Financial Sector (Collection of Data) (reporting standard) determination No. 30 of 2006 - Reporting Standard ARS 326.0 - Offshore Banking Units
Reporting Standard ARS 326.0Reporting Standard ARS 326.0
Start here
Get a plain-English read of Reporting Standard ARS 326.0
Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 30 of 2006 - Reporting Standard ARS 326.0 - Offshore Banking Units.
This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires all banks, including banks that are foreign authorised deposit-taking institutions operating in Australia through branch operations, to report to APRA, generally on a monthly basis, in relation to their offshore banking units.
This reporting standard outlines the overall requirements for the provision of relevant information to APRA. It should be read in conjunction with Form ARF 326.0 Offshore Banking Units and the associated instructions (both of which are attached and form part of this reporting standard).
Purpose
Data collected in Form ARF 326.0 Offshore Banking Units (Form ARF 326.0) is used by APRA for the purpose of prudential supervision. It may also be used by the Reserve Bank of Australia and the Australian Bureau of Statistics.
Application
This reporting standard applies to all banks.
Information required
A bank must provide APRA with the information required by the Form ARF 326.0 for each reporting period.
Forms and method of submission
The information required by this reporting standard must be given to APRA either:
(a) in electronic form, using one of the electronic submission mechanisms provided by the ‘Direct to APRA’ (also known as ‘D2A’) application; or
(b) manually completed on paper, which must be faxed or mailed to APRA’s head office.
Note: the Direct to APRA application software and paper forms may be obtained from APRA.
Reporting periods and due dates
Subject to paragraph 6, a bank must provide the information required by this reporting standard for each calendar month.
APRA may, by notice in writing, change the reporting periods, or specified reporting periods, for a particular bank, to require it to provide the information required by this reporting standard more frequently, or less frequently, having regard to:
(a) the particular circumstances of the bank;
(b) the extent to which the information is required for the purposes of the prudential supervision of the bank; and
(c) the requirements of the Reserve Bank of Australia or the Australian Bureau of Statistics.
The information required by this reporting standard must be provided to APRA by 10 business days after the end of the reporting period to which it relates.
APRA may grant a bank 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.
Authorisation
All information provided by a bank under this reporting standard must be subject to processes and controls developed by the bank for the internal review and authorisation of that information. It is the responsibility of the board and senior management of the bank to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.
If a bank submits information under this reporting standard using the ‘Direct to APRA’ software, it will be necessary for an officer of the bank to digitally sign, authorise and encrypt the relevant data. For this purpose, APRA’s certificate authority will issue ‘digital certificates’, for use with the software, to officers of the bank who have authority from the bank to transmit the data to APRA.
If information under this reporting standard is provided in paper form, it must be signed on the front page of the relevant completed form by either:
(a) the Principal Executive Officer of the bank; or
(b) the Chief Financial Officer of the bank (whatever his or her official title may be).
Minor alterations to forms 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 in writing each bank that is required to report under this reporting standard.
Transitional
A bank must report under the old reporting standard in respect of a transitional reporting period. For these purposes:
old reporting standard means the reporting standard revoked in the determination making this reporting standard (being the reporting standard which this reporting standard replaces).
transitional reporting period means a reporting period under the old reporting standard:
(a) which ended before the date of revocation of the old reporting standard; and
(b) in relation to which the bank was required, under the old reporting standard, to report by a date on or after the date of revocation of the old reporting standard.
Interpretation - classifications of ADIs
In this reporting standard:
ADI means an authorised deposit-taking institution within the meaning of the Banking Act 1959.
ADI list means the attached ADI list.
bank means an ADI whose name appears under the heading ‘Australian-owned Banks’, ‘Foreign Subsidiary Banks’ or ‘Branches of Foreign Banks’ in the ADI list.
foreign ADI means an ADI that is not incorporated in Australia.
If an ADI is not in the ADI list, then if the ADI assumes or uses the word ‘bank’ in relation to its financial business, it is taken to be a bank for the purposes of this reporting standard.
APRA may in writing determine that an ADI is taken to be bank for the purposes of this reporting standard (even if, under paragraph 15 or 16, it comes within a different classification).
Interpretation - other definitions
In this standard:
business days means ordinary business days, exclusive of Saturdays, Sundays and public holidays.
Principal Executive Officer means the principal executive officer of the bank for the time being, by whatever name called, and whether or not he or she is a member of the governing board of the entity.
reporting period means a reporting period under paragraph 5 or, if applicable, paragraph 6.
The ADI list
Australian-owned Banks
Adelaide Bank Limited
AMP Bank Limited
Australia and New Zealand Banking Group Limited
Bank of Queensland Limited
Bendigo Bank Limited
Commonwealth Bank of Australia
Commonwealth Development Bank of Australia Limited (a subsidiary of Commonwealth Bank of Australia)
Elders Rural Bank Limited
Macquarie Bank Limited
Members Equity Bank Pty Limited
National Australia Bank Limited
St George Bank Limited
Suncorp-Metway Limited
Westpac Banking Corporation
Foreign Subsidiary Banks
Arab Bank Australia Limited
Bank of China (Australia) Limited
Bank of Cyprus Australia Pty Limited
BankWest (the trading name of Bank of Western Australia Limited, a foreign subsidiary bank following its sale to Bank of Scotland in December 1995)
Citigroup Pty Limited
HSBC Bank Australia Limited
ING Bank (Australia) Limited
Investec Bank (Australia) Limited
Laiki Bank (Australia) Limited
NM Rothschild & Sons (Australia) Limited
Rabobank Australia Limited (a subsidiary of Rabobank Nederland from October 1994)
Branches of Foreign Banks
ABN AMRO Bank N.V.
Bank of America, National Association
Bank of China (subject to depositor protection provisions of the Banking Act 1959)
Bank of Tokyo-Mitsubishi UFJ, Ltd
Barclays Capital (the trading name of Barclays Bank plc)
BNP Paribas
Citibank N.A.
Credit Suisse
Deutsche Bank AG
HBOS Treasury Services plc
HSBC Bank plc
ING Bank NV
JPMorgan Chase Bank, National Association
Mizuho Corporate Bank, Ltd
Oversea-Chinese Banking Corporation Limited
Rabobank Nederland (the trading name of Co-operative Central Raiffeisen-Boerenleenbank B.A.)
Royal Bank of Canada
Société Générale
Standard Chartered Bank
State Bank of India
State Street Bank and Trust Company
The International Commercial Bank of China
The Royal Bank of Scotland Plc
The Toronto-Dominion Bank
Taiwan Business Bank
UBS AG
United Overseas Bank Limited
WestLB AG
Building Societies
ABS Building Society Ltd
B & E Ltd
Greater Building Society Ltd
Heritage Building Society Limited
Home Building Society Ltd
Hume Building Society Ltd
IMB Ltd
Lifeplan Australia Building Society Limited
Mackay Permanent Building Society Ltd
Maitland Mutual Building Society Limited
Newcastle Permanent Building Society Ltd
Pioneer Permanent Building Society Limited
The Rock Building Society Limited
Wide Bay Australia Ltd
Credit Unions
Alliance One Credit Union Ltd
AMP Employees' & Agents Credit Union Limited
Austral Credit Union Limited
Australian Central Credit Union Limited
Australian Country Credit Union Ltd (trading as Reliance Credit Union)
Australian Defence Credit Union Ltd
AWA Credit Union Limited
Bananacoast Community Credit Union Ltd
Bankstown City Credit Union Ltd
Berrima District Credit Union Ltd
Big Sky Credit Union Ltd
Blue Mountains and Riverlands Community Credit Union Ltd
These companies are run by industry bodies and provide services (eg payments clearing) to member building societies and credit unions.
Australian Settlements Limited
Credit Union Services Corporation (Australia) Limited
Indue Ltd
One ADI that provides general banking services which does not fall into the other categories.
Cairns Penny Savings & Loans Limited
Authorised Non-Operating Holding Companies
HBOS Australia Pty Ltd
Part Reporting Standard ARS 326.0 - Financial Sector (Collection of Data) (reporting standard) determination No. 30 of 2006 - Reporting Standard ARS 326.0 - Offshore Banking Units - Reporting Standard ARS 326.0 | Zoe