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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 31 of 2016 - RRS 391.0 - Commercial Finance.

Commercial Finance

Objective of this reporting standard

This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2000. It applies to relevant registered entities. In general terms these are entities described in the Schedule to this reporting standard.

Subject to what follows, this reporting standard requires a relevant registered entity to give APRA monthly statements in relation to commercial finance.

However, if there are two or more relevant registered entities of the same category[1] in a group of related bodies corporate (e.g. two or more money market corporations in the group), then only one of them is required to give APRA a statement in relation to commercial finance in any given month. That statement must cover all relevant registered entities of the same category in the group.

This reporting standard outlines the overall requirements for the provision of the required information to APRA. It should be read in conjunction with:

Form RRF 391.0.1 Commercial Finance in NSW;
Form RRF 391.0.2 Commercial Finance in VIC;
Form RRF 391.0.3 Commercial Finance in QLD;
Form RRF 391.0.4 Commercial Finance in SA;
Form RRF 391.0.5 Commercial Finance in WA;
Form RRF 391.0.6 Commercial Finance in TAS;
Form RRF 391.0.7 Commercial Finance in the NT;
Form RRF 391.0.8 Commercial Finance in the ACT; and

the instructions to those forms, all of which are attached and form part of this reporting standard.

Purpose

Data collected in Forms RRF 391.0.1 to RRF 391.0.8 is used for the purposes of the Reserve Bank of Australia. It may also be used by APRA, for the purpose of prudential supervision, and the Australian Bureau of Statistics.

Application

This reporting standard applies to all relevant registered entities.

Information required

Subject to paragraph 4, a relevant registered entity must provide APRA with the information required by Forms RRF 391.0.1 to RRF 391.0.8 in respect of a reporting period.
However, a relevant registered entity is not required to report in respect of a particular reporting period if another relevant registered entity has reported under this reporting standard in respect of that reporting period, and that other entity is both:

(a) a related body corporate of the first-mentioned registered entity; and

(b) of the same category as the first-mentioned registered entity.