Financial Sector (Collection of Data) (reporting standard) determination No. 9 of 2015 - SRS 331.0 - Services

1 Financial Sector (Collection of Data) (reporting standard) determination No. 9 of 2015 - SRS 331.0 - Services

Financial Sector (Collection of Data) (reporting standard) determination No. 9 of 2015

Reporting Standard SRS 331.0 Services

Financial Sector (Collection of Data) Act 2001

I, Charles Littrell, 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. 75 of 2013, including Reporting Standard SRS 331.0 Services made under that Determination; and

(b) DETERMINE Reporting Standard SRS 331.0 Services, 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, and the revoked reporting standard shall cease to apply, on 1 July 2015.

This instrument commences on the date of registration on the Federal Register of Legislative Instruments.

Dated: 10 June 2015

[Signed]

Charles Littrell

Executive General Manager

Policy, Statistics and International 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 SRS 331.0 Services comprises the 18 pages commencing on the following page.

Reporting Standard SRS 331.0

Services

Objective of this Reporting Standard

This Reporting Standard sets out the requirements for the provision of information to APRA relating to the services provided to a registrable superannuation entity.

It includes Form SRF 331.0 Services and associated specific instructions.

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 SRF 331.0 Services (SRF 331.0) is used by APRA for the purposes of prudential supervision and publication.

Application and commencement

3. This Reporting Standard applies to each registrable superannuation entity (RSE) licensee (RSE licensee) in respect of each RSE, defined benefit RSE, pooled superannuation trust (PST) and eligible rollover fund (ERF) within its business operations.[1]

4. This Reporting Standard applies for reporting periods ending on or after 1 July 2015.

Information required

5. An RSE licensee to which this Reporting Standard applies must provide APRA with the information required by SRF 331.0 in respect of each reporting period.

Forms and method of submission

6. The information required by this Reporting Standard must be given to APRA in electronic format using the ‘Direct to APRA’ application or, where ‘Direct to APRA’ is not available, by a method notified by APRA, in writing, prior to submission.

Note: the ‘Direct to APRA’ application software (also known as ‘D2A’) may be obtained from APRA.

Reporting periods and due dates

7. Subject to paragraph 8, an RSE licensee to which this Reporting Standard applies must provide the information required by this Reporting Standard in respect of each year of income of each RSE, defined benefit RSE, PST or ERF within its business operations.

8. If, having regard to the particular circumstances of an RSE, defined benefit RSE, PST or ERF, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by paragraph 7, APRA may, by notice in writing, change the reporting periods for the particular RSE, defined benefit RSE, PST or ERF.

9. The information required by this Reporting Standard must be provided to APRA:

(a) within three months after the end of the year of income to which the information relates; and

(b) in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.

10. APRA may grant, in writing, an RSE licensee an extension of a due date with respect to one or more RSEs, defined benefit RSEs, PSTs or ERFs within its business operations, in which case the new due date for the provision of the information will be the date on the notice of extension.

Quality control

11. The information provided by an RSE licensee under this Reporting Standard must be the product of systems, procedures and internal controls that have been reviewed and tested by the RSE auditor of the RSE, defined benefit RSE, PST or ERF to which the information relates.[2] This will require the RSE auditor to review and test the RSE licensee’s systems, procedures and internal controls designed to enable the RSE licensee to report reliable information to APRA. This review and testing must be done on:

(a) an annual basis or more frequently if necessary to enable the RSE auditor to form an opinion on the reliability and accuracy of information; and

(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of SPS 310.

12. All information provided by an RSE licensee under this Reporting Standard must be subject to systems, processes and controls developed by the RSE licensee for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the RSE licensee to ensure that an appropriate set of policies and procedures for the authorisation of information submitted to APRA is in place.

Authorisation

13. When an officer or agent of an RSE licensee provides the information required by this Reporting Standard using the ‘Direct to APRA’ software, it will be necessary for the officer or agent to digitally sign the relevant information using a digital certificate acceptable to APRA.

14. If the information required by this Reporting Standard is provided by an agent who submits using the ‘Direct to APRA’ software on the RSE licensee’s behalf, the RSE licensee must:

(a) obtain from the agent a copy of the completed form with the information provided to APRA; and

(b) retain the completed copy.

15. An officer or agent of an RSE licensee who submits the information under this Reporting Standard for, on behalf of, the RSE licensee must be authorised by either:

(a) the Chief Executive Officer of the RSE licensee; or

(b) the Chief Financial Officer of the RSE licensee.

Variations

16. APRA may, by written notice to an RSE licensee, vary the reporting requirements of SRF 331.0 in relation to that RSE licensee or one or more RSEs, defined benefit RSEs, PSTs or ERFs within that RSE licensee’s business operations.

Interpretation

17. In this Reporting Standard:

APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;

Chief Executive Officer means the chief executive officer of the RSE licensee, by whatever name called, and whether or not he or she is a member of the Board of the RSE licensee[3];

Chief Financial Officer means the chief financial officer of the RSE licensee, by whatever name called;

defined benefit RSE means an RSE that is a defined benefit fund within the meaning given in Prudential Standard SPS 160 Defined Benefit Matters;

due date means the relevant date under paragraph 9 or, if applicable, paragraph 10;

eligible rollover fund (ERF) has the meaning given in section 10(1) of the SIS Act;

pooled superannuation trust (PST) has the meaning given in section 10(1) of the SIS Act;

reporting period means a period mentioned in paragraph 7 or, if applicable, paragraph 8;

RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act that is not a defined benefit RSE, PST, ERF, small APRA fund or single member approved deposit fund[4];

RSE auditor means an auditor appointed by the RSE licensee to perform functions under this Reporting Standard;

RSE licensee has the meaning given in section 10(1) of the SIS Act;

SIS Act means Superannuation Industry (Supervision) Act 1993; and

year of income has the meaning given in section 10(1) of the SIS Act.

SRF 331.0: Services

Australian Business Number	Institution Name
Reporting Period	Scale Factor	Reporting Consolidation

Details of services

RSE licensee as service provider

<table cellspacing="0" cellpadding="0" style="width:451.95pt; border-collapse:collapse"><tbody><tr style="height:15.85pt"><td colspan="4" style="width:441.15pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="margin-left:35.45pt"><span style="font-family:Arial, sans-serif"><span>1.1.</span></span><span style="font:7pt 'Times New Roman'"> </span><span style="font-family:Arial, sans-serif">Information by role type</span></p></td></tr><tr style="height:15.85pt"><td style="width:149.95pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif; font-weight:bold">Role</span></p></td><td style="width:111.7pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif; font-weight:bold">Service provider status</span></p></td><td style="width:60.35pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif; font-weight:bold">Expense</span></p></td><td style="width:86.75pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif; font-weight:bold">Portion of business activity</span></p></td></tr><tr style="height:15.85pt"><td style="width:149.95pt; border-right:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif; font-weight:bold">(1)</span></p></td><td style="width:111.7pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif; font-weight:bold">(2)</span></p></td><td style="width:60.35pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif; font-weight:bold">(3)</span></p></td><td style="width:86.75pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif; font-weight:bold">(4)</span></p></td></tr><tr style="height:15.85pt"><td style="width:149.95pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif">Accountant</span></p></td><td style="width:111.7pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif">Existing</span></p></td><td style="width:60.35pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif"></span></p></td><td style="width:86.75pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.4pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif"></span></p></td></tr><tr style="height:15.85pt"><td style="width:149.95pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif">Administrator</span></p></td><td style="width:111.7pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif">New service provider</span></p></td><td style="width:60.35pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif"></span></p></td><td style="width:86.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif"></span></p></td></tr><tr style="height:15.85pt"><td style="width:149.95pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif">Asset consultant</span></p></td><td style="width:111.7pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif">No longer a service provider</span></p></td><td style="width:60.35pt; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif"></span></p></td><td style="width:86.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif"></span></p></td></tr><tr style="height:15.85pt"><td style="width:149.95pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif">Custodian</span></p></td><td style="width:111.7pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.03pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif"></span></p></td><td style="width:60.35pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif"></span></p></td><td style="width:86.75pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif"></span></p></td></tr><tr style="height:15.85pt"><td style="width:149.95pt; border:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:bottom"><p style="text-align:center; font-size:10pt"><span style="font-family:Arial, sans-serif">Financi