Remaking of Sunsetting Instrument Without Significant Amendments - Australian Prudential Regulation Authority
On 21 March 2018 the Australian Prudential Regulation Authority (APRA) remade 34 reporting standards under the Financial Sector (Collection of Data) Act 2001 (FSCODA) without significant amendments. Thirty-three standards apply to authorised deposit-taking institutions and one applies to entities registered under FSCODA known as registered financial corporations. The standards were due to sunset either on 1 April 2018 or 1 October 2018.
The reporting standards collect data for APRA’s supervisory purposes and for statistical purposes, including provision to the Reserve Bank of Australia and the Australian Bureau of Statistics to assist in performing their functions, including producing publicly available reports.
Consistent with the Australian Government’s best practice regulation requirements for sunsetting instruments, APRA has assessed that the regulation is operating effectively and efficiently. Therefore, under the Government’s best practice requirements, a Regulation Impact Statement (RIS) is not required for remaking these reporting standards.