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Financial Sector (Collection of Data) Act 2001
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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) Act 2001.
(1) If APRA gives a financial sector entity a copy of a reporting standard under subsection 13A(1), the financial sector entity must not disclose to any person: (a) that the financial sector entity has been given a copy of the reporting standard; or (b) any confidential information that is included in the reporting standard.
Penalty: Imprisonment for 2 years.
(2) However, subsection (1) does not apply if: (a) the disclosure is to: (i) APRA for the purposes of APRA performing APRA’s functions under this Act or any other law of the Commonwealth; or (ii) an employee, officer or contractor of the financial sector entity for the purposes of the employee, officer or contractor performing his or her duties in relation to reporting standards; or (iii) a lawyer for the financial sector entity; or (b) the disclosure is authorised under an Act or another law; or (c) the confidential information included in the reporting standard has already been lawfully made available to the public from other sources.
Note: A defendant bears an evidential burden in relation to the matters in subsection (2) (see subsection 13.3(3) of the Criminal Code).