{"id":"F2013L00967","name":"Financial Sector (Collection of Data) (reporting standard) determination No. 83 of 2013 - SRS 534.0 - Derivative Financial Instruments","slug":"financial-sector-collection-of-data-reporting-standard-determination-no-83-of-2013-srs-534-0-derivat","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":90699,"registerId":"commonwealth-F2013L00967-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Financial Sector (Collection of Data) (reporting standard) determination No. 83 of 2013 - SRS 534.0 - Derivative Financial Instruments","content":"![](image.001.png)\n\nFinancial Sector (Collection of Data) (reporting standard) determination No. 83 of 2013\n\nReporting Standard SRS 534.0 Derivative Financial Instruments\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 534.0 Derivative Financial Instruments, 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 2014.\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 534.0 Derivative Financial Instruments comprises the 15 pages commencing on the following page.\n\n![](image.001.png)\n\nReporting Standard SRS 534.0\n\nDerivative Financial Instruments\n\nObjective of this Reporting Standard\n\nThis Reporting Standard sets out the requirements for the provision of information to APRA relating to derivative financial instruments of a registrable superannuation entity.\n\nIt includes Form SRF 534.0 Derivative Financial Instruments and associated specific instructions and must be read in conjunction with Prudential Standard SPS 530 Investment Governance.\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 534.0 Derivative Financial Instruments (SRF 534.0) is used by APRA for the purposes of prudential supervision and publication, including assessing compliance with Prudential Standard SPS 530 Investment Governance. It may also be used by the Australian Bureau of Statistics.\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 2014.\n\nInformation required\n\n5. An RSE licensee to which this Reporting Standard applies must provide APRA with the information required by SRF 534.0 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 2014 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 534.0 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(a) or 7(b) 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 534.0: Derivative Financial Instruments |\n| ------------------------------------------- |\n\n| Australian Business Number | Institution Name | |\n| -------------------------- | ---------------- | ----------------------- |\n| | | |\n| Reporting Period | Scale Factor | Reporting Consolidation |\n| | | |\n\n| Directly held derivative financial instruments |\n| ---------------------------------------------- |\n\n| Exposure type | Derivative type | Contract type | Holding type | Purpose | Principal amount | Number of contracts | Gross positive market value | Gross negative market value | Cumulative gains/losses |\n| ---------------- | ---------------- | ---------------------------- | ------------ | --------------------------------------- | ---------------- | ------------------- | --------------------------- | --------------------------- | ----------------------- |\n| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) |\n| Interest rate | Exchange traded | Option | Bought | Hedging underlying exposures | | | | | |\n| Foreign exchange | Over the counter | Forwards or futures or swaps | Sold | Portfolio rebalancing | | | | | |\n| Credit risk | | Other | | Gaining exposure to an investment class | | | | | |\n| Equity | | | | Other purpose | | | | | |\n| Commodity | | | | | | | | | |\n| Other | | | | | | | | | |\n\n| 1.1. Total directly held derivative financial instruments | | | | | |\n| --------------------------------------------------------- | --- | --- | --- | --- | --- |\n\n| 2. Value of assets of the RSE that are pledged to secure derivative positions | |\n| ----------------------------------------------------------------------------- | --- |\n\n \n\n| 3. Details of net exposure |\n| -------------------------- |\n\n| | Gross market value | Accounting standards offset | Net amount | Bankruptcy or default offset | Net exposure |\n| --------------------------- | ------------------ | --------------------------- | ---------- | ---------------------------- | ------------ |\n| | (1) | (2) | (3) | (4) | (5) |\n| 2.3.3.1. Derivative assets | | | | | |\n| 3.2. Derivative liabilities | | | | | |\n\n| 4. Details of directly held over the counter derivatives |\n| -------------------------------------------------------- |\n\n| Counterparty name | Counterparty rating grade | Exposure type | Holding type | Principal amount | Gross positive market value | Gross negative market value | Net exposure | Assets pledged to secure positions | Cash to cover |\n| ----------------- | ------------------------- | ---------------- | ------------ | ---------------- | --------------------------- | --------------------------- | ------------ | ---------------------------------- | ------------- |\n| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) |\n| | Grade 1 | Interest rate | Bought | | | | | | |\n| | Grade 2 | Foreign exchange | Sold | | | | | | |\n| | Grade 3 | Credit risk | | | | | | | |\n| | Grade 4 | Equity | | | | | | | |\n| | Grade 5 | Commodity | | | | | | | |\n| | Grade 6 | Other | | | | | | | |\n| | Grade 7 | | | | | | | | |\n\n| 4.4.1. Total directly held over the counter derivatives | | | | | | |\n| ------------------------------------------------------- | --- | --- | --- | --- | --- | --- |\n\n \n\n| 5. Movements in directly held derivative financial instruments |\n| -------------------------------------------------------------- |\n\n| Investment income | |\n| ---------------------------- | --- |\n| 5.2. Unrealised gains/losses | |\n| 5.3. Realised gains/losses | |\n| 5.4. Total gains/losses | |\n\nReporting Form SRF 534.0\n\nDerivative Financial Instruments\n\nInstructions\n\nThese instructions assist completion of Reporting Form SRF 534.0 Derivative Financial Instruments (SRF 534.0). SRF 534.0 collects information on derivative financial instruments of a registrable superannuation entity (RSE). Information reported in SRF 534.0 is required primarily for prudential, publication and statistical purposes. Information reported in SRF 534.0 is also required for the purposes of the Australian Bureau of Statistics.\n\nReporting level\n\nSRF 534.0 must be completed for each 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 534.0 in accordance with the Australian Accounting Standards unless otherwise specified.\n\nAssets and liabilities denominated in currencies other than AUD are to be converted to AUD using the mid-point rate (of market buying and selling spot quotations) effective as at the end of the reporting period. An RSE licensee is free to use those AUD exchange rates that it judges to be a representative closing mid-market rate as at the end of the reporting period. However, to ensure consistency across related returns and to assist in the reconciliation between these returns, an RSE licensee should attempt to use the same exchange rates across all returns to APRA.\n\nNote: for the major currencies, an RSE licensee may want to use the exchange rates available in the Reserve Bank of Australia (RBA), which are available on the RBA website: [http://www.rba.gov.au/statistics/hist-exchange-rates/index.html](http://www.rba.gov.au/statistics/hist-exchange-rates/index.html).\n\nItems on SRF 534.0 must be reported as at the end of the reporting period or with respect to transactions that occurred during the reporting period. Report information with respect to transactions occurred during the reporting period on a year to date basis, rather than for the individual quarter alone.\n\nItems on SRF 534.0 are to be reported as thousands of dollars and whole numbers.\n\nItems on SRF 534.0 are to be reported on a non look through basis. A look through basis is where information about the underlying investments in an investment vehicle must be reported.\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. Additional definitions are provided at the end of these instructions.\n\nReport only directly held investments in derivative financial instruments on SRF 534.0, which may or may not be invested via an individually managed mandate. An individually managed mandate represents an asset portfolio managed by an investment manager in accordance with a formal agreement.\n\nDo not report indirectly held investments in derivative financial instruments on SRF 534.0; report them instead on Reporting Form SRF 530.0 Investments as indirectly held investments.\n\nDirectly held derivative financial instruments\n\nItem 1 collects information about the notional principal amount (principal amount) and market value of an RSE’s directly held investments in derivative financial instruments and the purpose for the investment by derivative contract type.\n\nReporting basis: report item 1 column 6 to column 10 inclusive as at the end of the reporting period.\n\nUnit of measurement: report column 6 and column 8 to column 10 inclusive as thousands of dollars; report column 7 as a whole number.\n\n| Item 1 | Report, for each combination of exposure type, derivative type, contract type, holding type and purpose: the exposure type in column 1, derivative type in column 2, contract type in column 3, holding type in column 4, purpose in column 5, principal amount in column 6, number of contracts in column 7, gross positive market value in column 8, gross negative market value in column 9 and cumulative gains/losses in column 10.Item 1.1 is a derived item. Report the total directly held derivative financial instruments in item 1.1 as the totals of column 6 to column 10 inclusive reported in item 1.The exposure types are: interest rate contract, foreign exchange contract, credit risk contract, equity contract, commodity contract and other.The derivative types are: exchange traded and over the counter.The contract types are: option, forward or futures or swaps and ‘other’.The holding types are: bought and sold.The purposes are: hedging underlying exposure, portfolio rebalancing, gaining exposure to an asset class and ‘other’.Where a contract involves multiple exposures, report each exposure as a separate line.Example: a foreign exchange AUD/USD forward contract to buy $1 million AUD at 0.995 would result in a bought position on AUD and a sold position on USD with one position having positive market value and one having negative market value (depending on the forward rate relative to the spot rate). This must be reported as two lines to indicate the gross positions in both directions. |\n| --------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Directly held | Represents investments made by the RSE in its own name. Includes: investments held by a custodian in trust for the RSE. |\n| Principal amount | Represents the face value of a financial instrument. |\n| Number of contracts | Represents the number of derivative contracts underlying the exposure. |\n| Gross positive market value | Represents the aggregate amount of all exposures with a positive market value. |\n| Gross negative market value | Represents the aggregate amount of all exposures with a negative market value. |\n| Cumulative gains/losses | Represents the cumulative change in value since the holding was established. |\n\nAssets pledged to secure derivative positions\n\nItem 2 collects information about the value of assets held in the RSE that are pledged to secure derivative positions.\n\nReporting basis: report item 2 as at the end of the reporting period\n\nUnit of measurement: report item 2 as thousands of dollars.\n\n| Item 2 | Report the market value of assets pledged to secure derivative positions. |\n| --------------------------------------------- | --------------------------------------------------------------------------------------------------------- |\n| Assets pledged to secure derivative positions | Represents cash or assets pledged or lodged with an entity to support derivative positions as collateral. |\n\nDetails of net exposure\n\nItem 3 collects additional information about derivative assets and derivative liabilities.\n\nReporting basis: report item 3 as at the end of the reporting period\n\nUnit of measurement: report item 3 as thousands of dollars.\n\n| Item 3 | Report the value of derivative assets in item 3.1 and the value of derivative liabilities in item 3.2.Item 3.1 column 3 is a derived item. Report the net amount of derivative assets in item 3.1 column 3 as gross market value of derivative assets reported in item 3.1 column 1 minus accounting standards offset in item 3.1 column 2. The net amount of derivative assets reported in item 3.1 column 3 must equal the value of derivative assets reported in item 4 of Reporting Form SRF 320.0 Statement of Financial Position.Item 3.1 column 5 is a derived item. Report net exposure of derivative assets in item 3.1 column 5 as net amount of derivative assets in item 3.1 column 3 minus bankruptcy or default offset in item 3.1 column 4.Item 3.2 column 3 is a derived item. Report the net amount of derivative liabilities in item 3.2 column 3 as gross market value of derivative liabilities reported in item 3.2 column 1 minus accounting standards offset in item 3.2 column 2. The net amount of derivative liabilities reported in item 3.2 column 3 must equal the value of derivative liabilities reported in item 14 of Reporting Form SRF 320.0 Statement of Financial Position.Item 3.2 column 5 is a derived item. Report net exposure of derivative liabilities in item 3.2 column 5 as net amount of derivative liabilities in item 3.2 column 3 minus bankruptcy or default offset in item 3.2 column 4. |\n| ---------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Assets | Represents as a resource: (a) controlled by an entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity. Reference: Australian Accounting Standards. |\n| Liabilities | Represents a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Reference: Australian Accounting Standards. |\n| Accounting standards offset | Represents the value of derivatives that qualify to be offset against the gross fair value of derivatives, in accordance with the eligibility criteria set out in the accounting standards. Reference: Australian Accounting Standards. |\n| Bankruptcy or default offset | Represents amount available to be offset under the bankruptcy or insolvency laws of Australia. The bankruptcy or insolvency law governs the insolvency of the counterparties. Reference: Australian Accounting Standards. |\n\nDirectly held over the counter derivatives\n\nItem 4 collects detail information about over the counter derivative contract for the ten largest counterparties by principal amount.\n\nReporting basis: report item 4 column 5 to column 10 inclusive as at the end of the reporting period.\n\nUnit of measurement: report item 4 column 5 to column 10 inclusive as thousands of dollars.\n\n| Item 4 | Report item 4 for each of the ten largest counterparties based on the aggregate principal amount of all over the counter derivatives with that counterparty.Report each combination of counterparty name, counterparty credit rating, exposure type and holding type on a separate line.For each combination of counterparty name, counterparty credit rating, exposure type and holding type report: the name of the counterparty in column 1, the counterparty credit rating in column 2, the exposure type in column 3, the holding type in column 4, principal amount in column 5, the gross positive market value in column 6, the gross negative market value in column 7, the net exposure in column 8, assets pledged to secure derivative positions in column 9 and cash to cover in column 10.Item 4.1 is a derived item. Report the total directly held derivative financial instruments in item 4.1 as the totals of column 5 to column 10 inclusive reported in item 4.The exposure types are: interest rate contract, foreign exchange contract, credit risk contract, equity contract, precious metal contract and ‘other’.The holding types are: bought and sold.The counterparty credit ratings are: grade 1, grade 2, grade 3, grade 4, grade 5, grade 6, grade 7 and ‘not applicable’. |\n| ------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Counterparty | Represents the entity with which an investment is being transacted. |\n| Cash to cover | Represents the amount of cash required to close or realise the derivative contract. |\n\nMovements in directly held derivative financial instruments\n\nItem 5 collects income and gains/losses from direct investments in derivative financial instruments.\n\nReporting basis: report item 5.1 to item 5.4 inclusive with respect to transactions that occurred during the reporting period.\n\nUnit of measurement: report item 5 as thousands of dollars.\n\n| Item 5 | Report, for all directly held derivative financial instruments, investment income in item 5.1, unrealised gains / losses in item 5.2 and realised gains / losses in item 5.3.Item 5.4 is a derived item. Report the total gains/losses in item 5.4 as the sum of unrealised gains / losses reported in item 5.2 and realised gains / losses reported in item 5.3. |\n| ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n \n\n| Investment income | Represents gross revenue in the form of income or distributions from investments. Includes: interest, dividends, rental income, trust distributions. |\n| ----------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Unrealised gains/losses | Represents changes in the value of investments as a result of remeasurement changes in the market value of investments. Includes: impairment charges and provisions. |\n| Realised gains/losses | Represents changes in the value of investments as a result of closing or disposal of investments. |\n\nGlossary of additional items\n\nDerivative type\n\n| Exchange traded derivative | Represents a standardised derivative contract transacted on a recognised stock exchange, subject to daily mark-to-market and margin settlements. |\n| --------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Over the counter derivative | Represents a derivative contract transacted between individual counterparties outside a recognised stock exchange, with contract details negotiated by those parties. |\n\nExposure type\n\n| Interest rate contract | Represents a contract that transfers the interest rate risk on an underlying asset from one party to another. |\n| ------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Foreign exchange contract | Represents a contract that transfers the exchange rate risk on an underlying asset from one party to another. Includes: gold contracts |\n| Credit risk contract | Represents a contract that transfers the credit risk of an underlying asset from one party to another. |\n| Equity contract | Represents a contract that transfers the equity risk on an underlying equity security from one party to another. Excludes: credit risk on an underlying equity security |\n| Commodity contract | Represents a contract that transfers the precious metal price risk on an underlying precious metal from one party to another. Excludes: gold contracts |\n\nContract type\n\n| Option | Represents a contract that provides the holder with the right, but not the obligation, to buy or sell a specific amount of the underlying asset at an agreed price, on or before a specific future date. |\n| -------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n| Forward or future or swaps | Represents agreements to exchange a predetermined amount of an underlying asset financial instrument at a specified future date and at a predetermined price, or exchange predetermined obligations, generally a series of cash flows on differing terms. |\n\nHolding type\n\n| Bought | Represents where the entity is the holder of the contract. |\n| ------ | ---------------------------------------------------------- |\n| Sold | Represents where the entity is the seller of the contract. |\n\nPurpose type\n\n| Hedging underlying exposure | Represents using a derivative financial instrument to reduce the risk of adverse price movements in an investment asset. |\n| --------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------- |\n| Portfolio rebalancing | Represents using a derivative financial instrument to restore the position of an asset class or investment within an asset allocation range. |\n| Gaining exposure to an investment class | Represents using a derivative financial instrument to invest in an asset class. |\n\nCounterparty credit ratings\n\nThe counterparty grades are used in classifying the credit rating of debt investments. An RSE licensee must directly request credit grades from the counterparty or investment manager, and must not rely on consumer rating agencies which rate collective investments.\n\nWhere an RSE has investments with multiple ratings from two or more rating agencies, the RSE licensee must consistently apply the lowest rating of a single agency whenever the individual ratings conflict.\n\nThe counterparty credit ratings used in these instructions are generally consistent with long term rating/debt securities. Where an RSE invests in counterparties/securities that have only been issued with a short term counterparty credit rating, the RSE licensee must use the most closely matched counterparty credit rating.\n\n| Grade 1 | Represents a rating of Standard & Poor's AAA, Moody's Aaa, AM Best aaa, Fitch AAA |\n| ------- | ---------------------------------------------------------------------------------------------------------------------------------- |\n| Grade 2 | Represents a rating of Standard & Poor's AA+, AA, AA-; Moody's Aa1, Aa2, Aa3; AM Best aa+, aa, aa-; Fitch AA+, AA, AA |\n| Grade 3 | Represents a rating of Standard & Poor's A+, A, A-; Moody's A1, A2, A3; AM Best a+, a, a-; Fitch A+, A, A- |\n| Grade 4 | Represents a rating of Standard & Poor's BBB+, BBB, BBB-; Moody's Baa1, Baa2, Baa3; AM Best bbb+, bbb, bbb-; Fitch BBB+, BBB, BBB- |\n| Grade 5 | Represents a rating of Standard & Poors BB+, BB, BB-; Moodys Ba1, Ba2, Ba3; AM Best bb+, bb, bb-; Fitch BB+, BB, BB- |\n| Grade 6 | Represents a rating of Standard & Poor's B+, B, B-; Moody’s B1, B2, B3; AM Best b+, b, b-; Fitch B+, B, B- |\n| Grade 7 | Represents a rating of Standard & Poor's CCC or below; Moody’s Caa or below; AM Best b or below; Fitch CCC or below; unrated. |\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- 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; and\n- SIS Regulations means Superannuation Industry (Supervision) Regulations 1994.\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 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.","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":false,"description":"Scope is as stated in the instrument: it applies to 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/footnotes). The Determination sets reporting coverage, timing and entities; the text contains no provision indicating a change from that stated scope."},"complexity_factors":["Multiple reporting units and exclusions: applies to each RSE, defined benefit RSE, PST and ERF within an RSE licensee’s business operations and excludes small APRA funds and single‑member ADFs (para 3; Interpretation/footnotes).","Detailed data schema with derived fields and reconciliations: notional amounts, gross positive/negative market values, accounting offsets, bankruptcy/default offsets and derived net exposures that must reconcile to SRF 320.0 (Form layout; Item 3).","Counterparty detail and grading: ten largest OTC counterparties, counterparty rating grades and a requirement to request ratings directly (Item 4; Counterparty credit ratings).","Valuation and conversion rules: reporting in AUD using representative mid‑market rates and specific units (instructions, Reporting basis and unit of measurement).","Assurance and control obligations: RSE auditors must review systems and provide at least a limited assurance engagement; board and senior management must maintain authorisation policies (paras 11–12).","APRA discretion and operational rules: APRA may change reporting frequency, vary requirements for individual licensees and specify submission methods or grant extensions (paras 6,8,10,16).","Submission and authorisation mechanics: electronic submission via Direct to APRA, digital certificate signing and authorised signatories required (paras 6,13–15).","Cross‑form dependencies: items must reconcile with other APRA returns (e.g. SRF 320.0) and use consistent exchange rates across returns (Item 3; instructions)."],"plain_english_summary":"This instrument requires registrable superannuation entity (RSE) licensees to submit Form SRF 534.0 to APRA reporting directly held derivative positions (notional principal, market values, counterparties, collateral, gains/losses), with electronic submission rules, deadlines and auditor assurance requirements (paras 3–11). Who pays: RSE licensees (paras 3,5,9). Who decides: APRA sets submission method, can vary frequency, change requirements and grant extensions (paras 6,8,9,10,16). Behaviour change: routine, audited reporting, tighter valuation, conversion and counterparty grading obligations (instructions)."},"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":3184},"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The instrument maintains its original scope as a reporting standard for derivative financial instruments held by superannuation entities. It does not appear to have expanded beyond its initial purpose of collecting prudential data on derivatives usage, investment purposes, and counterparty exposures."},"complexity_factors":["17 defined terms cross-referencing the SIS Act and other prudential standards","Multi-dimensional classification system requiring derivatives to be categorised by exposure type, derivative type, contract type, holding type and purpose","Extensive cross-referencing to external standards including SPS 530, SPS 310, SPS 160 and Australian Accounting Standards","Derived calculation items (net exposures, totals) that must reconcile with other reporting forms","Dual-phase reporting timelines with transitional provisions","Quality control requirements incorporating external auditing standards"],"plain_english_summary":"This rule requires trustees of superannuation funds (including RSEs, defined‑benefit funds, PSTs and ERFs) to report detailed information to APRA about their use of derivatives — types, values, counterparties, purpose and collateral — via APRA’s electronic system. Reported data must meet audited quality controls and be authorised by senior officers.\n\nAPRA will use the information to supervise funds’ risk management of derivatives and for statistical reporting."}},"importantCases":[],"_links":{"self":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-83-of-2013-srs-534-0-derivat","history":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-83-of-2013-srs-534-0-derivat/history","analysis":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-83-of-2013-srs-534-0-derivat/analysis","conflicts":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-83-of-2013-srs-534-0-derivat/conflicts","importantCases":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-83-of-2013-srs-534-0-derivat/important-cases","documents":"/api/acts/financial-sector-collection-of-data-reporting-standard-determination-no-83-of-2013-srs-534-0-derivat/documents"}}