Document ID: chunk:federal_register_of_legislation:F2023L00316:body:0:p1
Version: federal_register_of_legislation:F2023L00316
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Financial Sector (Collection of Data) (reporting standard) determination No. 27 of 2023

Reporting Standard LRS 114.2 Derivatives Activity

Financial Sector (Collection of Data) Act 2001

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

(a)   REVOKE Financial Sector (Collection of Data) (reporting standard) determination No. 47 of 2013, including Reporting Standard LRS 114.2 Derivatives Activity made under that Determination; and

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

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

This instrument commences on 1 April 2023.

Dated: 16 March 2023

Michael Murphy
General Manager – Chief Data Officer (Acting),
Technology and Data Division

Interpretation

      In this Determination:

APRA means the Australian Prudential Regulation Authority.

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

Schedule

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

Reporting Standard LRS 114.2

Derivatives Activity

Objective of this Reporting Standard

This Reporting Standard sets out the requirements for the provision of information to APRA relating to a life company's derivatives activity.

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

Authority

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

Purpose

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

Application and commencement

    3.             This Reporting Standard applies to all life insurance companies including friendly societies (together referred to as 'life companies') registered under the Life Insurance Act 1995 (Life Insurance Act). This Reporting Standard applies for reporting periods ending on or after 1 April 2023.

Information required

    4.             A life company must provide APRA with the information required by Form LRF 114.2 for each reporting period.

    5.             The information reported to APRA under this Reporting Standard is not required to be given to policy owners pursuant to section 124 of the Life Insurance Act. It does not constitute a reporting document for the purposes of section 124.

Method of submission

    6.             The information required by this Reporting Standard must be given to APRA:

       (a)          in electronic format using an