(2) The reporting standards may include matters relating to:
(a) the forms of reporting documents; and
(b) the information to be contained in reporting documents; and
(bb) the auditing of reporting documents; and
(c) the persons who are to sign reporting documents; and
(d) the times as at which, or the periods to which, the information in reporting documents is to relate; and
(e) the giving of reporting documents to APRA, and the specifying of, or the authorising of APRA to specify, the times before which, or the periods within which, those documents are to be so given; and
(f) the discretion of APRA, in particular cases, to vary reporting standards, including, but not limited to, the discretion to vary any times or periods specified in or under the standards as mentioned in paragraph (e).
(2A) Without limiting the matters that may be included in the reporting standards under paragraph (2)(b), the matters may relate to information (including personal information or tax file numbers, for example) that APRA requires to perform APRA’s functions under:
(a) Division 2AA of Part II of the Banking Act 1959; or
(b) Part VC of the Insurance Act 1973.
(2B) Without limiting the matters that may be included in the reporting standards, the matters may relate to reporting of amounts for the purposes of the Major Bank Levy Act 2017.
(2C) A reporting standard made under this section may make provision in relation to a matter mentioned in subsection (2B) by applying, adopting or incorporating any matter contained in any other instrument or writing as in force or existing from time to time.
(2D) Subsection (2C) has effect despite anything in subsection 14(2) of the Legislation Act 2003.
(3) The reporting standards may impose:
(a) different requirements to be complied with by different financial sector entities or classes of financial sector entities, including (to avoid doubt) requirements to be complied with only by a particular entity or particular entities; and
(b) different requirements to be complied with in different situations and in respect of different businesses or activities.
(4) A reporting standard that is determined for a particular financial sector entity may, in addition to, or instead of, a reporting standard that would apply to the entity apart from this subsection, require the entity to provide information relating to the consolidated position of the entity and its subsidiaries other than subsidiaries (if any) excluded from the requirement by that reporting standard.
(4A) A reporting standard may require an RSE licensee to provide information in relation to the investment of assets, or assets derived from assets, of the RSE licensee’s registrable superannuation entities (the relevant assets) by the RSE licensee or a person connected with the RSE licensee (the investor), including information about the following:
(a) any deductions (whether to cover fees, taxes, costs or for any other purpose) from the return on the investment made by the investor before all or part of the remainder of the return is paid or reinvested;
(aa) the extent to which the profits of the investor is attributable to deductions made by the investor;
(ab) if the return on the investment made by the investor is passed on (in whole or in part) to members of a regulated superannuation entity of the RSE licensee—the effect of any deduction by the investor on the amount passed on to the members;
(ac) if the investor is a person connected with the RSE licensee—the relationship between the RSE licensee and the investor;
(b) if the investor has invested all or part of the relevant assets in financial products or other property—the financial products or other property in which the investor has invested the relevant assets;
(c) if the investor has invested all or part of the relevant assets in a managed investment scheme (within the meaning of the Corporations Act 2001) and the assets of the scheme have been invested in whole or part in financial products or other property—the financial products or other property in which the assets of the scheme have been invested;
(d) if the investor has invested all or part of the relevant assets in a pooled superannuation trust or other kind of trust and the assets of the trust have been invested in whole or part in financial products or other property—the financial products or other property in which the assets of the trust have been invested;
(e) the operations of the investor.
(4B) If:
(a) a reporting standard requires an RSE licensee to provide information (the required information) in relation to the investment of relevant assets by the RSE licensee or a person connected with the RSE licensee; and
(b) the relevant assets are invested under a contract or other arrangement between:
(i) the RSE licensee, a related body corporate of the RSE licensee or a custodian in relation to the relevant assets and the RSE licensee or related body corporate (the first party); and
(ii) a person connected with the RSE licensee (the second party);
the contract or arrangement is taken to include:
(c) a term requiring the first party, at the time the relevant assets are invested or as soon as reasonably practicable after that time, to notify the second party that the assets are, or are derived from, a registrable superannuation entity; and
(d) a term requiring the second party, if notified by the first party in accordance with paragraph (c), to, as soon as reasonably practicable after being notified, provide the first party with the required information of which the second party is aware.
(4C) A person is connected with an RSE licensee for the purposes of subsections (4A) and (4B) if the person is:
(a) a related body corporate of the RSE licensee; or
(b) a custodian in relation to assets, or assets derived from assets, of the RSE licensee’s registrable superannuation entities, and in relation to the RSE licensee or a related body corporate of the RSE licensee; or
(c) a person who, under a contract or other arrangement with:
(i) the RSE licensee; or
(ii) a related body corporate of the RSE licensee; or
(iii) a custodian in relation to assets, or assets derived from assets, of the RSE licensee’s registrable superannuation entities, and in relation to the RSE licensee or a related body corporate of the RSE licensee;
invests assets, or assets derived from assets, of the RSE licensee’s registrable superannuation entities.
(4D) A reporting standard may require an RSE licensee to provide information in relation to any money, consideration or other benefit given to an entity (the receiving entity) by the RSE licensee or a person connected with the RSE licensee (the paying entity) out of the assets, or assets derived from assets, of a registrable superannuation entity of the RSE licensee, including information about the following:
(a) details of the receiving entity;
(b) details of how the money, consideration or benefit is given to the receiving entity;
(c) if the receiving entity is not the RSE licensee—the relationship between the receiving entity and the paying entity;
(d) the purpose for which the money, consideration or other benefit is given;
(e) the way in which the money, consideration or other benefit is used by the receiving entity, and any entity with which that entity deals, including the extent to which the receiving entity’s profit is attributable to that money, consideration or other benefit.
(4E) If:
(a) a reporting standard requires an RSE licensee to provide information (the required information) in relation to any money, consideration or other benefit given to a receiving entity by a paying entity out of the assets, or assets derived from assets, of a registrable superannuation entity of the RSE licensee; and
(b) the money, consideration or other benefit is given under a contract or other arrangement between the paying entity and the receiving entity;
the contract or arrangement is taken to include:
(c) a term requiring the paying entity, at the time the money, consideration or benefit is given or as soon as reasonably practicable after that time, to notify the receiving entity that the money, consideration or benefit is given out of assets, or assets derived from, a registrable superannuation entity; and
(d) a term requiring the receiving entity, if notified by the paying entity in accordance with paragraph (c), to, as soon as reasonably practicable after being notified, provide the paying entity with the required information of which the receiving party is aware.
(4F) A person is connected with an RSE licensee for the purposes of subsection (4D) if the person is:
(a) a related body corporate of the RSE licensee; or
(b) a custodian in relation to assets, or assets derived from assets, of the RSE licensee’s registrable superannuation entities, and in relation to the RSE licensee or a related body corporate of the RSE licensee; or
(c) a person who, under a contract or other arrangement with the RSE licensee or a person mentioned in paragraphs (a) or (b):
(i) invests assets, or assets derived from assets, of the RSE licensee’s registrable superannuation entities; or
(ii) provides a financial service (within the meaning of the Corporations Act 2001) in relation to assets, or assets derived from assets, of the RSE licensee’s registrable superannuation entities.
(4G) Subsections (4D) and (4E) do not apply in relation to any money, consideration or other benefit given to another entity by the RSE licensee if it is an investment of assets, or assets derived from assets, of the RSE licensee’s registrable superannuation entities by the RSE licensee.
(5) When preparing proposed reporting standards, subject to subsection (6), APRA must consult:
(a) if the standards would affect a class or classes of financial sector entities—the entities concerned or such associations or other bodies representing them as APRA thinks appropriate; or
(b) if the standards would affect only a particular financial sector entity or particular financial sector entities—the entity or entities concerned.
(6) However, subsection (5) does not apply if APRA is satisfied that the delay that would be involved in holding the consultations would:
(a) prejudice the interests of depositors, policy holders or members of the financial sector entity or financial sector entities concerned; or
(b) have a detrimental effect on the stability of the financial system.
(7) The validity of a reporting standard is not affected by any failure of APRA to hold consultations as required by subsection (5).
(9) If a financial sector entity is required by or under a reporting standard to give a reporting document to APRA before a particular time or within a particular period, the entity must comply with the requirement.