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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 thinks that a reporting document given to APRA by a financial sector entity: (a) is incorrect, incomplete or misleading; or (b) does not comply with a reporting standard that applies to it; or (c) does not contain information, or adequate information, about a matter; APRA may give the entity written notice requesting it to give APRA in writing such explanation or information as is specified in the notice. (2) The notice must specify the period within which the explanation or information is to be given. The period specified must be not less than 14 days beginning on the day on which the notice is given. (3) If the notice requested the giving of an explanation and: (a) the entity fails to give the explanation; or (b) after considering the explanation given by the entity, APRA still thinks that the document is incorrect, incomplete or misleading or does not comply with the reporting standard; APRA may give the entity such written directions as APRA thinks necessary for the variation of the document so that it will cease to be incorrect, incomplete or misleading or will comply with the reporting standard, as the case may be. (4) If the notice requested the giving of information and: (a) the entity fails to give the information; or (b) APRA thinks that the information given is inadequate; APRA may give the entity such written directions as APRA thinks necessary for the giving of the information or the giving of adequate information. (5) Directions under subsection (3) or (4) must specify a period within which they are to be complied with. The period specified must not be less than 14 days beginning on the day on which the directions are given. (6) If, at any time, APRA is satisfied that a direction is no longer necessary or should be varied, APRA must give the financial sector entity written notice revoking or varying the direction, as the case may be. (7) If: (a) a financial sector entity applies to APRA to revoke or vary a direction; and (b) APRA thinks that the direction should be revoked or varied; APRA must give the entity written notice revoking or varying the direction, as the case may be. (8) A financial sector entity must comply with a direction given to it under subsection (3) or (4) or with such a direction as varied under subsection (6) or (7), as the case requires.
Penalty: 50 penalty units.
(9) To avoid doubt, section 4K of the Crimes Act 1914 applies to an obligation imposed by subsection (8).
Note: The effect of section 4K of the Crimes Act 1914 is that, if a financial sector entity refuses or fails to comply with a direction before the time, or within the period, specified in the direction, the obligation to comply with the direction continues after that time or that period with daily offences being committed until the direction is complied with.
(10) An offence for a contravention of subsection (8) is an offence of strict liability.