Reporting Form Instruction Guide – Financial Accountability Regime – Entity Profile

Introduction

All accountable entities as defined in the Financial Accountability Regime Act 2023 (the Act) are requested to provide their entity profile information in relation to the Financial Accountability Regime (FAR) using this form.

The FAR entity profile data refers to certain classifications (whether an accountable entity is sole or dual regulated; and if it is subject to enhanced notification obligations), and the identification of any significant related entities (SREs) of the accountable entity.

The form is to be used by:

• Existing accountable entities – to amend or update their FAR entity profile information within 30 calendar days of the change(s); and
   
• New accountable entities – should submit their FAR entity profile information within five calendar days of becoming an accountable entity.¹

The requested information should be submitted in APRA Connect with the completion of the ‘Financial Accountability Regime - Entity Profile’ form.

The form is accompanied by these instructions to assist accountable entities in completing the requested information. 

Financial Accountability Regime - Entity Profile

Specific instructions 

An accountable entity is requested to use this form to notify APRA and ASIC (the Regulators) of any amendments to its existing FAR entity profile information, or to set up its FAR entity profile when it first becomes an accountable entity.

Updates to an entity’s FAR entity profile will only take affect once the entity has received a system generated confirmation from the Regulator(s) advising that the entity profile has been updated. Processing of the form will generally take up to four calendar days. During the processing period, this may impact the entity submitting other FAR forms if these forms are dependent on the entity profile being updated. Accordingly, accountable entities are encouraged to update their entity profile as soon as practicable.

1. Entity FAR Details

1.1    FAR classification enhanced / core

Select from the drop-down list whether the accountable entity is subject to ‘enhanced’ or only ‘core’ notification obligations as set out in section 31 of the Act.

Each accountable entity must determine whether it meets the enhanced notification threshold as set out in any rules made by the Minister under section 104 of the Act for the purposes of subsections 31(3) – (4) of the Act (please refer to Part 3 and Part 5 of the Financial Accountability Regime (Minister) Rules 2024 (Minister rules)).

Note: section 28 of the Minister rules provides that any related accountable entities of an ‘Enhanced’ accountable entity will also be taken to be ‘enhanced’.

1.2    FAR classification start date 

Report the start date from which the accountable entity is classified as an ‘enhanced’ or ‘core’ entity (or changes its classification) as provided in item 1.1. 

1.3    Supporting calculations 

For changes in classification, attach documentation in PDF format with financial data confirming the selection provided in item 1.1. The supporting documentation and/or calculations should show if:

•    the accountable entity meets or does not meet the relevant enhanced notification threshold; or 

•    the accountable entity is taken to have met or not met the relevant enhanced notification threshold due to the classification of other accountable entities within the corporate group.

1.4    Dual/sole regulated entity

Select from the following drop-down list on whether the accountable entity is regulated by:

•    Both APRA and ASIC; or

•    APRA only.

Entities which hold an Australian financial services licence (AFSL) or an Australian credit licence (ACL) are dual regulated, and all other entities regulated by APRA only are sole-regulated entities for the purposes of the FAR. Dual regulated entities should complete either item 1.6 or 1.7, or both as applicable.

1.5    Dual/sole regulated start date

Report the start date from which the accountable entity becomes a dual or sole regulated entity as provided in item 1.4.

1.6    ACL Number

If the accountable entity is identified as a dual regulated entity in item 1.4, report the ACL number of the accountable entity (if applicable).

1.7    AFSL Number

If the accountable entity is identified as a dual regulated entity in item 1.4, report the AFSL number of the accountable entity (if applicable).

1.8    Foreign entity

Select ‘Yes’ if the entity is a foreign accountable entity as defined in the Act, otherwise select ‘No’.

1.9    Country of incorporation

If ‘Yes’ is selected under item 1.8, the accountable entity must select the country of incorporation from the list of drop-down options. Otherwise, ‘Australia’ is automatically selected.

1.10    Supporting documents 

Attach any supporting documents in PDF format that the accountable entity considers relevant to the ‘Entity FAR Details’ reported in section 1.

2    Significant related entities 

2.1    The accountable entity must ensure any significant related entity information is provided and remains current

This label is to remind the accountable entity of its obligation to identify and report any SREs of the accountable entity.

2.2    Significant related entity name

Report the name of each SRE identified by the accountable entity. 

Note: Unless the name of an SRE has been reported under this form, the SRE will not be available for selection in the ‘Financial Accountability Regime – Register Accountable Person’ form or the ‘Financial Accountability Regime – Notification of Change to an Accountable Person’ form.

2.3    ABN of the significant related entity. If the significant related entity has an ABN, the ABN must be provided

Report the ABN of each SRE (if applicable). If the SRE has an ABN, the ABN must be provided.

The ABN is an 11-digit number. The number must be entered exactly and can be checked online at ABN lookup.

2.4    Significant related entity start date 

Report the start date from which an entity is defined as an SRE of the accountable entity in accordance with section 12 of the Act.

2.5    Significant related entity end date

This field should be completed where an entity ceases to be an SRE of the accountable entity. Report the date from which the SRE no longer meets the definition under section 12 of the Act.

2.6    Description 

This is an optional field that allows the accountable entity to provide a high-level description of the SRE. 

3    Declaration

Complete the declaration that the person making the declaration is authorised to do so and has undertaken reasonable enquiries to confirm that the information provided in this form is true and correct. The Regulators’ expectation is that this declaration would be completed by a person authorised or delegated to complete on behalf of the accountable entity.

Report the name and title of the signatory and provide the date of declaration. The completion of section 3 is taken as equivalent to providing a signed declaration.

Footnotes

¹  This assists processing of the entity profile information within nine calendar days of an entity becoming an accountable entity, and the subsequent lodgement of the entity’s applications to register their accountable persons.