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Financial Sector (Collection of Data) (reporting standard) determination No. 22 of 2015

Reporting Standard SRS 710.0 Conditions of Release

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. 93 of 2013, including Reporting Standard SRS 710.0 Conditions of Release made under that Determination; and

    (b) DETERMINE Reporting Standard SRS 710.0 Conditions of Release, 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 710.0 Conditions of Release comprises the 11 pages commencing on the following page.

Reporting Standard SRS 710.0

Conditions of Release

Objective of this Reporting Standard
This Reporting Standard sets out the requirements for the provision of information to APRA relating to membership activities relating to conditions of release in the operations of a registrable superannuation entity.
It includes Form SRF 710.0 Conditions of Release 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 710.0 Conditions of Release (SRF 710.0) 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 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 710.0 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