Step 4 - Post licensing
As a licenced entity, you must continue to meet APRA’s prudential standards, proportional to your business, and provide relevant information to show you are meeting these standards. You will also be subject to ongoing supervision by APRA and to an annual supervisory levy.
Under the Financial Sector (Collection of Data) Act 2001 (the Act), APRA collects information for the purposes of performing its functions and publishing information on the financial sector industries. APRA also provides information to other financial sector agencies such as the Australian Securities and Investments Commission. As a licenced entity, you will be required to provide regular reporting to APRA under the Act.
More information about your reporting requirements under the Act, and any additional reporting relevant to your business, can be found at:
- ADI reporting framework
- General insurance reporting framework
- Life insurance reporting framework
- Private health insurance reporting framework
- Superannuation reporting framework
- Financial Sector (Collection of Data) Act 2001
APRA data collection
APRA’s method for collecting regulatory reporting information is via the electronic systems Direct to APRA (D2A) and APRA Connect. Entities are required to use both systems. Further information on accessing and using D2A and APRA Connect is available here.
Once you are licensed, you must notify APRA of any changes to your responsible persons by submitting Reporting Form 520.0 Responsible Persons Information to APRA via APRA Connect.
RSE licensees must complete and submit Reporting Form 520 within 14 days of:
- a new responsible person being appointed; or
- information about an existing responsible person being changed.
Private health insurers must disclose changes to the Responsible Persons of the Insurer (such as the CEO, directors, senior managers, Appointed Actuary or Appointed Auditor) by submitting the following form to their responsible supervisor:
Regulated institutions are subject to an annual levy. The levies are set to recover the operational costs of APRA, and other specific costs incurred in relation to the financial sector by certain other Commonwealth agencies and departments. The levies are imposed to ensure the full cost of regulation is recovered from those that benefit from it (that is, institutions that are regulated). For more information see industry levies.
Disclosures and approvals
There may be additional disclosures and approvals required depending on the type of licence you hold. Further details for the relevant industries are provided below.
Under section 11E of the Banking Act 1959 (the Banking Act), foreign ADIs commit an offence if they take a deposit from a person in Australia without disclosing that they are exempt from part II Division 2 of the Banking Act.
The required form of disclosure for purposes of section 11E is available below:
After a registrable superannuation entity (RSE) licence has been granted, RSE licensees must apply to APRA to vary or cancel a licence, or seek approval of transfer via the relevant approved form.
All registrable superannuation entities (RSEs) must be registered with APRA prior to commencing operations, via the approved form below.
MySuper and Eligible Rollover Fund (ERF) authorisations
An RSE licensee that intends to offer a MySuper product or operate a regulated superannuation fund as an Eligible Rollover Fund (ERF) must seek authorisation from APRA. RSE licensees must apply for authorisation for each MySuper product they wish to offer.
Private health insurance
After a private health insurance licence has been granted, private health insurers must apply on an approved form for conversion to for-profit status, to change registration status, for merger or acquisition arrangements, and restructure or termination of health benefit funds.
As a licensed entity, you will appear on the relevant industry public register. The public registers list all the entities that are regulated by APRA under the applicable industry acts.
- Authorised deposit-taking institutions
- General insurers
- Life insurers
- Private health insurers
- Superannuation (includes RSE licensees, RSEs and MySuper and ERF authorisations)