This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires the trustee of a superannuation entity[1] to give APRA, on an annual basis, a statement of their top 10 exposures, including concentrations in exposure to a single or related counterparty and asset types.
This reporting standard outlines the overall requirements for the provision of the required information to APRA. It should be read in conjunction with:
Form SRF 220.0 Exposure Concentrations (Form SRF 220.0) and the instructions to that form; and
the Annual Reporting Requirements and General Instruction Guide
which are attached and form part of this reporting standard.
Purpose
Data collected in Form SRF 220.0 is used by APRA for the purpose of prudential supervision.
Application and commencement
This reporting standard will apply, from the date of registration of the reporting standard on the Federal Register of Legislative Instruments, to each trustee of a relevant registered superannuation entity, as defined by paragraph 3.
A superannuation entity is a relevant registered superannuation entity if, at the end of the most recent reporting period for the entity, it was not:
(a) a small APRA fund;
(b) a self managed superannuation fund; or
(c) a single member approved deposit fund.
Note : Part 2B of the SIS Act makes provision for the registration of superannuation entities. However, although it is expected that most superannuation entities covered by this reporting standard will become registered under Part 2B, either during or after the licensing transition period referred to in the SIS Act, it is not a requirement of the definition of ‘relevant registered superannuation entity’ that a superannuation entity actually be registered under Part 2B. A superannuation entity will be a ‘relevant registered superannuation entity’ if it meets the definition in paragraph 3 of this reporting standard, even if it has not been registered under Part 2B. This note is inserted for the avoidance of doubt.
Information required
The trustee of a relevant registered superannuation entity must provide APRA with the information required by Form SRF 220.0, in respect of the entity, for each reporting period.
For the avoidance of doubt, if the trustee is trustee of more than one relevant registered superannuation entity, the trustee must separately provide the information required by the form for each of those relevant registered superannuation entities.
Forms and method of submission
The information required by this reporting standard must be given to APRA by the trustee of a relevant registered superannuation entity either:
(a) where subparagraph (b) does not apply:
(i) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application; or
(ii) by manually completing Form SRF 220.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales; or
(b) by means of an agent to whom the trustee has outsourced the function of providing the information on the trustee’s behalf, in which case the agent must provide the information:
(i) in electronic form using the ‘Direct to APRA’ application, applying one of the electronic submission mechanisms under that application: or
(ii) if the agent has contacted APRA and advised that the agent cannot submit the information in electronic form under sub-subparagraph (i), by manually completing Form SRF 220.0 on paper and mailing the completed form to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales.
Note: The ‘Direct to APRA’ software and relevant forms may be obtained from APRA.
Note: See paragraphs 12, 13 and 14 for requirements relating to the authorisation of information provided under this reporting standard (which differ depending on how the information is provided).
Reporting periods and due dates
Subject to paragraph 8, the trustee of a relevant registered superannuation entity must provide the information required by this reporting standard in respect of each year of income (within the meaning of subsection 10(1) of the SIS Act of the entity.
Note: Under section 113 of the SIS Act there will be a requirement for the information to be audited, together with annual information required under other reporting standards.
APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular relevant registered superannuation entity to require the trustee to provide the information required by this reporting standard in respect of the entity:
(a) more frequently (if, having regard to the particular circumstances of the entity, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the entity); or
(b) less frequently (if, having regard to the particular circumstances of the entity and the extent to which it requires prudential supervision, APRA considers it unnecessary to require the trustee to provide the information on an annual basis).
The information required by this reporting standard must be provided to APRA within 4 months after the end of the reporting period to which it relates.
Note: The trustee must also give APRA an audit report relating to the information, and to annual information required under other reporting standards, within this time (see section 36 of the SIS Act).
APRA may grant a trustee an extension of a due date in writing, in which case the new due date for the provision of the information will be the date on the notice of extension.
Quality control
The information provided by a trustee under this reporting standard must be the product of processes and controls that have been reviewed and tested by the auditor of the insurer. This will require the auditor to review and test the systems, processes and controls supporting the reporting of the information to ensure that they produce accurate data and are otherwise reliable. This review and testing must be done on an annual basis or more frequently if necessary to enable the auditor to form an opinion on the accuracy and reliability of the data.
The information provided by a trustee under this reporting standard must be the product of processes and controls developed by the trustee for the internal review and authorisation of that information. It is the responsibility of the trustee to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
Authorisation
If the trustee of a relevant registered superannuation entity provides the information required by this reporting standard under subparagraph 6(a), then:
(a) if the trustee uses the ‘Direct to APRA’ application under sub-subparagraph 6(a)(i), an officer of the trustee must digitally sign, authorise and encrypt the information (for which purpose APRA’s certificate authority will issue digital certificates, for use with the ‘Direct to APRA’ application, to officers of the trustee who have authority from the trustee to transmit data to APRA); and
(b) if the trustee provides the information on paper under sub-subparagraph 6(a)(ii), the completed form must be signed by an officer of the trustee who is authorised by the trustee to complete and lodge the form.
If the trustee of a relevant registered superannuation entity provides the information required by this reporting standard through an agent under subparagraph 6(b), then:
(a) the agent will not be required to sign or authorise the information; but
(b) the trustee must:
(i) obtain from the agent a paper copy of the completed form as provided to APRA (whether it was provided under sub-subparagraph 6(b)(i) or (ii)); and
(ii) cause the paper copy to be signed by an officer of the trustee authorised by the trustee to sign the paper copy; and
(iii) lodge the signed paper copy with APRA by mailing it to APRA’s head office at Level 26, 400 George Street, Sydney, New South Wales, by the relevant due date (unless APRA, in writing, determines to waive the requirement under this sub-subparagraph, in relation to the trustee, or a class of trustees of which the trustee is a member, or all trustees).
Note: APRA may, for example, determine to waive the requirement under sub-subparagraph 14(b)(iii) where a trustee has undertaken to retain the signed copy of the completed form for an agreed period of time.
Minor alterations to form and instructions
APRA may make minor variations to:
(a) a form that is part of this reporting standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or
(b) the instructions to a form, to clarify their application to the form
without changing any substantive requirement in the form or instructions.
If APRA makes such a variation it must notify trustees of relevant registered superannuation entities in writing.
Transitional
If a reporting period of a relevant registered superannuation entity ended on 30 June 2005, or ends after that date, the trustee of the entity must report under this reporting standard in relation to the entity in respect of that reporting period.
Interpretation
In this reporting standard:
APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;
due date means the relevant due date under paragraph 9 or, if applicable, paragraph 10;
officer in relation to a trustee of a relevant registered superannuation entity means:
(a) if the trustee is a corporation – a director or officer of that corporation;
(b) if the trustee is a natural person – that person; or
(c) if two or more natural persons are trustees of the entity – one of those persons;
regulated superannuation fund has the meaning given by section 19 of the SIS Act;
relevant registered superannuation entity has the meaning given by paragraph 3 of this reporting standard;
reporting period means a period mentioned in paragraph 7 or, if applicable, paragraph 8;
self managed superannuation fund has the meaning given by section 17A of the SIS Act;
single-member approved deposit fund means an approved deposit fund (within the meaning of subsection 10(1) of the SIS Act) that has only one member;
SIS Act means the Superannuation Industry (Supervision) Act 1993;
small APRA fund means a regulated superannuation fund that has fewer than 5 members and is regulated by APRA under the SIS Act;
superannuation entity has the meaning given by subsection 10(1) of the SIS Act.
Note: Subsection 10(1) of the SIS Act provides that superannuation entity means a regulated superannuation fund, or an approved deposit fund, or a pooled superannuation trust (as defined in the SIS Act).