Financial Sector (Collection of Data) (reporting standard) determination No. 61 of 2013 - SRS 001.0 - Profile and Structure (Baseline)

Link to law: https://www.comlaw.gov.au/Details/F2013L00683

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Financial Sector (Collection of Data) (reporting standard) determination No. 61 of 2013
Reporting Standard SRS 001.0 Profile and Structure (Baseline)
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) DETERMINE Reporting Standard SRS 001.0 Profile and Structure (Baseline), in the form set out in the Schedule, which applies to 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 applies to those financial sector entities on and after 30 April 2013.
 
This instrument commences on the date of registration on the Federal Register of Legislative Instruments.
 
Dated: 19 April 2013
 
 
[signed]
 
Charles Littrell
Executive General Manager
Policy, Research and 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 001.0 Profile and Structure (Baseline) comprises the 14 pages commencing on the following page.

 
Reporting Standard SRS 001.0
Profile and Structure (Baseline)
Objective of this Reporting Standard
This Reporting Standard sets out the requirements for the provision of baseline information to APRA relating to the profile and structure of each RSE licensee and each registrable superannuation entity within its business operations.
It includes Form SRF 001.0 Profile and Structure (Baseline) 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 001.0 Profile and Structure (Baseline) (SRF 001.0) 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).
4.             This Reporting Standard applies on and from 30 April 2013.
Information required
5.             An RSE licensee to which this Reporting Standard applies must provide APRA with the information required by SRF 001.0.
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 days 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:
(a)           within 28 calendar days of 30 April 2013[1];
(b)          within 28 calendar days of 30 June 2014 and each subsequent 30 June;
(c)           within 28 calendar days of any change to any information previously reported in Part B or Part C of SRF 001.0; and
(d)          in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.
8.             If, having regard to the particular circumstances of an RSE licensee, 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 requirements for the particular RSE licensee.
9.             APRA may grant, in writing, an RSE licensee an extension of a due date, in which case the new due date for the provision of the information will be the date on the notice of extension.
Quality control
10.         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 an RSE auditor.[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.
11.         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
12.         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.
13.         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.
14.         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
15.         APRA may, by written notice to an RSE licensee, vary the reporting requirements of SRF 001.0 in relation to that RSE licensee.
Interpretation
16.         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;
due date means the relevant date under paragraph 7 or, if applicable, paragraph 9;
RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act;
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; and
SIS Act means Superannuation Industry (Supervision) Act 1993.
 
 

SRF 001.0: Profile and Structure (Baseline)
 
Australian Business Number
Institution Name

 

Reporting Period
Scale Factor
Reporting Consolidation

 

 
PART A: RSE licensee details
 
 
RSE licensee ownership

1. RSE licensee ownership
Financial services corporation ownership

 
Employer sponsor corporation ownership

 
Public sector organisation ownership

 
Nominating organisation ownership

 
Public company ownership

 
Other ownership type

 
1.1. Details of other ownership type
 
 
RSE licensee profit status

2. RSE licensee profit status
Not for profit status

 
For profit status

 
 
Board structure

3. Board structure
Equal representation required by legislation

 
Equal representation required by governing rules

 
Non equal representation

 
PART B: Membership, defined benefit funds and select investment options
 
4. Membership base
 
RSE ABN
Membership base

(1)
(2)

 
Government base

 
Corporate base

 
Industry base

 
General base

 
 
5. Defined benefit RSE
 
RSE ABN
Sub-funds
Sub-fund name
Sub-fund identifier
Effective date
Sub-fund status
End date

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

 
Yes
 
 
 
Existing
 

 
No
 
 
 
Unchanged
 

 
 
 
 
Ceased
 

 
 
 
 
New
 

 
6. Select investment options
 
RSE ABN
Select investment option name
Select investment option identifier
Effective date
Select investment option status
End date

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

 
 
 
Existing
 

 
 
 
Unchanged
 

 
 
 
 
Ceased
 

 
 
 
 
New
 

 
PART C: MySuper products
 
7. MySuper investment options
 
RSE ABN
MySuper product name
MySuper investment option name
Lifecycle strategy stage identifier
Effective date
Lifecycle strategy stage status
End date

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

 
 
 
 
 
Existing
 

 
 
 
 
 
Unchanged
 

 
 
 
 
 
Ceased
 

 
 
 
 
 
New
 

 
 
 
 
 
Not applicable
 

 
 
Reporting Form SRF 001.0
Profile and Structure (Baseline)
Instructions
These instructions assist completion of Reporting Form SRF 001.0 Profile and Structure (Baseline) (SRF 001.0). SRF 001.0 collects information on the profile and structure of each RSE licensee’s business operations. The information reported in SRF 001.0 is required primarily for prudential and publication purposes.
Reporting level
SRF 001.0 must be completed for each RSE licensee in respect of each registrable superannuation entity (RSE), defined benefit RSE, pooled superannuation trust (PST) and eligible rollover fund (ERF), as relevant, within its business operations.
Reporting basis and unit of measurement
Items on SRF 001.0 must be reported as at 30 April 2013, 30 June 2014 and 30 June of every subsequent year.
Items on SRF 001.0 are to be reported as text or dates as DD/MM/YYYY.
These instructions specify the unit of measurement that applies to each item.
Specific instructions
Terms highlighted in bold italics indicate that the definition is provided in these instructions.
PART A: RSE licensee details
Item 1 to item 3 inclusive collect information about an RSE licensee’s ownership structure and governance arrangements.
Unit of measurement: report item 1.1 as text.
Item 1
Report the RSE licensee ownership type in item 1.
The ownership types are: financial services corporation ownership, employer-sponsor corporation ownership, public sector organisation ownership, nominating organisation ownership, public company ownership or other ownership type.
If ‘other ownership type’ is reported in item 1, report the description of the ‘other ownership type’ in item 1.1.
 
 
Financial services corporation ownership
Represents where the owner of the RSE licensee is a financial services corporation, i.e. the owner is a legal entity created for the purpose of producing financial goods and services for the market, that may be a source of profit or other financial gain to its owner(s) and it is collectively owned by shareholders who have the authority to appoint directors responsible for its general management.

Employer-sponsor corporation ownership
Represents where the owner of the RSE licensee is the principal employer-sponsor corporation of an RSE within the RSE licensee's business operations. Include: where the RSE licensee is owned by employees of the employer-sponsor corporation. Reference: SIS Act, s. 16(1).

Public sector organisation ownership
Represents where the owner of the RSE licensee is an organisation within the government sector or a resident corporation and quasi-corporation controlled by the general government sector.

Nominating organisation ownership
Represents where the owner of the RSE licensee is an employee or employer association that represents the membership/employers of the RSEs within the RSE licensee's business operations.

Public company ownership      
Represents where the owner of the RSE licensee is a public company. Excludes: a public company that is a financial services corporation, a public company that is the principal employer-sponsor of an RSE.

 
Item 2
Report the RSE licensee profit status in item 2 as: not for profit status or for profit status.

Not for profit status
Represents where the articles of association of the RSE licensee prohibit it or the RSEs within its business operations, from being a source of income, profit or other financial gain to the RSE licensee owners, or associates of the RSE licensee owners, that establish, control or finance the legal entity.

For profit status
Represents where an RSE licensee cannot be classified as being not for profit status.

 
Item 3
Report the board structure in item 3 as equal representation required by legislation, equal representation required by governing rules or non-equal representation.

Equal representation required by legislation
Represents where the RSE licensee is required to have an equal-representation board structure. Reference: SIS Act, s. 89.

 
Equal representation required by governing rules
Represents where the RSE licensee chooses to have an equal-representation board structure. Reference: SIS Act, s. 89.

Non-equal representation
Represents where the RSE licensee does not maintain any form of equal representation on the Board.

PART B: Membership, defined benefit funds and select investment options
Item 4 collects information about the membership base of each RSE, defined benefit RSE and ERF within an RSE licensee’s business operations. Do not report item 4 in respect of a PST.
Item 5 and item 6 collect information about defined benefit sub-funds and select investment options within each RSE, defined benefit RSE, PST and ERF within an RSE licensee’s business operations.
Unit of measurement: report dates in item 5 column 5 and item 6 column 4 as DD/MM/YYYY.
Item 4
Report the ABN of the RSE, defined benefit RSE or ERF in item 4 column 1 and the membership base of the RSE, defined benefit RSE or ERF as: government base, corporate base, industry base or general base in item 4 column 2.

ABN
Represents an 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.

Membership base
Represents the classification of the predominant base of members within the RSE. Predominant base means more than half of the overall fund membership.

Government base
Represents where members join the fund as a result of working for a government organisation, including quasi-corporations controlled by the general government sector. A government organisation is a legal entity established by political processes that have legislative, judicial or executive authority over other institutional units in a given area; are financed mainly from taxation or government transfers; and are principally involved in the provision of goods and services free of charge or at economically insignificant prices.

Corporate base
Represents where members join the RSE as a result of working for a single employer-sponsor, or an associate of the employer-sponsor, of the RSE. Reference: SIS Act, s. 16(1).

 
Industry base
Represents where members join the RSE as a result of working in a particular industry sector.

General base
Represents where the predominant base of members of the RSE cannot otherwise be categorised as government base, corporate base and industry base.

 
Item 5
Report each defined benefit RSE as a separate line in item 5. If a defined benefit RSE has more than one sub-fund, report each sub-fund as a separate line in item 5.
Report the ABN of the defined benefit RSE in column 1.
If the defined benefit RSE has at least one sub-fund, report ‘yes’ in column 2; otherwise, report ‘no’. If the defined benefit RSE does not have any sub-funds, leave column 3 to column 5 inclusive and column 7 blank and report ‘unchanged’ in column 6.
Report the name of each sub-fund, as determined by the RSE licensee, in column 3.
Report the unique identifier of the sub-fund, as determined by the RSE licensee, in column 4. The identifier reported for each sub-fund within a given defined benefit RSE must be unique and must comprise no more than 12 alpha-numeric characters (with no special characters).
Report the date from which the sub-fund took effect in column 5.
Report the sub-fund status in column 6 as: ‘existing’, ‘unchanged’, ‘ceased’ or ‘new’:
·         for sub-funds not previously reported, report the status ‘new’ in column 6;
·         if all information reported in column 1 to column 5 inclusive for an existing sub-fund remains unchanged, report the status ‘unchanged’ in column 6;
·         if the existing sub-fund is no longer a sub-fund, report the status ‘ceased’ in column 6; and
·         if any information about an existing sub-fund has changed, report the status ‘existing’ in column 6.
If ‘ceased’ is reported in column 6, report the date the sub-fund ceased to operate in column 7; otherwise, leave column 7 blank.
 
 
Item 6
Report each RSE, defined benefit RSE, PST and ERF which contains at least one select investment option as a separate line in item 6. If an RSE, defined benefit RSE, PST or ERF has more than one select investment option, report each select investment option as a separate line in item 6.
Report the ABN of the RSE, defined benefit RSE, PST or ERF in column 1.
Report the name of each select investment option, as determined by the RSE licensee, in column 2.
Report the unique identifier of the select investment option, as determined by the RSE licensee, in column 3. The identifier reported for each select investment option within a given RSE, defined benefit RSE, PST or ERF must be unique and must comprise no more than 12 alpha-numeric characters (with no special characters).
Report the date from which the select investment option took effect in column 4.
Report the select investment option status in column 5 as: ‘existing’, ‘unchanged’, ‘ceased’ or ‘new’:
·      for select investment options not previously reported, report the status ‘new’ in column 5;
·      if all information reported in column 1 to column 4 inclusive for an existing select investment option remains unchanged, report the status in column 5 as ‘unchanged’;
·      if the existing select investment option is no longer a select investment option, report the status in column 5 as ‘ceased’; and
·      if any information about an existing select investment option has changed, report the status in column 5 as ‘existing’.
If ‘ceased’ is reported in column 5, report the date the select investment option ceased to operate in column 6; otherwise, leave column 6 blank.
PART C: MySuper lifecycle products
Item 7 collects information about each MySuper product within an RSE licensee’s business operations.  
An RSE licensee must ensure that information about lifecycle strategy stages in each of its MySuper products is reported to APRA within 28 days of a lifecycle strategy stage taking effect, changing or ceasing to operate. This may require an RSE licensee to report the information required in item 7 on a date other than 30 April 2013 or 30 June 2014 and following years. 
Unit of measurement: report dates in item 7 column 5 as DD/MM/YYYY.
 
Item 7
Report each MySuper investment option as a separate line in item 7.
Report the ABN of the RSE or defined benefit RSE within which the MySuper investment option is located in column 1.
Report the name of the MySuper product to which the MySuper investment option relates in column 2.
Report the name of the MySuper investment option in column 3. For a MySuper investment option that has a single diversified investment strategy, the name of the MySuper product must be reported. For a MySuper investment option that is a lifecycle strategy stage, the name of each lifecycle strategy stage in any given MySuper product, as determined by the RSE licensee, must be unique.
The total characters that can be used in the combination of column 2 and column 3 in respect of a lifecycle strategy stage is 255 characters. If the total characters exceed 255 characters, the name of the lifecycle strategy stage must be amended, not the name of the MySuper product.
Example: where the name of the MySuper product is MySuperABCD and the name of the lifecycle strategy stage is LifecycleStage1234, the unique identifier of the lifecycle strategy stage will be generated as MySuperABCDLifecycleStage1234, which is permitted as it is less than 255 characters in length.
Report the unique identifier of the lifecycle strategy stage, as determined by the RSE licensee, in column 4. The unique identifier must comprise no more than 12 alpha-numeric characters (with no special characters). If the MySuper investment option has a single diversified investment strategy, leave column 4 blank.
Report the date from which the MySuper investment option took effect in column 5.
Report the MySuper investment option status in column 6 as: ‘existing’, ‘unchanged’, ‘ceased’, ‘new’ or ‘not applicable’:
·         for a MySuper investment option that is a lifecycle strategy stage not previously reported, report the status ‘new’ in column 6;
·         if all information reported in column 1 to column 5 inclusive for an existing MySuper investment option that is a lifecycle strategy stage remains unchanged, report the status ‘unchanged’ in column 6;
·         if the existing MySuper investment option that is a lifecycle strategy stage is no longer operating as a MySuper investment option, report the status ‘ceased’ in column 6;
·         if any information about an existing MySuper investment option has changed, report the status ‘existing’ in column 6; and
·         for a MySuper investment option that has a single diversified investment strategy, report the status ‘not applicable’ in column 6.
If ‘ceased’ is reported in column 6, report the date the MySuper investment option ceased to operate in column 7; otherwise, leave column 7 blank.

MySuper investment option
Represents (a) for a MySuper product that does not fall within paragraph (b) – the investment option underlying that MySuper product’s investment strategy; and (b) for a MySuper product with a lifecycle investment strategy under section 29TC(2) of the SIS Act – the investment option underlying each lifecycle strategy stage of that MySuper product.

Lifecycle strategy stage
Represents a subset of members’ interests in a lifecycle investment strategy that has a common asset allocation as identified by the RSE licensee.

Lifecycle investment strategy
Represents an investment strategy within the meaning given in section 29TC(2) of the SIS Act.

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;
·                MySuper product means a MySuper product within the meaning given in section 10(1) of the SIS Act regardless of whether or not it has a lifecycle investment strategy;
·                PST means a pooled superannuation trust as defined 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[4];
·                RSE licensee means a constitutional corporation, body corporate, or group of individual trustees, that holds an RSE licence granted under section 29D of the SIS Act;
·                select investment option means an investment option in an RSE, defined benefit RSE, ERF or PST which:
(a)           underlies:
(i)            a defined benefit pension within the meaning of Prudential Standard SPS 160 Defined Benefit Matters (SPS 160), where that defined benefit pension is currently being paid; or
(ii)          an interest that entitles the member who holds the interest, when benefits in respect of the interest become payable, to be paid a benefit referred to in the definition of ‘defined benefit member’ in paragraph 7(b) of SPS 160; or
(b)          underlies a pre-MySuper default product that includes at least one accrued default amount (within the meaning given in section 20B of the SIS Act); or
(c)           underlies a reserve; or
(d)          at the most recent 30 June, has assets relating to non-MySuper interests greater than $50 million; or
(e)           at the most recent 30 June, has assets relating to non-MySuper interests that are less than $50 million but which represent more than 5 per cent of total assets of the RSE within which the investment option is located;
·                SIS Act means the Superannuation Industry (Supervision) Act 1993;
·                SPS 160 means Prudential Standard SPS 160 Defined Benefit Matters; and
·                sub-fund means a defined benefit sub-fund within meaning given in Prudential Standard SPS 160 Defined Benefit Matters.
 

[1]           For the avoidance of doubt, if the due date for a particular reporting day 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.
[2]           Refer also to Prudential Standard SPS 310 Audit and Related Matters (SPS 310).
[3]           Refer to Prudential Standard SPS 510 Governance.
[4]           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.