Financial Sector (Collection of Data) (reporting standard) determination No. 24 of 2014 - SRS 532.0 - Investment Exposure Concentrations

Link to law: https://www.comlaw.gov.au/Details/F2014L00542

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Financial Sector (Collection of Data) (reporting standard) determination No. 24 of 2014
Reporting Standard SRS 532.0 Investment Exposure Concentrations
Financial Sector (Collection of Data) Act 2001
 
I, Steven Davies, 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. 81 of 2013, including Reporting Standard SRS 532.0 Investment Exposure Concentrations made under that Determination; and
 
(b)          DETERMINE Reporting Standard SRS 532.0 Investment Exposure Concentrations, 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 2014.
 
This instrument commences on 1 July 2014.
 
 
Dated: 9 May 2014
 
[Signed]
 
Steven Davies
General Manager, Statistics
 
 
 
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 532.0 Investment Exposure Concentrations comprises the 29 pages commencing on the following page.
 

 
Reporting Standard SRS 532.0
Investment Exposure Concentrations
Objective of this Reporting Standard
This Reporting Standard sets out the requirements for the provision of information to APRA relating to movements in the investments of a registrable superannuation entity.
It includes Form SRF 532.0 Investment Exposure Concentrations and associated specific instructions and must be read in conjunction with Prudential Standard SPS 530 Investment Governance.
 
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 532.0 Investment Exposure Concentrations (SRF 532.0) is used by APRA for the purposes of prudential supervision and publication, including assessing compliance with Prudential Standard SPS 530 Investment Governance. It may also be used by the Australian Bureau of Statistics.
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 2014.
Information required
5.             An RSE licensee to which this Reporting Standard applies must provide APRA with the information required by SRF 532.0 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 quarter based on the 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)           in the case of quarterly information:
(i)            for reporting periods ending on or after 1 July 2014  but before 1 July 2015 – within 35 calendar days after the end of the quarter to which the information relates[2]; and
(ii)          for reporting periods ending on or after 1 July 2015 – within 28 calendar days after the end of the quarter 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.[3] 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 532.0 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[4];
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 and, in relation to the period between 1 July 2013 and 31 December 2013, includes an existing ERF within the meaning given in section 391 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(a) or 7(b) 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[5];
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 532.0: Investment Exposure Concentrations
 
Australian Business Number
Institution Name

 

Reporting Period
Scale Factor
Reporting Consolidation

 

 
1.    Directly held investments - large exposures
 
Name
Value
Asset class type
Asset domicile type
Asset listing type
Fixed income type

(1)
(2)
(3)
(4)
(5)
(6)

Cash
Australia domicile
Listed
Government debt

Fixed income
International domicile
Unlisted
non Government debt

Equity
Not applicable
Not applicable
Mortgage debt

Property
 
 
Credit

Infrastructure
 
 
Not applicable

Commodities
 
 
 

Other
 
 
 

 
Fixed income currency type
Counterparty credit rating
Fixed income term
Mortgage type
International economy type
Exposure type

(7)
(8)
(9)
(10)
(11)
(12)

Australian dollars
Grade 1
Short term
Residential mortgage
Emerging markets
MySuper product

Other currency
Grade 2
Long term
Commercial mortgage
Developed markets
Defined benefit interests

Not applicable
Grade 3
Not applicable
Not applicable
Not applicable
Both MySuper product and defined benefit interests

 
Grade 4
 
 
 
Neither

 
Grade 5
 
 
 
 

 
Grade 6
 
 
 
 

 
Grade 7
 
 
 
 

 
Not applicable
 
 
 
 

 
1.1.  Total directly held large exposures
 
 
 
 
2.    Indirectly held investments - large exposures
 
2.1.  Indirectly held investments - large exposures by asset class

Name
ABN
Investment vehicle type
Investment vehicle domicile type
Asset class type
Asset domicile type

(1)
(2)
(3)
(4)
(5)
(6)

Cash management trust
Australia domicile
Cash
Australia domicile

Life company guaranteed
International domicile
Fixed income
International domicile

 
 
Life company investment linked
Not applicable
Equity
Not applicable

 
 
Listed retail trust
 
Property
 

 
 
Pooled superannuation trust
 
Infrastructure
 

 
 
Unlisted retail trust
 
Commodities
 

 
 
Wholesale trust
 
Other investments
 

 
 
Other indirect investment
 
 
 

 
Asset listing type
Fixed income type
Fixed income currency type
Value
Gearing proportion

(7)
(8)
(9)
(10)
(11)

Listed
Government debt
Australian dollars
 
 

Unlisted
Non Government debt
Other currency
 
 

Not applicable
Mortgage debt
Not applicable
 
 

 
Credit
 
 
 

 
Not applicable
 
 
 

 
2.2.  Total value of indirectly held large exposures
 
 
 
 
2.3.  Indirectly held investments - large exposures by MySuper products and defined benefits

Name
ABN
Associate
Review date
Exposure type

(1)
(2)
(3)
(4)
(5)

Yes
 
MySuper product

No
 
Defined benefit interests

 
 
Both MySuper product and defined benefit interests

 
 
Neither

 
 
3.    Indirectly held investments - exposure concentrations in underlying investment vehicles
 
Indirectly held investment vehicle name
Indirectly held investment vehicle ABN
Interposed associates

(1)
(2)
(3)


1. 
2. 
3. 
3.1. 
 
Underlying investment vehicle name
Underlying investment vehicle ABN
Type of underlying investment vehicle
Underlying investment value
Invests in investment vehicles
Associate

(4)
(5)
(6)
(7)
(8)
(9)

 
 
Cash management trust
 
Yes
Yes

Life company guaranteed
No
No

Life company investment linked

Listed retail trust

Pooled superannuation trust

Unlisted retail trust

Wholesale trust

Other indirect investment

 
Large exposures by country of investment
 
4.    Directly held investments - large exposures by country of investment
 
Country
Value

(1)
(2)

Country list

 
5.    Indirectly held investments - large exposures by international exposure
 
Domicile of investment vehicle
Associate
International region exposure
Country
Value

(1)
(2)
(3)
(4)
(5)

Country list
Yes
Global
Country list

No
Americas region
Not applicable

Asia region

Europe region

Mid East or Africa region

Oceania region

Individual country

 
 
Large exposures in unlisted investments
 
6.    Unlisted investments
 
Entity type
Name
ABN
Associate
Ownership percentage
Initial Cost

(1)
(2)
(3)
(4)
(5)
(6)

Unlisted corporation
Yes
 

Unlisted private trust
No
 

Limited partnership
 

Joint venture
 

 
Value
Distributions
Commitments outstanding
Exposure type

(7)
(8)
(9)
(10)

MySuper product

Defined benefit interests

Both MySuper product and defined benefit interests

Neither

 
 
Reporting Form SRF 532.0
Investment Exposure Concentrations
Instructions
These instructions assist completion of Reporting Form SRF 532.0 Investment Exposure Concentrations (SRF 532.0). SRF 532.0 collects information on investment exposure concentrations of an RSE. Information reported in SRF 532.0 is required primarily for prudential and publication purposes. Information reported on SRF 532.0 is also required for the purposes of the Australian Bureau of Statistics.
Reporting level
SRF 532.0 must be completed for each RSE, defined benefit RSE, pooled superannuation trust (PST) and eligible rollover fund (ERF).
Reporting basis and unit of measurement
Report all items on SRF 532.0 in accordance with the Australian Accounting Standards unless otherwise specified.
Assets and liabilities denominated in currencies other than AUD are to be converted to AUD using the mid-point rate (of market buying and selling spot quotations) effective as at the end of the reporting period. An RSE licensee is free to use those AUD exchange rates that it judges to be a representative closing mid-market rate as at the end of the reporting period. However, to ensure consistency across related returns and to assist in the reconciliation between these returns, an RSE licensee should attempt to use the same exchange rates across all returns to APRA.
Note: for the major currencies, an RSE licensee may want to use the exchange rates available in the Reserve Bank of Australia (RBA), which are available on the RBA website: http://www.rba.gov.au/statistics/hist-exchange-rates/index.html.
Items on SRF 532.0 must be reported as at the end of the reporting period or with respect to transactions that occurred during the reporting period. Report information with respect to transactions occurred during the reporting period on a year to date basis, rather than for the individual quarter alone.
Items on SRF 532.0 are to be reported as thousands of dollars, percentages and dates. Report percentages as a whole number to one decimal place, i.e. 10 per cent is to be reported as 10.0. Report dates as DD/MM/YYYY.
Items on SRF 532.0 are to be reported on a non look through basis or a look through basis. A look through basis is where information about the underlying investments in an investment vehicle must be reported.
These instructions specify the unit of measurement and look through basis that applies to each item.
Specific instructions  
Report large exposures only on SRF 532.0. A large exposure means an investment that represents at least one per cent of the assets of the RSE.
Terms highlighted in bold italics indicate that the definition is provided in these instructions. Additional definitions are provided at the end of these instructions.
Where the relevant organisation does not have an ABN, leave the ABN field blank e.g. where the organisation is domiciled in an overseas jurisdiction.
Directly held investments – large exposures
Item 1 collects large exposures that are directly held.
Unit of measurement: report item 1 column 2 and item 1.1 in thousands of dollars.
Look through basis: report item 1 on a non look through basis.
Item 1
Report each directly held large exposure as a separate line in item 1. Report indirectly held large exposures in item 2.
For each directly held large exposure report the name of the investment in column 1, the value of the investment in column 2, the asset class type in column 3, the asset domicile type in column 4, the asset listing type in column 5, the fixed income type in column 6, the fixed income currency type in column 7, the counterparty credit rating in column 8, the fixed income term in column 9, the mortgage type in column 10, international economy type in column 11 and the exposure type in column 12.
Item 1.1 is a derived item. Report total directly held large exposures in item 1.1 as equal to the sum of values reported in item 1 column 2.
The asset class types are: cash, fixed income, equity, property, infrastructure, commodities and ‘other’.
The asset domicile types are: Australia domicile, international domicile and ‘not applicable’. Where the asset domicile is not known, report asset domicile type as ‘not applicable’.
The asset listing types are: listed, unlisted and ‘not applicable’. Report asset listing type as ‘not applicable’ for asset class type cash or fixed income. Where the asset listing is not known, report asset listing type as ‘not applicable’.
The fixed income types are: Government debt, non Government debt, mortgage debt, credit and ‘not applicable’. Fixed income types are only applicable to the asset class type fixed income. For asset class type fixed income, where the fixed income type is not known, report fixed income type as ‘not applicable’.
The fixed income currency types are: Australian dollars, other currency and ‘not applicable’. Fixed income currency types are only applicable to the asset class type fixed income. For asset class type fixed income, where the fixed income currency is not known, report fixed income currency as ‘not applicable’.
The fixed income terms are: short term, long term and ‘not applicable’. Fixed income terms are only applicable to the asset class type fixed income. For asset class type fixed income, where the fixed income term is not known, report fixed income term as ‘not applicable’.
The mortgage types are: residential mortgage, commercial mortgage and ‘not applicable’. Mortgage types are only applicable to the fixed income type mortgage debt. For the fixed income type mortgage debt, where the mortgage type is not known, report mortgage type as ‘not applicable’.
The international economy types are: emerging markets, developed markets and ‘not applicable’. International economy types are only applicable to the asset domicile type international domicile. For the asset domicile type international domicile, where the international economy type is not known, report international economy type as ‘not applicable’.
The counterparty credit ratings are: grade 1, grade 2, grade 3, grade 4, grade 5, grade 6, grade 7 and ‘not applicable’. The counterparty credit ratings are only applicable to the asset class type fixed income. For asset class type fixed income, where the counterparty credit rating is not known, report counterparty credit rating as ‘not applicable’.
The exposure types are: ‘MySuper product’ if any MySuper product in the RSE are exposed to the investment; ‘defined benefit interests’ if any defined benefit interests in the RSE are exposed to the investment, ‘MySuper product and defined benefit interests’ if both MySuper product and defined benefit interests in the RSE are exposed to the investment and ‘neither’ if neither MySuper product or defined benefit interests in the RSE are exposed to the investment.
An investment is to be reported as asset class type ‘other’ for reasons including, but not limited to, (a) an RSE licensee does not have sufficient information about an investment to classify it into one or more asset classes; or (b) an investment is in a different category than the relevant combinations of: asset class type, asset domicile type, asset listing type, fixed income type, fixed income currency, fixed income term, mortgage type, international economy type and counterparty credit rating.
Exclude from asset class type ‘other’ investments in multi-asset class investment vehicles such as cash management trust, life company guaranteed, life company investment linked, listed retail trust, pooled superannuation trust, unlisted retail trust and wholesale trust. Investments in these investment vehicles must be allocated to each asset class, asset domicile, asset listing, fixed income type, fixed income currency, fixed income term, mortgage and international economy type represented in the underlying investment.
Examples of other investments include: hedge funds, mezzanine debt, convertible debt.
Examples of listed equity investments include: common shares, preference shares. Exchange traded funds (ETFs) and listed trusts are to be allocated to the asset class of the underlying asset. Include equity ETFs, and listed equity trusts in listed equity. Exclude non-equity ETFs and listed trusts such as: fixed income ETFs, commodity ETFs, listed property trusts and listed infrastructure trusts.
Examples of unlisted equity investments include: venture capital, private equity.
Examples of commodities include: precious metals, agricultural natural resources, energy, livestock, commodity ETFs, exchange traded commodities (ETCs).

Directly held
Represents investments made by the RSE in its own name. Includes: investments held by a custodian in trust for the RSE.

Indirectly held
Represents an investment made via an investment vehicle.

MySuper product
Represents a MySuper product that has been authorised by APRA under s. 29T, s. 29TA or s. 29TB of the SIS Act.

Defined benefit interests
Represents a member interest that is a defined benefit interest or a defined benefit pension. Reference: SIS Regulations, r. 1.03AA, r. 9.04E.

Indirectly held investments – large exposures
Item 2 collects indirectly-held large exposures.
Unit of measurement: report item 2.3 column 4 as a date; report item 2.1 column 10 and item 2.2 as thousands of dollars; report item 2.1 column 11 as a percentage.
Look through basis: report item 2.1 column 1 to column 4 inclusive, and, item 2.3 on a non look through basis, reporting with respect of an investment vehicle that the RSE invests in; report item 2.1 column 5 to column 10 inclusive on a look through basis, reporting on the assets underlying the investment vehicle.
Item 2
Report each indirectly held large exposure as a separate line in item 2. For each indirectly held large exposure, report by asset class in item 2.1 and by MySuper products and defined benefits in item 2.3. For each indirectly held large exposure, report the same name and ABN of the investment vehicle in item 2.1 column 1 and column 2, and in item 2.3 column 1 and column 2, to link asset class and MySuper products and defined benefits.
Where an indirectly held large exposure is invested in multiple asset class types, asset domicile types, asset listing types, fixed income types and currencies report the indirectly held large exposure over multiple lines in item 2.1 with each combination of asset class type, asset domicile type, asset listing type, fixed income type and currency relating to the investment vehicle reported on a separate line. Only one line needs to be reported per investment vehicle in item 2.3.
For each combination of asset class type, asset domicile type, asset listing type, fixed income type and fixed income currency for each indirectly held large exposure reported in item 2.1:
·      report the name of the investment vehicle in column 1 and the ABN of the investment vehicle in column 2. If the investment vehicle domicile is international domicile and thus does not have an ABN, leave column 2 blank;
·      report the investment vehicle type in column 3 and the investment vehicle domicile type in column 4;
·      report the asset class type in column 5, asset domicile type in column 6, asset listing type in column 7, fixed income type in column 8 and fixed income currency type in column 9;
·      report the value of the investment in column 10; and
·      if gearing is allowed in the investment vehicle, report the proportion of the investment value reported in column 10 that is geared in column 11.
Item 2.2 is a derived item. Report total indirectly held large exposures in item 2.2 as equal to the sum of values reported in item 2.1 column 10.
For each indirectly held large exposure reported in item 2.3:
·      report the name of the investment vehicle in column 1 and the ABN of the investment vehicle in column 2. If the investment vehicle domicile is international domicile and thus does not have an ABN, leave column 2 blank;
·      if the investment vehicle is an associate of the RSE licensee or RSE, report ‘yes’ in column 3; otherwise, report ‘no’;
·      report the review date of the investment vehicle in column 4;  and
·      report the exposure type in column 5.
The investment vehicle types are: cash management trust, life company guaranteed, life company investment linked, listed retail trust, pooled superannuation trust, unlisted retail trust, wholesale trust and ‘other indirect investment’.
The asset class types are: cash, fixed income, equity, property, infrastructure, commodities and ‘other’.
The asset domicile types are: Australia domicile, international domicile and ‘not applicable’. Where the domicile is not known, report asset domicile type as ‘not applicable’.
The asset listing types are: listed, unlisted and ‘not applicable’. Report asset listing type as ‘not applicable’ for asset class type cash or fixed income. Where the asset listing is not known, report asset listing type as ‘not applicable’.
The fixed income types are: Government debt, non Government debt, mortgage debt, credit and ‘not applicable’. The fixed income types are only applicable to investments of asset class type fixed income. For asset class type fixed income, where the fixed income type is not known, report fixed income type as ‘not applicable’.
The fixed income currency types are: Australian dollars, other currency and ‘not applicable’. The fixed income currency types are only applicable to investments of asset class type fixed income. For asset class type fixed income, where the fixed income currency is not known, report fixed income currency as ‘not applicable’.
The exposure types are: ‘MySuper product’ if any MySuper product in the RSE are exposed to the investment; ‘defined benefit interests’ if any defined benefit interests in the RSE are exposed to the investment, ‘MySuper product and defined benefit interests’ if both MySuper product and defined benefit interests in the RSE are exposed to the investment and ‘neither’ if neither MySuper product or defined benefit interests in the RSE are exposed to the investment.

ABN
Represents a unique public identifier issued to an entity registered in the Australian Business Register to be used in dealings with government. A company registered under the Corporations Act 2001 or a business entity carrying on an enterprise in Australia is entitled to an ABN.

Associate
Represents an associate within the meaning given in s. 12 of the SIS Act.

Review date
Represents the date on which the RSE licensee last reviewed the investment vehicle. Reference: Prudential Standard SPS 530 Investment Governance.

Gearing
Represents borrowings for the purpose of boosting the return on capital and income via additional investment. Includes: derivative securities which achieve a gearing effect.

Indirectly held investments - exposure concentrations in underlying investments
Item 3 collects indirectly held investments via investment vehicles that are associates of the RSE licensee or RSE and the underlying investment vehicles of those investments. Information is only collected where the underlying investment represents at least one per cent of the total assets of the RSE. This is referred to as ‘look-through’ reporting on investment vehicles; an illustration of this is provided below.
Item 3 column 1 to column 3 inclusive collects the indirectly-held investment. Item 3 column 4 to column 9 inclusive collects the underlying investment.
An underlying investment vehicle may invest in another investment vehicle. Where this investment in another investment vehicle represents at least one per cent of the total assets of the RSE, treat the underlying investment as an indirectly-held investment and report the information on a new line in item 3.
Look-through reporting does not apply to non-associated investment vehicles. Therefore, repeat this reporting process for each indirectly-held investment that is with an associated investment vehicle, which has an underlying investment that represents at least one per cent of the total assets of the RSE.
Illustration of look-through
The diagram below provides an illustration of look-through to assist with reporting in item 3. The diagram portrays the RSE investing in Investment Vehicle A which is an associate of the RSE licensee/RSE.  Investment Vehicle A invests some or all of the RSE’s investment with Investment Vehicle B which is also an associate of the RSE licensee/RSE. Investment Vehicle B invests some or all of the RSE’s investment with Investment Vehicle C which is not an associate of the RSE licensee/RSE. The investment in Investment Vehicle A, Investment Vehicle B and Investment Vehicle C must be reported in item 3. Further look-through reporting regarding the investments underlying Investment Vehicle C is not required.
Unit of measurement: report item 3 column 3 as a whole number and item 3 column 7 as thousands of dollars.
Look through basis: item 3 is reported on a look through basis.
Item 3
Where the investment by Investment Vehicle A (A) in Investment Vehicle B (B) represents at least one per cent of the total assets of the RSE, report A as the indirectly-held investment in item 3 and B as the underlying investment in item 3, in the same row.
Report the name of A in column 1, the ABN of A in column 2 and the number of interposed associates between the RSE and A in column 3.
Report the name of B in column 4, the ABN of B in column 5, the investment vehicle type of B in column 6, the value of the investment in B in column 7.
If B invests in other investment vehicles, report ‘yes’ in item 3 column 8; otherwise, report ‘no’.
If B is an associate of the RSE licensee or RSE, report ‘yes’ in item 3 column 9; otherwise, report ‘no’.
As ‘yes’ is reported in item 3 column 8 and column 9 where the investment by B in Investment Vehicle C (C) represents at least one per cent of the total assets of the RSE, also report B as the indirectly-held investment and C as the underlying investment, in a new line in item 3. In this example, C is not an associate of the RSE licensee/RSE and therefore no further information is collected.
The investment vehicle types are: cash management trust, life company guaranteed, life company investment linked, listed retail trust, pooled superannuation trust, unlisted retail trust, wholesale trust and ‘other indirect investment’.
 
 
Interposed associate
Represents an associate that has been engaged to manage some or all of the investments of the RSE that invests in other investment vehicles. Exclude: an investment vehicle that holds the RSE's investment. Reference: SIS Act, s. 12.
Large exposures by country of investment
Item 4 and item 5 collect investments by the geographic location in which the investment is held.
Directly held investments - large exposures by country of investment
Item 4 collects information about directly held investments by country of the investment.
Where the aggregate value of directly held investments in a country is less than one per cent of the RSE’s total assets, the country does not need to be reported. Appendix 2 contains a list of countries with information on the extra jurisdictions/territories covered by each country name.
Unit of measurement: report item 4 column 2 as thousands of dollars.
Look through basis: item 4 is reported on a non look through basis.
Item 4
For each country of investment where the aggregate value of directly held investments in that country is greater than or equal to one per cent of the total assets of the RSE, report the country in column 1 and aggregate value of directly held investments in column 2. 
Report each country on a separate line. See Appendix 2 for a listing of countries.
Indirectly held investments - large exposures by international exposure
Item 5 collects information about indirectly held investments according to the domicile of the investment vehicle, information regarding whether the investment vehicle is an associate of the RSE licensee or RSE and the region of international exposure.
The unit of measurement for item 5 is the combination of: domicile of investment vehicle, associate, international region exposure and country.
Where the aggregate value of indirectly held investments with associates of the RSE licensee or RSE, by domicile of investment vehicle, international region exposure and country is less than one per cent of the total assets of the RSE, the investment does not need to be reported.
Where the aggregate value of indirectly held investments with investment vehicles that are not associates of the RSE licensee or RSE, by domicile of investment vehicle, international region exposure and country is less than one per cent of the total assets of the RSE, the investment does not need to be reported.
Example: two non-associated investment vehicles domiciled in the U.S.A. that invest in Asia with an aggregate value of 6 per cent of the RSE’s total assets, are to be aggregated and reported in a single line.
Example: two associated investment vehicles domiciled in Brazil that invest in the Americas with an aggregate value of 0.75 per cent of the RSE’s total assets do not need to be reported.
Unit of measurement: report item 5 column 5 as thousands of dollars.
Look through basis: report item 5 column 1 and column 2 on a non look through basis; report item 5 column 3, column 4 and column 5 on a look through basis.
Item 5
Report each combination of domicile of investment vehicle, associate, international region exposure and country that has an aggregate value greater than or equal to one per cent of the total assets of the RSE on a separate line in item 5.
Report the domicile of the investment vehicle in column 1.
If the investment vehicle is an associate of the RSE licensee or RSE, report ‘yes’; otherwise, report ‘no’ in column 2.
Report the international region exposure in column 3, the country in column 4 and the aggregate value of the investment in column 5.
The international region exposures are: global, Americas region, Asia region, Europe region¸ Mid East / Africa region, Oceania region and individual country.
Report ‘not applicable’ for country in column 4 if the international region exposure reported in column 3 is global, Americas region, Asia region, Europe region¸ Mid East / Africa region or Oceania region.

Domicile of investment vehicle
Represents the location of the investment vehicle. The criterion for location is whether an investment vehicle is permanently located, physically and/or by way of law or registration, inside or outside a country's borders. 

Large exposures in unlisted investments
Item 6 collects additional information about each equity security holding in an unlisted corporation, unlisted private trust, limited partnership or joint venture that represents more than one per cent of total assets.
Reporting basis: report column 6 as at the date the investment was made; report column 8 with respect to transactions that occurred during the reporting period; report column 5, column 7, column 9 and column 10 as at the end of the reporting period. If investments have been made at multiple dates, report column 6 as the sum across all of the dates investments were made.
Unit of measurement: report column 5 as a percentage; report column 6 to column 9 inclusive as thousands of dollars.
Item 6
Report each directly held equity investment in an unlisted corporation, unlisted private trust, limited partnership or joint venture that represents more than one per cent of total assets of the RSE as a separate line in item 6.
For each investment, report the unlisted entity type in column 1, the name of the entity in column 2 and the ABN of the entity in column 3.
If the entity is an associate of the RSE licensee or RSE, report ‘yes’ in column 4; otherwise, report ‘no’.
Report the ownership percentage in the entity in column 5, the initial cost of the investment in column 6, the value of the investment in column 7, distributions from the entity that are recognised as income by the RSE in column 8, the value of commitments outstanding in column 9 and the exposure type in column 10.
The unlisted entity types are: unlisted corporation, unlisted private trust, limited partnership and joint venture.
The exposure types are: ‘MySuper product’ if any MySuper product in the RSE are exposed to the investment; ‘defined benefit interests’ if any defined benefit interests in the RSE are exposed to the investment, ‘MySuper product and defined benefit interests’ if both MySuper product and defined benefit interests in the RSE are exposed to the investment and ‘neither’ if neither MySuper product or defined benefit interests in the RSE are exposed to the investment.

Ownership percentage
Represents the portion of ownership held by the RSE in the investment.

Initial cost
Represents the amount at which the investment was first made and recognised at market value. Reference: Australian Accounting Standards.

Distributions
Represents gross revenue in the form of distributions received in lieu of the investment. Reference: Australian Accounting Standards.

Commitments outstanding
Represents the amount of legally enforceable contractual commitments to invest additional funds in the asset at any time in the future.

Glossary of additional terms
Asset class type
Cash
Represents cash on hand and demand deposits, as well as cash equivalents. Cash equivalents represent short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Reference: Australian Accounting Standards.

Fixed income
Represents a loan, placement or debt security. Loans are financial assets that are created when a creditor lends funds directly to a debtor, and are evidenced by documents that are non negotiable. Placements are liabilities of entities not described as authorised deposit-taking institutions, e.g. State treasuries. Debt securities are securities which represent borrowed funds which must be repaid by the issuer with defined terms including the notional amount (amount borrowed), an identifiable return and maturity/renewal date. Includes: short and long-term debt securities.

Equity
Represents an ownership interest in a business, trust or partnership. Includes: common shares, preference shares and units. Excludes: units in property trusts, units in infrastructure trusts.

Property
Represents an investment in real estate where the earnings and capital value are dependent on cash flows generated by the property through sale or rental income.

Infrastructure
Represents the basic physical systems of a country, state or region including transportation, communication, utilities, and public institutions.

Commodities
Represents natural resources that are either grown or extracted from the ground and are often used as inputs in the production of other goods or services.

Domicile type
Australian domicile
Represents investments issued in Australia.

International domicile
Represents investments issued outside Australia.

Asset listing type
Listed
Represents financial instrument that is traded through an Australian or international stock exchange.

Unlisted
Represents financial instrument that is not traded through an Australian or international stock exchange.

Fixed income type
Government debt
Represents a debt security issued by a federal, state, territory or local governments, or corporations owned or controlled by a federal, state, territory or local government.
 
Non Government debt
Represents a debt security issued by a corporation that is not owned or controlled by a federal, state, territory or local government.

Mortgage debt
Represents a debt security where specific mortgage assets are provided as collateral.

Credit
Represents a loan, a placement or a debt security where specific non-mortgage assets are provided as collateral.

Fixed income term
Short term
Represents a security with an original term to maturity of one year or less.

Long term
Represents a security with an original term to maturity of more than one year.

Fixed income currency type
Australian dollars
Represents an investment denominated in Australian dollars.

Other currency
Represents an investment denominated in a currency other than Australian dollars.

Mortgage type
Residential mortgage
Represents loans for the construction or purchase of residential dwellings.

Commercial mortgage
Represents loans for the construction or purchase of commercial buildings or other business real estate.

International economy type
Emerging markets
Represents developing countries and transition economies as defined by the United Nations Conference on Trade and Development under the economic groupings classification.

Developed markets
Represents developed economies as defined by the United Nations conference on Trade and Development under the economic groupings classification. Excludes: Australia.

Investment vehicles
Cash management trust
Represents a unit trust which is governed by a trust deed which generally confines its investments (as authorised by the trust deed) to financial securities available through the short-term money market. Cash management trusts issue units in the trust that are redeemable by the unit holder on demand.

Life company guaranteed
Represents the provision of benefits calculated by reference to units, the value of which are guaranteed by the contract not to be reduced and provides for the account to be increased, within the meaning given in s. 14.2 of the Life Insurance Act 1995.

Life company investment linked
Represents the provision of benefits calculated by reference to a running account under the contract and provides for the account to be increased, within the meaning given in s. 14.2 of the Life Insurance Act 1995.

Listed retail trust
Represents a collective investment vehicle with units on issue listed on an Australian or an international stock exchange which provides exposure to a diversified portfolio of investments and can be accessed by retail clients, at low entry levels, as defined in the Corporations Act 2001.

Pooled superannuation trust
Represents a type of collective investment trust where an investment manager invests the assets of superannuation funds, approved deposit funds and other pooled superannuation trusts. Excludes: unitised investments with life companies where the original or primary investment is an insurance or investment policy.

Unlisted retail trust
Represents a collective investment vehicle that is not listed on an Australian or international stock exchange, provides exposure to a diversified portfolio of investments and can be accessed by retail clients, at low entry levels, as defined in the Corporations Act 2001.

Wholesale trust
Represents a collective investment vehicle that provides exposure to a diversified portfolio of investments and can be accessed by wholesale clients only, at high entry levels, as defined in the Corporations Act 2001.

Counterparty credit ratings
The counterparty grades are used in classifying the credit rating of debt investments. An RSE licensee must directly request credit grades from the counterparty or investment manager, and must not rely on consumer rating agencies which rate collective investments.
Where an RSE has investments with multiple ratings from two or more rating agencies, the RSE licensee must consistently apply the lowest rating of a single agency whenever the individual ratings conflict.
The counterparty credit ratings used in these instructions are generally consistent with long term rating/debt securities. Where an RSE invests in counterparties/securities that have only been issued with a short term counterparty credit rating, the RSE licensee must use the most closely matched counterparty credit rating.
Grade 1
Represents a rating of Standard & Poor's AAA, Moody's Aaa, AM Best aaa, Fitch AAA

Grade 2
Represents a rating of Standard & Poor's AA+, AA, AA-; Moody's Aa1, Aa2, Aa3; AM Best aa+, aa, aa-; Fitch AA+, AA, AA

Grade 3
Represents a rating of Standard & Poor's A+, A, A-; Moody's A1, A2, A3; AM Best a+, a, a-; Fitch A+, A, A-

Grade 4
Represents a rating of Standard & Poor's BBB+, BBB, BBB-; Moody's Baa1, Baa2, Baa3; AM Best bbb+, bbb, bbb-; Fitch BBB+, BBB, BBB-

Grade 5
Represents a rating of Standard & Poors BB+, BB, BB-; Moodys Ba1, Ba2, Ba3; AM Best bb+, bb, bb-; Fitch BB+, BB, BB-

Grade 6
Represents a rating of Standard & Poor's B+, B, B-; Moody’s B1, B2, B3; AM Best b+, b, b-; Fitch B+, B, B-

Grade 7
Represents a rating of Standard & Poor's CCC or below; Moody’s Caa or below; AM Best b or below; Fitch CCC or below; unrated.

International exposure type
Global
Represents countries located in more than one geographic region.

Americas region
Represents countries located in North America, Central America and South America.

Asia region
Represents countries located in Asia.

Europe region
Represents countries located in Europe. Includes: Eastern Europe.

Mid East / Africa region
Represents countries located in the Middle East and Africa.

Oceania region
Represents countries located in the Pacific Ocean region. Excludes: Asia region and Americas region.

 
Unlisted entity type
Unlisted corporation
Represents a corporation whose equity shares are not quoted on a stock exchange.

Unlisted private trust
Represents a collective investment vehicle with units on issue which is not traded on an Australian or an international stock exchange, which is not offered to the public and where there are no more than 50 investors.

Limited partnership
Represents an association of persons, other than a company, carrying on business as partners or in receipt of income jointly, where the liability of at least one of those persons is limited, or an association of persons with legal personality to carry on activities that are carried on by a body of that kind. 

Joint venture
Represents a contractual arrangement of the RSE licensee whereby two or more parties undertake an economic activity that is subject to joint control or joint arrangement (an arrangement of which two or more parties have joint control).

Interpretation
For the purposes of these instructions:
·                defined benefit RSE means an RSE that is a defined benefit fund within the meaning given in Prudential Standard SPS 160 Defined Benefit Matters;
·                eligible rollover fund (ERF) has the meaning given in section 10(1) of the SIS Act and, in relation to the period between 1 July 2013 and 31 December 2013, includes an existing ERF within the meaning given in section 391 of the SIS Act;
·                large exposure means an investment that represents at least one per cent of the assets of the RSE; 
·                pooled superannuation trust (PST) has the meaning given in section 10(1) of the SIS Act;
·                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[6];
·                RSE licensee has the meaning given in section 10(1) of the SIS Act;
·                SIS Act means Superannuation Industry (Supervision) Act 1993; and
·                SIS Regulations means Superannuation Industry (Supervision) Regulations 1994.
·                underlying investment means an investment in an underlying investment vehicle; and
·                underlying investment vehicle means an investment vehicle in which the assets of an RSE are invested, where the investment is made via another investment vehicle.
 
Appendix 1: Illustrative example for completion of item 3

3.
Indirectly-held investment or multi-layer indirectly-held investment
Underlying investment

Indirectly held investment vehicle name
Indirectly held investment vehicle ABN
Interposed associates
Underlying investment vehicle name
Underlying investment vehicle ABN
Type of investment vehicle
Underlying investment value
Invests in investment vehicles?
Associate

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)


Vehicle 1
XXX
0
Vehicle 2A
YYY
Wholesale trust
29500
Yes
Yes

Vehicle 1
XXX
0
Vehicle 2B
ZZZ
Wholesale trust
70000
Yes
No

Vehicle 2A
YYY
1
Vehicle 3A
AAA
Listed retail trust
28500
No
Yes

 
As ‘yes’ is reported in column 8 and column 9 Vehicle 2A, Vehicle 2A must be treated as if it were itself an indirectly-held investment of the RSE. Where the underlying investments of vehicle 2A represent at least one per cent of the assets of the RSE, report this information in a new line in item 3.
As ‘no’ is reported in column 9 for Vehicle 2B, no further look-through reporting is required on 4A.
Vehicle 2C does not need to be reported because the assets are less than one per cent of the assets of the RSE.
As ‘no’ is reported in column 8 for Vehicle 3A, no further look-through reporting is required on the ‘direct investment’.
Vehicle 3B and 3C do not need to be reported because the assets are less than one per cent of the assets of the RSE.
 
Appendix 2: Country list
The following country list must be used when reporting item 4 and item 5.
If the country cannot be identified, report the relevant ‘residual’ region. If the residual region cannot be identified, report ‘unallocated’.
Country/Grouping
Code

Afghanistan
AF

Albania
AL

Algeria
DZ

Andorra
AD

Angola
AO

Argentina
AR

Armenia
AM

Aruba
AW

Australia
AU includes Christmas Islands, Cocos Islands, Norfolk Islands, Heard and McDonald Islands, Territory of Ashmore and Cartier Islands and Territory of Coral Sea Islands

Austria
AT

Azerbaijan
AZ

Bahamas
BS

Bahrain
BH

Bangladesh
BD

Barbados
BB

Belarus
BY

Belgium
BE

Belize
BZ

Benin
BJ

Bermuda
BM

Bhutan
BT

Bolivia
BO

Bosnia and Herzegovina
BA

Botswana
BW

Brazil
BR

British Overseas Territories
1W includes British Antarctic Territory, British Indian Ocean Territory, Chagos, Pitcairn Islands, South Georgia and South Sandwich Islands

Brunei
BN

Bulgaria
BG

Burkina Faso
BF

Burundi
BI

Cambodia
KH

Cameroon
CM

Canada
CA

Cape Verde
CV

Cayman Islands
KY

Central African Republic
CF

Chad
TD

Chile
CL

China
CN

Colombia
CO

Comoros Islands
KM

Congo
CG

Congo Democratic Republic
CD

Consortium Banks
1G

Costa Rica
CR

Cote d'Ivoire
CI

Croatia
HR

Cuba
CU

Cyprus
CY

Czech Republic
CZ

Denmark
DK excludes Faeroe Islands and Greenland

Djibouti
DJ

Dominica
DM

Dominican Republic
DO

Ecuador
EC

Egypt
EG

El Salvador
SV

Equatorial Guinea
GQ

Eritrea
ER

Estonia
EE

Ethiopia
ET

Faeroe Islands
FO

Falkland Islands
FK

Fiji
FJ

Finland
FI  includes Aland Islands

France
FR includes French Guiana, French Southern Territories, Guadeloupe, Martinique, Mayotte, Monaco, Reunion and St. Pierre and Miquelon

French Polynesia
PF includes Society Archipelago, Tuamotu-Gambier Islands, Marquesas, Australes Archipelago

Gabon
GA

Gambia
GM

Georgia
GE

Germany
DE
includes the European Central Bank

Ghana
GH

Gibraltar
GI

Greece
GR

Greenland
GL

Grenada
GD

Guatemala
GT

Guernsey
GG

Guinea
GN

Guinea-Bissau
GW

Guyana
GY

Haiti
HT

Honduras
HN

Hong Kong SAR
HK

Hungary
HU

Iceland
IS

India
IN

Indonesia
ID

International organisations
1C except the BIS which is included under Switzerland, and the ECB which is included under Germany

Iran
IR

Iraq
IQ

Ireland
IE

Isle of Man
IM

Israel
IL

Italy
IT

Jamaica
JM

Japan
JP

Jersey
JE

Jordan
JO

Kazakhstan
KZ

Kenya
KE

Kiribati
KIR

Kuwait
KWT

Kyrgyz Republic
KGZ

Laos
LAO

Latvia
LV

Lebanon
LB

Lesotho
LS

Liberia
LR

Libya
LY

Liechtenstein
LI

Lithuania
LT

Luxembourg
LU

Macau SAR
MO

Macedonia
MK

Madagascar
MG

Malawi
MW

Malaysia
MY includes Labuan International Offshore Financial Centre

Maldives
MV

Mali
ML

Malta
MT

Marshall Islands
MH

Mauritania
MR

Mauritius
MU

Mexico
MX

Micronesia
FM

Moldova
MD

Mongolia
MN

Montenegro
ME

Morocco
MA

Mozambique
MZ

Myanmar
MM

Namibia
NA

Nauru
NR

Nepal
NP

Netherlands
NL

Netherlands Antilles
AN  includes Bonaire, Curacao, Saba, St. Eustatius and St. Maarten

New Caledonia
NC

New Zealand
NZ includes Cook Islands, Minor Islands, Niue, Ross Dependency and Tokelau

Nicaragua
NI

Niger
NE

Nigeria
NG

North Korea
KP

Norway
NO includes Bouvet Islands, Svalbard and Jan Mayen Islands

Official Monetary Authorities
1D

Oman
OM

Pakistan
PK

Palau
PW

Palestinian Territory
PS

Panama
PA  includes Panama Canal Zone

Papua New Guinea
PG

Paraguay
PY

Peru
PE

Philippines
PH

Poland
PL

Portugal
PT includes the Azores and Madeira

Qatar
QA

Residual Africa and Middle East
2W includes Western Sahara

Residual Asia and Pacific
2O

Residual developed countries
2R

Residual Europe
2B

Residual Latin America and Caribbean
2H

Residual offshore centres
2N

Romania
RO

Russia
RU

Rwanda
RW

Samoa
WS

San Marino
SM

Sao Tome and Principe
ST

Saudi Arabia
SA

Senegal
SN

Serbia
RS

Seychelles
SC

Sierra Leone
SL

Singapore
SG

Slovakia
SK

Slovenia
SI

Solomon Islands
SB

Somalia
SO

South Africa
ZA

South Korea
KR

Spain
ES includes Balearic Islands, Canary Islands and Ceuta and Melilla

Sri Lanka
LK

St. Helena
SH includes Ascension, Gough and Tristan Da Cunha

St. Lucia
LC

St. Vincent
VC includes the Grenadines

Sudan
SD

Suriname
SR

Swaziland
SZ

Sweden
SE

Switzerland
CH includes Bank for International Settlements

Syria
SY

Taiwan, China
TW

Tajikistan
TJ

Tanzania
TZ

Thailand
TH

Timor Leste
TL

Togo
TG

Tonga
TO

Trinidad and Tobago
TT

Tunisia
TN

Turkey
TR

Turkmenistan
TM

Turks and Caicos
TC

Tuvalu
TV

Uganda
UG

Ukraine
UA

Unallocated
5M

United Arab Emirates
AE

United Kingdom
GB excludes Guernsey, Isle of Man and Jersey

United States
US includes American Samoa, Guam, Midway Islands, Northern Mariana Islands, Puerto Rico, US Virgin Islands and Wake Islands

Uruguay
UY

US Pacific Islands
PU includes Carolines, Howland and Baker, Kingman Reef, Palmyra and Jarvis and Johnston

Uzbekistan
UZ

Vanuatu
VU

Vatican
VA

Venezuela
VE

Vietnam
VN

Wallis and Futuna
WF

West Indies UK
1Z includes Anguilla, Antigua and Barbuda, British Virgin Islands, Montserrat and St. Christopher/St. Kitts - Nevis

Yemen
YE

Zambia
ZM

Zimbabwe
ZW

 

[1]           For the purposes of this Reporting Standard, an ‘RSE licensee’s business operations’ includes all activities as an RSE licensee (including the activities of each RSE of which it is the licensee), and all other activities of the RSE licensee to the extent that they are relevant to, or may impact on, its activities as an RSE licensee. For the avoidance of doubt, if the RSE licensee is trustee of more than one RSE, defined benefit RSE, PST or ERF, the RSE licensee must separately provide the information required by the form for each RSE, defined benefit RSE, PST or ERF within its business operations.
[2]           For the avoidance of doubt, if the due date for a particular reporting period falls on a day other than a usual business day, an RSE licensee is nonetheless required to submit the information required no later than the due date.
[3]           Refer also to Prudential Standard SPS 310 Audit and Related Matters (SPS 310).
[4]           Refer to Prudential Standard SPS 510 Governance.
[5]           For the purposes of this Reporting Standard, ‘small APRA fund’ means a superannuation entity that is a regulated superannuation fund, within the meaning of the SIS Act, which has fewer than five members and ‘single member approved deposit fund’ means a superannuation entity that is an approved deposit fund, within the meaning of the SIS Act, and has only one member.
[6]           For the purposes of these instructions, ‘small APRA fund’ means a superannuation entity that is a regulated superannuation fund, within the meaning of the SIS Act, which has fewer than five members and ‘single member approved deposit fund’ means a superannuation entity that is an approved deposit fund, within the meaning of the SIS Act, and has only one member.