Section 1 - Financial Corporations (Initial Returns) Regulations - Financial Corporations (Initial Returns) Regulations

1Financial Corporations (Initial Returns) Regulations

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Financial Corporations (Initial Returns) Regulations

Statutory Rules 1974 No. 196 as amended

made under the

Financial Corporations Act 1974

This compilation was prepared on 4 July 2003
taking into account amendments up to SR 1989 No. 83

[Note: The enabling legislation for these Regulations were repealed by Act No. 121 of 2001]

Prepared by the Office of Legislative Drafting,
Attorney-General’s Department, Canberra

Contents

1 Citation [see Note 1]

2 Interpretation

3 Registered corporations to furnish statements of assets and liabilities

The Schedule

Notes

1 Citation [see Note 1]

These Regulations may be cited as the Financial Corporations (Initial Returns) Regulations.

2 Interpretation

In these Regulations, the Act means the Financial Corporations Act 1974.

3 Registered corporations to furnish statements of assets and liabilities

(1) A registered corporation shall, before the expiration of the prescribed period, furnish to the Reserve Bank a statement of assets and liabilities in accordance with the form in the Schedule.

(2) For the purposes of subregulation (1), the prescribed period is, in the case of a registered corporation which has furnished to the Reserve Bank the documents referred to in subsection 9 (6) of the Act before the date of commencement of these Regulations, the period of 45 days commencing on the date of commencement of these Regulations.

(3) For the purposes of subregulation (1), the prescribed period is, in the case of a registered corporation which furnishes to the Reserve Bank the documents mentioned in subsection 9 (6) of the Act on or after the date of commencement of these Regulations, the period of 45 days commencing on the date on which the corporation furnishes those documents to the Reserve Bank.

The Schedule

(regulation 3)

AUSTRALIA

Financial Corporations Act 1974

STATEMENT OF SELECTED LIABILITIES AND ASSETS IN AUSTRALIA AS AT / /19 .

Name of Registered Corporation:..........................................................................................................................

PART I

Australian Acts, State Acts and Territory Ordinances under which the corporation is registered or licensed for the purposes of borrowing money or providing finance.

.........................................…………………..............................................................................................................

(See Direction 4)	$	Special Directions
1. Borrowings from related corporations which are not banks	.....	4. (1) Include borrowings made by all means whatsoever but not amounts due to trade creditors for the purchase of goods or services.(2) Include only those bills of exchange payable which are not offset by contra claims on customers.
2. Borrowings from Banks	......	(3) Do not include interest which has accrued on borrowings but is not yet payable.
3. Borrowings from Governments (See Direction 5)	......	5. Include only advances made to the corporation under the terms of an Australian Act, State Act or a Territory Ordinance to be applied for specified purposes authorized by that Act or Ordinance.
	$
4. Borrowings from members (SeeDirection 6)(1) by shares(2) by deposits and other means	............	6. (1) This item is to be completed only by co-operative companies.(2) Building societies with fixed share capital shall not include in this item so much of their paid up capital as is not available to their shareholders for individual withdrawal by them.(3) Building societies which do not advance funds on a credit foncier basis shall not include the amounts to the credit of borrowing members’ share accounts in this item: these amounts should be set off against loans included in item 13.
5. Borrowings from others (See Direction 7)(1) repayable at call (See Direction 8)(2) repayable in six months or less but not at call(3) repayable in twelve months or less but not in six months or less(4) repayable after twelve months	........................	7. (1) These borrowings are to be grouped according to the respective periods remaining to their maturity or according to the respective periods of notice which are required before the funds can be withdrawn.(2) Borrowings which become repayable at call on the expiration of a specific term are to be classified according to the respective periods remaining until they become payable at call.8. Include borrowings with no fixed term or notice provisions and borrowings repayable on up to seven days call.
Division 2—Acceptances in Australia	$	Special Directions
6. Bills of exchange accepted on behalf of customers (See Directions 9)	.....	9. (1) Include only the values of bills of exchange accepted on behalf of customers in respect of which the registered corporation has rights to recover from the customers any amounts for which it is liable on the bills.(2) Do not include bills accepted which have been discounted by and are held by the corporation and which are to be included in item 12.
Division 3—Assets in Australia (See Direction 10)		10. (1) No sum shall be included for the value of any contingent asset in any amount entered in respect of an item or sub-item in Division 3 of Part II of this form.(2) Exclude contra claims on customers for acceptances of bills of exchange in calculating the amounts to be entered in Division 3 of Part II of this form.
7. Cash and bank deposits (See Direction 11)	.....	11. Include all deposits with banks including fixed deposits and deposits for which certificates of deposit are held by the registered corporation.
8. Loans to authorized dealers in the short term money market.	.....
	$
9. Other short term placements (See Direction 12)	.....	12. (1) Include only money repayable to the corporation at call or with an original term of 90 days or less held in marketable instruments or in loans on short term financial markets.(2) Do not include moneys placed with authorized dealers in the short term money market, with banks, with related corporations or in securities issued by the Australian Government, or moneys payable to the corporation on bills of exchange.
10. Government and public authority securities (See Direction 13)	.....	13. Include securities issued by the Australian Government and by local government and semi-government authorities in Australia.
11. Company securities (See Direction 14)	.....	14. (1) Include all forms of marketable securities other than shares issued by companies.(2) Do not include securities issued by related corporations; these amounts are to be included in item 14.(3) Do not includes securities, the values of which are to be included in the amount entered in item 9.
12. Bills of exchange and promissory notes discounted (See Direction 15)	......	15. Include only bills of exchange and promissory notes within the meaning of the Bills of Exchange Act 1909-1973 which have been discounted by and are held by the registered corporation. Include bills of exchange drawn on or promissory notes issued by statutory authorities.
	$
13. Other assets arising from the provision of finance (See Direction 16)(1) Loans and advances to finance housing (See Direction 17)(a) made to members of the registeredcorporation where the registered corporation isa co-operative company	......	16. (1) Do not include unmatured interest; corporations which show in their accounts interest accrued but not yet received are to show this interest in item 14.(2) In the case of permanent building societies which do not advance money on a credit foncier basis, show the total amount of loans outstanding less the total amount to the credit of borrowing members’ share accounts.
(b) other	......	17. (1) Include loans and advances for the purchase of existing houses, flats and home units, for the construction of housing, for additions or alterations to existing housing and for the purchase of residential blocks of land.(2) Do not include loans or advances made to finance the purchase of land for the purpose of sub-division: these amounts are to be included in sub-item 13 (7).
	......	(3) If the registered corporation is, in making this statement, unable to separate moneys lent or advanced to individuals to finance housing from other moneys lent or advanced to individuals because all loans and advances made by the corporation are made on the same terms and conditions, then the total of all loans and advances made by the corporation to individuals is to be included in sub-item 13 (9).
	$
(2) Loans and advances to and deposits with related corporations (See Direction 18)	......	18. Do not include loans and advances to or deposits with related corporations which are banks or authorized dealers in the short term money market.
(3) Loans and advances to rural producers (See Direction 19)	......	19. (1) Include loans and advances made to those engaged in agricultural and pastoral production.(2) Do not include loans to rural producers for the purchase of non-farm housing or domestic consumer goods or for the purchase of services unrelated to agricultural or pastoral production.
(4) Wholesale financing agreements (See Direction 20)	......	20. Include only finance provided to wholesalers and retailers for the acquisition of trading stock under bailment or other floor plan schemes.
(5) Factored accounts receivable (See Direction 21)	......	21. Include only the purchase of book debts (both trade debts and other debts) due to others.
(6) Leasing agreements (See Direction 22)	......	22. (1) Include only leasing agreements in relation to which the participation of the registered corporation is confined to the provision of finance.(2) Do not include leasing agreements where the goods leased are supplied by the registered corporation from its own stock.(3) Do not include charges not yet payable in respect of leasing agreements.
	$
(7) Other business loans, advances and deposits (See Direction 23)	......	23. Include all other loans and advances to and deposits with business enterprises and loans and advances to statutory authorities. Do not include amounts due from trade debtors as a consequence of the sale of goods or services; these amounts are to be included in item 14.
	$
(8) Instalment credit to finance retail sales (See Direction 24)(a) made to finance retail sales made by the registered corporation (See Direction 25)(b) made to members of the registered corporation where the registered corporation is a co-operative company(c) other	..................	24. (1) Include hire purchase transactions, time payment transactions and other arrangements under which finance is provided for goods sold in retail transactions and where payment for the goods is required to be made by regular instalments.(2) Do not include leasing schemes or finance provided for the purchase of land or buildings, property improvement, the purchase of business plant or business equipment, the purchase of farm machinery or farm equipment, the provision of services or the purchase of commercial vehicles.
	$
(9) Loans to individuals not included in any preceding sub-item in item 13(a) made to members of the registered corporation where the registered corporation is a co-operative company(b) other	............	25. (1) Where the registered corporation is a corporation of the type specified in paragraph 8 (1)(c) of the Act, (i.e. the corporation is engaged in selling goods by retail) include in respect of this sub-item the total amount outstanding on instalment credit agreements entered to finance the sale of goods by retail (other than lay-by sale agreements) in respect of goods sold by the registered corporation on terms under which payment in full for the goods is not required to be made before the expiration of three months from the day on which the agreement for the sale was made and under which payment is required to be made by regular instalments.(2) Amounts due on customer charge accounts which have been excluded from sub-item 13 (8) shall be included in item 14.
(10) Other loans, advances and deposits (See Direction 26)	......	26. (1) Include all loans, advances and deposits not included elsewhere.(2) Include loans to non-business organizations such as charitable and religious organizations.
	$
14. Other assets in Australia (See Direction 27)15. Total assets in Australia other than contra claims on customers for acceptances of bills of exchange	............	27. Include all assets the values of which have not been included in any other amount entered in Division 3 of Part I of the statement: include the value of land, premises and other fixed assets and goods on hand; the value of shares; amounts due from trade debtors as a consequence of the sale of goods and services and, in the case of registered corporations engaged in the sale of goods by retail, amounts due on customer charge accounts not included in sub-item 13 (8).

(See Direction 4)

Special Directions

1. Borrowings from related corporations which are not banks

.....

4. (1) Include borrowings made by all means whatsoever but not amounts due to trade creditors for the purchase of goods or services.(2) Include only those bills of exchange payable which are not offset by contra claims on customers.

2. Borrowings from Banks

......

(3) Do not include interest which has accrued on borrowings but is not yet payable.

3. Borrowings from Governments (See Direction 5)

......

5. Include only advances made to the corporation under the terms of an Australian Act, State Act or a Territory Ordinance to be applied for specified purposes authorized by that Act or Ordinance.

4. Borrowings from members (SeeDirection 6)(1) by shares(2) by deposits and other means

............

6. (1) This item is to be completed only by co-operative companies.(2) Building societies with fixed share capital shall not include in this item so much of their paid up capital as is not available to their shareholders for individual withdrawal by them.(3) Building societies which do not advance funds on a credit foncier basis shall not include the amounts to the credit of borrowing members’ share accounts in this item: these amounts should be set off against loans included in item 13.

5. Borrowings from others (See Direction 7)(1) repayable at call (See Direction 8)(2) repayable in six months or less but not at call(3) repayable in twelve months or less but not in six months or less(4) repayable after twelve months

........................

7. (1) These borrowings are to be grouped according to the respective periods remaining to their maturity or according to the respective periods of notice which are required before the funds can be withdrawn.(2) Borrowings which become repayable at call on the expiration of a specific term are to be classified according to the respective periods remaining until they become payable at call.8. Include borrowings with no fixed term or notice provisions and borrowings repayable on up to seven days call.

Division 2—Acceptances in Australia

Special Directions

6. Bills of exchange accepted on behalf of customers (See Directions 9)

.....

9. (1) Include only the values of bills of exchange accepted on behalf of customers in respect of which the registered corporation has rights to recover from the customers any amounts for which it is liable on the bills.(2) Do not include bills accepted which have been discounted by and are held by the corporation and which are to be included in item 12.

Division 3—Assets in Australia (See Direction 10)

10. (1) No sum shall be included for the value of any contingent asset in any amount entered in respect of an item or sub-item in Division 3 of Part II of this form.(2) Exclude contra claims on customers for acceptances of bills of exchange in calculating the amounts to be entered in Division 3 of Part II of this form.

7. Cash and bank deposits (See Direction 11)

.....

11. Include all deposits with banks including fixed deposits and deposits for which certificates of deposit are held by the registered corporation.

8. Loans to authorized dealers in the short term money market.

.....

9. Other short term placements (See Direction 12)

.....

12. (1) Include only money repayable to the corporation at call or with an original term of 90 days or less held in marketable instruments or in loans on short term financial markets.(2) Do not include moneys placed with authorized dealers in the short term money market, with banks, with related corporations or in securities issued by the Australian Government, or moneys payable to the corporation on bills of exchange.

10. Government and public authority securities (See Direction 13)

.....

13. Include securities issued by the Australian Government and by local government and semi-government authorities in Australia.

11. Company securities (See Direction 14)

.....

14. (1) Include all forms of marketable securities other than shares issued by companies.(2) Do not include securities issued by related corporations; these amounts are to be included in item 14.(3) Do not includes securities, the values of which are to be included in the amount entered in item 9.

12. Bills of exchange and promissory notes discounted (See Direction 15)

......

15. Include only bills of exchange and promissory notes within the meaning of the Bills of Exchange Act 1909-1973 which have been discounted by and are held by the registered corporation. Include bills of exchange drawn on or promissory notes issued by statutory authorities.

13. Other assets arising from the provision of finance (See Direction 16)(1) Loans and advances to finance housing (See Direction 17)(a) made to members of the registeredcorporation where the registered corporation isa co-operative company

......

16. (1) Do not include unmatured interest; corporations which show in their accounts interest accrued but not yet received are to show this interest in item 14.(2) In the case of permanent building societies which do not advance money on a credit foncier basis, show the total amount of loans outstanding less the total amount to the credit of borrowing members’ share accounts.

(b) other

......

17. (1) Include loans and advances for the purchase of existing houses, flats and home units, for the construction of housing, for additions or alterations to existing housing and for the purchase of residential blocks of land.(2) Do not include loans or advances made to finance the purchase of land for the purpose of sub-division: these amounts are to be included in sub-item 13 (7).

......

(3) If the registered corporation is, in making this statement, unable to separate moneys lent or advanced to individuals to finance housing from other moneys lent or advanced to individuals because all loans and advances made by the corporation are made on the same terms and conditions, then the total of all loans and advances made by the corporation to individuals is to be included in sub-item 13 (9).

(2) Loans and advances to and deposits with related corporations (See Direction 18)

......

18. Do not include loans and advances to or deposits with related corporations which are banks or authorized dealers in the short term money market.

(3) Loans and advances to rural producers (See Direction 19)

......

19. (1) Include loans and advances made to those engaged in agricultural and pastoral production.(2) Do not include loans to rural producers for the purchase of non-farm housing or domestic consumer goods or for the purchase of services unrelated to agricultural or pastoral production.

(4) Wholesale financing agreements (See Direction 20)

......

20. Include only finance provided to wholesalers and retailers for the acquisition of trading stock under bailment or other floor plan schemes.

(5) Factored accounts receivable (See Direction 21)

......

21. Include only the purchase of book debts (both trade debts and other debts) due to others.

(6) Leasing agreements (See Direction 22)

......

22. (1) Include only leasing agreements in relation to which the participation of the registered corporation is confined to the provision of finance.(2) Do not include leasing agreements where the goods leased are supplied by the registered corporation from its own stock.(3) Do not include charges not yet payable in respect of leasing agreements.

(7) Other business loans, advances and deposits (See Direction 23)

......

23. Include all other loans and advances to and deposits with business enterprises and loans and advances to statutory authorities. Do not include amounts due from trade debtors as a consequence of the sale of goods or services; these amounts are to be included in item 14.

(8) Instalment credit to finance retail sales (See Direction 24)(a) made to finance retail sales made by the registered corporation (See Direction 25)(b) made to members of the registered corporation where the registered corporation is a co-operative company(c) other

..................

24. (1) Include hire purchase transactions, time payment transactions and other arrangements under which finance is provided for goods sold in retail transactions and where payment for the goods is required to be made by regular instalments.(2) Do not include leasing schemes or finance provided for the purchase of land or buildings, property improvement, the purchase of business plant or business equipment, the purchase of farm machinery or farm equipment, the provision of services or the purchase of commercial vehicles.

(9) Loans to individuals not included in any preceding sub-item in item 13(a) made to members of the registered corporation where the registered corporation is a co-operative company(b) other

............

25. (1) Where the registered corporation is a corporation of the type specified in paragraph 8 (1)(c) of the Act, (i.e. the corporation is engaged in selling goods by retail) include in respect of this sub-item the total amount outstanding on instalment credit agreements entered to finance the sale of goods by retail (other than lay-by sale agreements) in respect of goods sold by the registered corporation on terms under which payment in full for the goods is not required to be made before the expiration of three months from the day on which the agreement for the sale was made and under which payment is required to be made by regular instalments.(2) Amounts due on customer charge accounts which have been excluded from sub-item 13 (8) shall be included in item 14.

(10) Other loans, advances and deposits (See Direction 26)

......

26. (1) Include all loans, advances and deposits not included elsewhere.(2) Include loans to non-business organizations such as charitable and religious organizations.

14. Other assets in Australia (See Direction 27)15. Total assets in Australia other than contra claims on customers for acceptances of bills of exchange

............

27. Include all assets the values of which have not been included in any other amount entered in Division 3 of Part I of the statement: include the value of land, premises and other fixed assets and goods on hand; the value of shares; amounts due from trade debtors as a consequence of the sale of goods and services and, in the case of registered corporations engaged in the sale of goods by retail, amounts due on customer charge accounts not included in sub-item 13 (8).

Year andnumber	Date of notificationin Gazette	Date ofcommencement	Application, saving ortransitional provisions
1974 No. 196	16 Oct 1974	16 Oct 1974
1989 No. 83	4 May 1989	4 May 1989	—