control requirements referencing external prudential standards (SPS 310 for audit standards) without reproducing them"],"plain_english_summary":"This reporting standard requires RSE licensees (the entities that run most Australian super funds, defined benefit funds, PSTs and ERFs — excluding very small funds and single‑member approved deposit funds) to annually report to APRA on money set aside for operational risks via Form SRF 114.1. APRA uses the data to assess funds’ preparedness for fraud, cyber incidents and other operational losses and to protect members’ savings. Reports must be submitted electronically and independently audited."},"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"}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-65-of-2013-srs-114-1-operati","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-65-of-2013-srs-114-1-operati/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-65-of-2013-srs-114-1-operati/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-65-of-2013-srs-114-1-operati/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-65-of-2013-srs-114-1-operati/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-65-of-2013-srs-114-1-operati/documents"}}