Supplementary Explanatory Memorandum(Circulated by authority of the Minister for Financial Services and Regulation, the Honourable Joe Hockey, MP)
1.1 Government amendments amend Schedule 2, Parts 5 and 6 of the Financial Sector (Collection of Data - Consequential and Transitional Provisions) Bill 2001.
1.2 The amendment to the Retirement Savings Accounts Act 1997 in Part 5 of the Bill will allow the Australian Prudential Regulation Authority (APRA) to revoke a direction if an RSA institution satisfies APRA that there is, or likely to continue to be, substantial compliance by the RSA with the provisions of the Financial Sector (Collection of Data) Act 2001 .
1.3 The amendments to the Superannuation Industry (Supervision) Act 1993 in Part 6 of the Bill clarifies that the Financial Sector (Collection of Data) Act 2001 applies to all superannuation entities other than self managed superannuation funds (SMSFs). References to Financial Sector (Collection of Data) Act 2001 can be ignored by SMSFs.