(b) for a DMF coming into existence afte(b) for a DMF coming into existence after 1 January 2008, by the later of 1 March 2008 and 14 days after becoming a DMF; and

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Turn the raw legal text into a practical explanation grounded in Financial Sector (Collection of Data) (reporting standard) determination No. 32 of 2007 - Reporting standard DRS 1.0 - Notification.

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Reporting Standard DRS 1.0

Notification

Objective of this reporting standard

This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. It requires all DMF entities to provide APRA with the Form DRF 1.0 Notification.

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

Purpose

Information collected in Form DRF 1.0 Notification (Form DRF 1.0) is used by APRA for the purpose of monitoring bodies in the finance sector.

Application and commencement

This reporting standard applies to all DMF entities from 1 January 2008.

Information required

A DMF entity must provide APRA with the information required by Form DRF 1.0 in respect of the DMF.

Forms and method of submission

The information required by this reporting standard must be given to APRA either:

(a) in electronic form, or

(b) by manually completing Form DRF 1.0 on paper and mailing or faxing the completed form to APRA’s head office.

Due date

The information must be provided to APRA:

(a) for a DMF existing as at 1 January 2008, by 1 March 2008;

(b) for a DMF coming into existence after 1 January 2008, by the later of 1 March 2008 and 14 days after becoming a DMF; and

(c) for an entity ceasing to be a DMF, within 14 days of ceasing to be a DMF.

In the event that the information (with the exception of information supplied in response to questions 5 and 6 of Form DRF 1.0) changes, a DMF entity must advise APRA of the details of the change within 14 days of the change.
APRA may grant 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 under this reporting standard must be the product of processes and controls developed by the DMF entity for the internal review and authorisation of that information. It is the responsibility of the DMF entity to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place.