FINANCIAL SECTOR (COLLECTION OF DATA) ACT 2001 AND THE REPEALED FINANCIAL CORPORATIONS ACT 1974

On 1 July 2002, the registration and categorisation of financial corporations became the responsibility of the Australian Prudential Regulation Authority (APRA).

This transfer of responsibilities was due to the commencement of the Financial Sector (Collection of Data) Act 2001 (the Act), and the Financial Sector (Collection of Data-Consequential and Transitional Provisions) Act 2001 which repealed the Financial Corporations Act 1974 on 1 July 2002. Corporations that were previously registered under the Financial Corporations Act are now known collectively as Registered Financial Corporations (RFCs). The Act serves mainly to facilitate the collection of statistical data. It does not empower APRA to supervise the activities of RFCs.

Responsibility for collecting financial data from RFCs was transferred from the Reserve Bank of Australia to APRA in April 2003. In taking over this responsibility, APRA has introduced new reporting requirements including updated reporting forms.

Queries on the registration, categorisation or collection of data from RFCs should be directed to APRA on +61 2 9210 3000. Additional information is available on APRA's website.