Non-regulated entities that report to APRA
Discretionary mutual funds
Discretionary mutual funds are entities that offer ‘discretionary cover’, that is, an insurance-like product that may involve an obligation on the fund to consider meeting a claim made on it, but gives it a discretion as to whether it will pay the claim.
Exempt Public Sector Superannuation Schemes
Exempt Public Sector Superannuation Schemes are public sector superannuation schemes that choose not to be regulated by APRA. However, for statutory purposes, a number of these exempt schemes report to APRA under an agreement between the Commonwealth Government and each of the State and Territory Governments.
Foreign bank representative offices (not Authorised Deposit-taking Institutions)
A foreign bank wishing to establish a representative office in Australia must obtain the written consent of APRA. Consent is required for a foreign bank to use the word 'bank' or its equivalent as part of the bank's corporate name in connection with maintaining a representative office.
Minimum entry standards must be met and the representative office must comply with certain operating conditions, set by APRA.
Charges to be paid by representative offices of foreign banks in Australia
List of foreign bank representative offices
There are 15 foreign banks with consent to maintain a representative office in Australia.
Updated: 13 September 2021
- CaixaBank, S.A.
- China CITIC Bank Corporation Limited
- China Development Bank
- Commerzbank AG
- Credit Industriel et Commercial
- CTBC Bank Co., Ltd.
- DOHA Bank Q.S.C.
- Global IME Bank Limited
- Japan Bank for International Cooperation
- National Bank of Greece SA
- Sumitomo Mitsui Trust Bank, Limited
- Taipei Fubon Commercial Bank Co., Ltd.
- The Korea Development Bank
- The People's Bank of China
- Wells Fargo Bank, National Association
General Insurance Intermediaries
General insurance intermediaries are Australian financial services licensees that are authorised under the Corporations Act 2001 to deal in general insurance products. Refer to the letter (below) from the Australian Securities & Investments Commission for more information.
General insurance intermediaries are required, under Part 7.6B of the Corporations Regulations 2001, to provide data to APRA. These Regulations require general insurance intermediaries to provide data about their dealings in general insurance business, particularly their dealings with unauthorised foreign insurers (UFIs).
The data is defined in Form 701. Information on the reporting requirements for GI intermediaries, and guidance to help entities submit forms are provided in the links below:
Medical defence organisations
Under the Insurance Act 1973 APRA regulates the medical indemnity insurers that are subsidiaries of MDOs.
The Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 (the Medical Indemnity Act), commencing on 1 July 2003, prohibits institutions from providing medical indemnity cover unless the institution is an authorised general insurer under the Insurance Act 1973 (the Insurance Act). APRA is responsible for the administration of the Insurance Act. The Medical Indemnity Act also makes provision for minimum product standards for medical indemnity contracts – supervisory responsibility for these lies with the Australian Securities and Investments Commission.
Transitional provisions apply under the Medical Indemnity Act so that institutions wishing to provide medical indemnity cover will have up to five years to comply with the minimum capital requirements imposed by prudential standards made under the Insurance Act. This is intended to allow certain medical indemnity providers to reach appropriate levels of prudential capital over time, given the industry has generally not previously been subject to prudential supervision. Transitional relief does not extend to other prudential standards.
To facilitate these transitional provisions, APRA has issued three guidelines:
Registered financial corporations
Corporations registered under the Financial Sector (Collection of Data) Act 2001. Read more about registered financial corporations.
Religious charitable development funds
Religious charitable development funds are funds established to borrow and use money for religious and charitable purposes. This fundraising activity meets the definition of banking business under the Banking Act 1959 (Banking Act). These funds have historically been exempt from the requirement to be authorised under the Banking Act provided they meet specified conditions set out in the exemption order. The current exemption order is Banking exemption No. 1 of 2021 which commenced on 24 May 2021.
APRA consulted on proposed changes to the exemption order in 2013 and 2016:
Consultation - Banking Act exemptions and section 66 Guidelines
Wholesale funders are non-deposit taking institutions that rely primarily on securitisation to fund the provision of loans. Refer to the Financial Sector (Collection of Data) Act 2001 for registration guidelines.
Wholesale funders provide data on a voluntary basis in WRF 320.0 Statement of Financial Position. The Reserve Bank of Australia uses the data to gauge housing lending conditions, assess financial market stability and assist monetary policy setting.
Guidelines on implementation of Section 66 of the Banking Act 1959
This guideline provides general guidance on how APRA interprets and administers this legislation.