1Financial Sector (Collection of Data) (reporting standard) determination No. 7 of 2023

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Financial Sector (Collection of Data) (reporting standard) determination No. 7 of 2023

Reporting Standard GRS 114.2 Derivatives Activity

Financial Sector (Collection of Data) Act 2001

I, Michael Murphy, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901:

(a) REVOKE Financial Sector (Collection of Data) (reporting standard) determination No. 7 of 2013, including Reporting Standard GRS 114.2 Derivatives Activity made under that Determination; and

(b) DETERMINE Reporting Standard GRS 114.2 Derivatives Activity, in the form set out in the Schedule, which applies to the financial sector entities to the extent provided in paragraph 3 of the reporting standard.

Under section 15 of the Act, I DECLARE that the reporting standard shall begin to apply to those financial sector entities on 1 April 2023, and the revoked reporting standard shall cease to apply, on 1 April 2023.

This instrument commences on 1 April 2023.

Dated: 21 March 2023

Michael Murphy

General Manager – Chief Data Officer (Acting),

Technology and Data Division

Interpretation

In this Determination:

APRA means the Australian Prudential Regulation Authority.

financial sector entity has the meaning given by section 5 of the Act.

Schedule

Reporting Standard GRS 114.2 Derivatives Activity comprises the document commencing on the following page.

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Reporting Standard GRS 114.2

Derivatives Activity

Objective of this Reporting Standard

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a general insurer’s derivatives activities.

It includes Form GRF 114.2 Derivatives Activity and associated specific instructions and must be read in conjunction with the general instruction guide.

Authority

1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.

Purpose

2. Information collected in Form GRF 114.2 Derivatives Activity (GRF 114.2) is used by APRA for the purpose of prudential supervision including assessing compliance with the capital standards.

Application and commencement

3. This Reporting Standard applies to all general insurers authorised under the Insurance Act 1973 (insurers). This Reporting Standard applies for reporting periods ending on or after 1 April 2023.