Financial Sector (Collection of Data) (reporting standard) determination No. 6 of 2025

Reporting Standard SRS 551.0 Liquidity

Financial Sector (Collection of Data) Act 2001

I, Andrew Robertson, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act), determine Reporting Standard SRS 551.0 Liquidity, in the form set out in the Schedule, which applies to financial sector entities to the extent provided in paragraph 3 of that reporting standard.

Under section 15 of the Act, I declare that Reporting Standard SRS 551.0 Liquidity shall begin to apply to those financial sector entities at the start of the day after the day this instrument is registered on the Federal Register of Legislation.

This instrument commences at the start of the day after the day it is registered on the Federal Register of Legislation.

Dated: 30 April 2025

Andrew Robertson

Chief Data Officer

Technology and Data Division

Interpretation

In this instrument:

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislation means the register established and maintained under section 15A of the Legislation Act 2003.

financial sector entity means financial sector entities of a kind referred to in paragraphs 5(2)(a) to (d) of the Act.

Schedule

Reporting Standard SRS 551.0 Liquidity comprises the document commencing on the following page.

Reporting Standard SRS 551.0

Liquidity

Objective of this reporting standard

Authority

1.              This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.

Purpose

1.              Information collected under this Reporting Standard is used by APRA for the purposes of prudential supervision and publication. It may be used by the Australian Securities and Investments Commission.

Application

1.              This Reporting Standard applies to each registrable superannuation entity (RSE) licensee (RSE licensee) in respect of each RSE, defined benefit RSE and pooled superannuation trust (PST) within its business operations[1].

Commencement

1.              This Reporting Standard commences at the start of the day after the day it is registered on the Federal Register of Legislation.

Reporting periods

1.              The RSE licensee must provide the information required by this Reporting Standard for the Reporting Periods, by the due dates, set out in the table below.

Ad-hoc information required

1.              If the RSE licensee identifies that any of Level 1 Early Warning Exceeded, Level 2 Early Warning Exceeded or Level 3 Limit Exceeded liquidity trigger metric or indicator has been exceeded, the RSE licensee must provide updated information in SRF 551.2 required by this Reporting Standard within 28 calendar days from the date the liquidity event trigger metric or indicator was first identified as having been exceeded.

Reporting under SRF 551.3 Estimated Order Of Asset Liquidation Under Liquidity Stress Conditions

1.              APRA may, by notice in writing, request that the RSE licensee report the information required by SRF 551.3 in relation to the reporting period set out in the written request within 7 calendar days (or such other time specified in the written request).

Quarterly attestation required

1.              An RSE licensee must provide APRA an attestation that the RSE licensee has, or will be, providing updated information to APRA in accordance with paragraph 6.
2.              An RSE licensee to which this Reporting Standard applies must provide information required under paragraph 8, within 28 days after the end of each calendar quarter.

Notices

1.          If, having regard to the particular circumstances of an RSE, defined benefit RSE or PST, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by paragraph 5, APRA may, by notice in writing, change the reporting periods for the particular RSE, defined benefit RSE or PST.
2.          Where APRA has changed the reporting periods under paragraph 10, the RSE licensee must provide the relevant information within the time specified by the notice in writing.
3.          APRA may grant, in writing, an RSE licensee an extension of a due date with respect to one or more RSEs, defined benefit RSEs or PSTs within its business operations, in which case the new due date for the provision of the information will be the due date specified on the notice of extension.

Note: For the avoidance of doubt, APRA’s expectation is that if the due date for a particular reporting period falls on a day other than a usual business day, an RSE licensee will submit the information required no later than the due date.

Form and method of submission

1.          The information required by this Reporting Standard must be given to APRA in electronic format using an electronic method available on APRA’s website or by a method notified by APRA prior to submission.

Quality control

1.          The information provided by an RSE licensee under this Reporting Standard must be the product of systems, procedures and internal controls that have been reviewed and tested by the RSE auditor of the RSE, defined benefit RSE or PST to which the information relates[2]. This will require the RSE auditor to review and test the RSE licensee’s systems, procedures and internal controls designed to enable the RSE licensee to report reliable information to APRA. This review and testing must be done on:
   1.           an annual basis or more frequently if necessary to enable the RSE auditor to form an opinion on the reliability and accuracy of information; and
   2.           at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of Prudential Standard SPS 310 Audit and Related Matters (SPS 310).
2.          All information provided by an RSE licensee under this Reporting Standard must be subject to systems, processes and controls developed by the RSE licensee for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the RSE licensee to ensure that an appropriate set of policies, procedures and controls for the authorisation of information submitted to APRA is in place.

Authorisation

1.          When an officer or agent of an RSE licensee provides the information required by this Reporting Standard using an electronic format, the officer or agent must digitally sign the relevant information using a digital certificate acceptable to APRA.
2.          If the information required by this Reporting Standard is provided by an agent who submits the information on the RSE licensee’s behalf, the RSE licensee must:
   1.           obtain from the agent a copy of the completed form with the information provided to APRA; and
   2.           retain the completed copy.
3.          An officer or agent of an RSE licensee who submits the information under this Reporting Standard for, or on behalf of, the RSE licensee must be authorised by either:
   1.           the Chief Executive Officer of the RSE licensee; or
   2.           the Chief Financial Officer of the RSE licensee.

Minor alterations to forms and instructions

1.          APRA may make minor variations to:
   1.           a form that is part of this Reporting Standard, and the instructions to such a form, to correct technical, programming or logical errors, inconsistencies or anomalies; or
   1.           the instructions to a form, to clarify their application to the form,

without changing any substantive requirement in the form or instructions.

1.          If APRA makes such a variation, it must notify each RSE licensee that is required to report under this Reporting Standard.

Interpretation

1.          In this Reporting Standard:

APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998.

Chief Executive Officer means the chief executive officer of the RSE licensee, by whatever name called, and whether or not he or she is a member of the Board of the RSE licensee[3].

Chief Financial Officer means the chief financial officer of the RSE licensee, by whatever name called.

defined benefit RSE has the meaning of defined benefit fund in subsection 10(1) of the SIS Act.

due date means the relevant due date under paragraph 5, 6, 7 11 or, if applicable, paragraph 12 of this Reporting Standard.

investment option has the meaning given in SRS 101.0.

MySuper product has the meaning given in subsection 10(1) of the SIS Act.

reporting period means a period mentioned in paragraph 5, 6 7 or, if applicable, paragraph 10 of this Reporting Standard.

RSE means a registrable superannuation entity as defined in subsection 10(1) of the SIS Act that is not a defined benefit RSE, pooled superannuation trust, small APRA fund or single member approved deposit fund[4].

RSE auditor means an auditor appointed by the RSE licensee to perform functions under this Reporting Standard.

RSE licensee has the meaning given in subsection 10(1) of the SIS Act.

SIS Act means Superannuation Industry (Supervision) Act 1993.

SRS 101.0 means Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections.

Pooled superannuation trust (PST) has the meaning given in subsection 10(1) of the SIS Act.

1.          In this Reporting Standard, unless an instrument is not disallowable or contrary intention appears, a reference to an Act, Regulation, Prudential Standard, Reporting Standard, Australian Accounting Standard or Auditing Standard is a reference to the instrument as in force or existing from time to time.
2.          Where this Reporting Standard provides for APRA to exercise a power or discretion, this power or discretion is to be exercised in writing.

Reporting Form SRF 551.0

Liquidity Supply

Instruction Guide

This instruction guide is designed to assist in the completion of Reporting Form SRF 551.0 Liquidity Supply (SRF 551.0). This form collects information on the liquidity supply of RSEs and investment options within RSEs.

General directions and notes

Reporting level

SRF 551.0 must be completed for each RSE, defined benefit RSE and pooled superannuation trust (PST).

Reporting tables

Tables described in this reporting form list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set.  Constraints on the data that can be reported for each field have also been provided.

The Unique identifier column indicates which field, or fields form the primary key of the table. Where a field has ‘Y’ in the Unique identifier column, this denotes that this field forms part of the primary key for the table. A blank cell in the Unique identifier column means that the field does not form part of the primary key for the table. Any specific combination of values in the fields that form the primary key of a table must not appear on more than one row in that table when reported.

Reporting basis and unit of measurement

Report all items on SRF 551.0 in accordance with the Australian Accounting Standards, except where otherwise specified.

Assets and liabilities denominated in currencies other than AUD are to be converted to AUD using the mid-point rate (of market buying and selling spot quotations) effective as at the end of the reporting period. An RSE licensee may use those AUD exchange rates that it judges to be a representative closing mid-market rate as at the end of the reporting period. However, to ensure consistency across related returns and to assist in the reconciliation between these returns, an RSE licensee must use the same exchange rates across all returns submitted to APRA.

Amounts in SRF 551.0 are to be reported as whole dollars.

Items on SRF 551.0 must be reported as at the end of the reporting period.

Tables 1, 2, 3 and 4 are to be reported for internally managed investment option only.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections (SRS 101.0).

Specific instructions

Table 1: RSE Liquidity Profile

Report columns 1 to 4 as at the end of the reporting period.

Instructions

Report the value of the investment that can be redeemed for cash in Column 2, for each of the time periods in Column 1.

Where a liquidity stress test has been conducted during the reporting period, report the value of investments that can be redeemed for cash in column 3, for each of the time periods in column 1, based on the relevant worst case liquidity stress scenario of the RSE licensee’s liquidity stress testing.

Table 2: Investment Option Liquidity Profile

SRF 551.0 Table 2 must be completed for the following types of internally managed investment options within an RSE, defined benefit RSE or PST:

The following types of investment option are excluded from SRF 551.0 Table 2:

•    investment options which are permitted to be aggregated in Table 3 of Reporting Form SRF 605.0 RSE Structure (SRF 605.0);
•    investment options which are reported on SRF 605.0 under investment option category Annuity; and

Instructions

Report the value of the investment option that can be redeemed for cash in column 4, for each of the time periods in column 3.

Where a liquidity stress test has been conducted during the reporting period, report the value of investments that can be redeemed for cash in column 5 based on the relevant worst case liquidity stress test scenario of the RSE licensee’s liquidity stress testing.  

For purposes of reporting in this form, report the liquidity information for each lifecycle stage or cohort, or, by investment pool where an RSE licensee manages liquidity at the investment pool. For example, an RSE licensee with 10 lifecycle stages which invests in three investment pools, such as Conservative, Balanced, and Growth investment pools and where liquidity is managed at that pool level, report for each investment pool.

Table 3: RSE Available Liquid Assets Within 3 Days

Instructions

Report the value of the investment that can be redeemed for cash within the relevant period.

Table 4: Investment Option Available Liquid Assets Within 3 Days

Instructions

SRF 551.0 Table 4 must be completed for the following types of internally managed investment options within an RSE, defined benefit RSE or PST:

The following types of investment option are excluded from SRF 551.0 Table 4:

• investment options which are permitted to be aggregated in Table 3 of  SRF 605.0;
• investment options which are reported on SRF 605.0 under investment option category Annuity; and

• investment options which solely underlie products with the Superannuation Product Category Type of ‘Insurance Only’ or ‘Whole of Life or Endowment’.

Reporting Form SRF 551.1

Liquidity demand

Instruction Guide

This instruction guide is designed to assist in the completion of Reporting Form SRF 551.1 Liquidity Demand (SRF 551.1). This form collects information on actual and estimated cashflows, member transactions and foreign currency contracts outstanding.

General directions and notes

Reporting level

SRF 551.1 must be completed for each RSE, defined benefit RSE and pooled superannuation trust (PST).

Reporting tables

Tables described in this reporting form list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set.  Constraints on the data that can be reported for each field have also been provided.

The Unique identifier column indicates which field or fields form the primary key of the table. Where a field has ‘Y’ in the Unique identifier column, this denotes that this field forms part of the primary key for the table. A blank cell in the Unique identifier column means that the field does not form part of the primary key for the table. Any specific combination of values in the fields that form the primary key of a table must not appear on more than one row in that table when reported.

Reporting basis and unit of measurement

Report all items on SRF 551.1 in accordance with the Australian Accounting Standards.

Assets and liabilities denominated in currencies other than AUD are to be converted to AUD using the mid-point rate (of market buying and selling spot quotations) effective as at the end of the reporting period. An RSE licensee may use those AUD exchange rates that it judges to be a representative closing mid-market rate as at the end of the reporting period. However, to ensure consistency across related returns and to assist in the reconciliation between these returns, an RSE licensee must use the same exchange rates across all returns submitted to APRA.

Amounts in SRF 551.1 are to be reported as whole dollars. Percentages are to be reported as an unconverted number to two decimal places. For example, 12.34 per cent is to be reported as 0.1234.

Items on SRF 551.1 must be reported as at the end of the reporting period.

Tables 2 and 4 are to be reported for internally managed investment options only.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections (SRS 101.0).

Specific instructions

Table 1: RSE Member Cash Flows

Instructions

For each RSE, report the dollar value of net members’ flows within the reporting period in Column 1.

Where a liquidity stress test has been conducted during the reporting period, report the estimated value of net members’ flows in Column 2 based on the relevant worst case liquidity stress test scenario of the RSE licensee’s liquidity stress testing.  

In Column 3, report the number of days used to calculate the estimated stressed net cash flows based on the RSE licensee’s liquidity stress testing. For example, if the estimated stressed net cash outflows is for 30 days, report 30 days. The liquidity stress test relied upon in this table must be the same as the test reported in SRF 551.0 table 1. 

Table 2: RSE Investment Calls On Liquidity 

Instructions

For each RSE, report the dollar value of actual net cash flows for internally managed investment options within the reporting period in Column 3.

Where a liquidity stress test has been conducted during the reporting period, report the estimated value of net cash inflows or outflows based on the relevant worst case liquidity stress test scenario of the RSE licensee’s liquidity stress testing in Column 4 for the relevant Cash Flow Type.  

In Column 5, report the number of days that applies to the estimated cash flows in Column 4 based on the RSE licensee’s liquidity stress test. The liquidity stress test relied upon in this Table must be the same as the test reported in SRF 551.0 Table 1. 

Table 3: Investment Option Member Cash Flows

SRF 551.1 Table 3 must be completed for the following types of investment options within an RSE, defined benefit RSE or PST:

The following types of investment option are excluded from SRF 551.1 Table 3:

•    investment options which are permitted to be aggregated in Table 3 of SRF 605.0;
•    investment options which are reported on SRF 605.0 under investment option category Annuity; and

•    investment options which solely underlie products with the Superannuation Product Category Type of ‘Insurance Only’ or ‘Whole of Life or Endowment’.

Instructions

Items on SRF 551.1 Table 3 must be reported with respect to transactions that occurred during the reporting period.

For each investment option, report the dollar value of Net Members’ Flows within the reporting period in Column 5 for the relevant combination of Taxation Status and Cash Flow Type.

Where a liquidity stress test has been conducted during the reporting period, report the estimated value of net members’ flows based on the relevant worst case liquidity stress test scenario of the RSE licensee’s liquidity stress testing in Column 6 for the relevant combination of Taxation Status and Cash Flow Type.

In Column 7, report the assumed number of days used to calculate the estimated cashflows reported in Column 6 based on the RSE licensee’s liquidity stress test. The liquidity stress test relied upon in this Table 3 must be the same as the test reported in SRF 551.0 Table 1. 

Table 4: Investment Option Investment Calls On Liquidity

SRF 551.1 Table 4 must be completed for the following types of internally managed investment options within an RSE, defined benefit RSE or PST:

• investment options which are permitted to be aggregated in Table 3 of SRF 605.0;
• investment options which are reported on SRF 605.0 under investment option category Annuity; and

• investment options which solely underlie products with the Superannuation Product Category Type of ‘Insurance Only’ or ‘Whole of Life or Endowment’.

Instructions

Items on SRF 551.1 Table 4 must be reported with respect to transactions that occurred during the reporting period.

For each investment option, report the dollar value of actual net cash flows within the reporting period in Column 6, for the relevant combination of Taxation Status and Cash Flow Type.

Where derivatives are managed at the RSE level, APRA expects RSE licensees to apportion margining or contract settlements to each relevant investment option, including in scope option.

Where a liquidity stress test has been conducted during the reporting period, report the estimated value of net cash inflows or outflows based on the relevant worst case liquidity stress test scenario of the RSE licensee’s liquidity stress testing in Column 7, for the relevant combination of Taxation Status and Cashflow Type.  

In Column 8, report the assumed number of days used to calculate the estimated stressed net cash flows in Column 7 based on the RSE licensee’s liquidity stress testing. The liquidity stress test relied upon in this Table must be the same as the test reported in SRF 551.0 Table 1. 

Table 5: Foreign Currency Contracts Outstanding

Instructions

Report the aggregate amount of directly held (including Individually Managed Mandate) foreign exchange (FX) contracts outstanding as at the end of the reporting period.

Table 6: Investment Options With Significant Net Member Flows

Instructions

Report the investment options with an investment value of at least $50 million that have actual net cash flows that represent 3% or more of the investment option’s total investment values as at the beginning of the quarter.

• investment options which are permitted to be aggregated in Table 3 of SRF 605.0;
• investment options which are reported on SRF 605.0 under investment option category Annuity; and

• investment options which solely underlie products with the Superannuation Product Category Type of ‘Insurance Only’ or ‘Whole of Life or Endowment’.

Reporting Form SRF 551.2

Liquidity Event Trigger Metrics Or Indicators

Instruction Guide

This instruction guide is designed to assist in the completion of Reporting Form SRF 551.2 Liquidity Event Trigger Metrics Or Indicators (SRF 551.2). This form collects information on the liquidity trigger metrics or indicators at the RSE level and at the investment option level based on the RSE licensee’s liquidity management policy. This form also collects information when any of the liquidity trigger metrics or indicators have been exceeded during the reporting period.

General directions and notes

Reporting level

SRF 551.2 must be completed for each RSE, defined benefit RSE and pooled superannuation trust (PST).

Reporting tables

Tables described in this reporting form list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set.  Constraints on the data that can be reported for each field have also been provided.

The Unique identifier column indicates which field or fields form the primary key of the table. Where a field has ‘Y’ in the Unique identifier column, this denotes that this field forms part of the primary key for the table. A blank cell in the Unique identifier column means that the field does not form part of the primary key for the table. Any specific combination of values in the fields that form the primary key of a table must not appear on more than one row in that table when reported.

Reporting basis and unit of measurement

Report all items on SRF 551.2 in accordance with the Australian Accounting Standards, except where otherwise specified.

Assets and liabilities denominated in currencies other than AUD are to be converted to AUD using the mid-point rate (of market buying and selling spot quotations) effective as at the end of the reporting period. An RSE licensee may use those AUD exchange rates that it judges to be a representative closing mid-market rate as at the end of the reporting period. However, to ensure consistency across related returns and to assist in the reconciliation between these returns, an RSE licensee must use the same exchange rates across all returns submitted to APRA.

Amounts in SRF 551.2 are to be reported as whole dollars. Percentages are to be reported as an unconverted number to two decimal places. For example, 12.34 per cent is to be reported as 0.1234.

Items on SRF 551.2 must be reported as at the end of the reporting period, or, if an RSE licensee is submitting ad-hoc information, as at the date of the change.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections (SRS 101.0).

Specific instructions

Table 1: Liquidity Event Trigger Metrics Or Indicators

Instructions

Report the liquidity trigger metric or indicator as defined in the RSE licensee’s liquidity management policy.

SRF 551.2 Table 1 must be completed for the following types of investment options within an RSE, defined benefit RSE or PST:

The following types of investment options are excluded from SRF 551.2 Table 1:

Reporting Form SRF 551.3

Estimated Order of Asset Liquidation Under Liquidity Stress Condition

Instruction Guide

This instruction guide is designed to assist in the completion of Reporting Form SRF 551.3 Estimated Order of Asset Liquidation Under Liquidity Stress Condition (SRF 551.3). This form collects information on the RSE licensee’s best estimate of asset liquidation order under liquidity stress conditions that demonstrates its liquidity action plan.

General directions and notes

Reporting level

SRF 551.3 must be completed for each RSE, defined benefit RSE and pooled superannuation trust (PST).

Reporting tables

Tables described in this reporting form list each of the data fields required to be reported. The data fields are listed sequentially in the column order that they will appear in the reported data set.  Constraints on the data that can be reported for each field have also been provided.

The Unique identifier column indicates which field or fields form the primary key of the table. Where a field has ‘Y’ in the Unique identifier column, this denotes that this field forms part of the primary key for the table. A blank cell in the Unique identifier column means that the field does not form part of the primary key for the table. Any specific combination of values in the fields that form the primary key of a table must not appear on more than one row in that table when reported.

Reporting basis and unit of measurement

Report all items on SRF 551.3 in accordance with the Australian Accounting Standards.

Assets and liabilities denominated in currencies other than AUD are to be converted to AUD using the mid-point rate (of market buying and selling spot quotations) effective as at the end of the reporting period. An RSE licensee may use those AUD exchange rates that it judges to be a representative closing mid-market rate as at the end of the reporting period. However, to ensure consistency across related returns and to assist in the reconciliation between these returns, an RSE licensee must use the same exchange rates across all returns submitted to APRA.

Amounts in SRF 551.3 are to be reported as whole dollars. Percentages are to be reported as an unconverted number to two decimal places. For example, 12.34 per cent is to be reported as 0.1234.

Items on SRF 551.3 must be reported as at the end of the reporting period.

SRF 551.3 is to be reported for internally managed investments options only.

Definitions

Terms highlighted in bold italics indicate that the definition is provided in Reporting Standard SRS 101.0 Definitions for Superannuation Data Collections (SRS 101.0).

Specific instructions

Table 1: Estimated Order Of Asset Liquidation Under Liquidity Stress Condition

Instructions

Report the RSE licensee's best estimate of asset liquidation order and amount for internally managed investment options under liquidity stress conditions.

Appendix A: Summary of reporting levels and scope

Reporting on an APRA-look through basis means:

Appendix B: Cash and Fixed Income Characteristics Hierarchy

The following table shows the hierarchical relationships between asset class characteristic 2 (reported in Reporting Standard SRS 550.0 Asset Allocation) and cash and fixed income characteristics (reported in Reporting Standard SRS 551.0 Liquidity)

[1] For the purposes of this Reporting Standard, an RSE licensee’s ‘business operations’ includes all activities it conducts as an RSE licensee (including the activities of each RSE of which it is the licensee), and all other activities of the RSE licensee to the extent that they are relevant to, or may impact on, its activities as an RSE licensee. For the avoidance of doubt, if the RSE licensee is trustee of more than one RSE, defined benefit RSE or pooled superannuation trust (PST), the RSE licensee must separately provide the information required by this Reporting Standard for each RSE, defined benefit RSE or PST within its business operations. An RSE licensee that does not have any RSEs, defined benefit RSEs or PSTs within its business operations is not required to provide information under this Reporting Standard.

[2] Refer also to Prudential Standard SPS 310 Audit and Related Matters (SPS 310).

[3] Refer to Prudential Standard SPS 510 Governance.

[4] For the purposes of this Reporting Standard, ‘pooled superannuation trust’ has the meaning given in subsection 10(1) of the SIS Act, ‘small APRA fund’ means a superannuation entity that is a regulated superannuation fund, within the meaning of the SIS Act, which no more than six members and ‘single member approved deposit fund’ means a superannuation entity that is an approved deposit fund, within the meaning of the SIS Act, which has only one member.

[5] Subsection 13(4B) of the Financial Sector (Collection of Data) Act 2001 means that a contract between the RSE licensee or a person connected with the RSE licensee such as a related body corporate or relevant custodian (the first party), and a person connected with the RSE licensee (the second party), under which assets or assets derived from assets of the registrable superannuation entity are invested, is taken to include (1) a term requiring the first party to notify the second party that the assets are or are derived from a registrable superannuation entity, and (2) a term requiring the second party, if so notified, to provide the information required by this reporting standard of which they are aware.

[6] For example, if an RSE licensee invests in a managed investment scheme, the responsible entity of which is not a related body corporate of the RSE licensee, the responsible entity is still a person connected with the RSE licensee, under paragraph (c) of the definition of that term.  If the managed investment scheme in turn invests in a private equity vehicle, the trustee of which is not in any way related to the RSE licensee, the trustee of the private equity vehicle is not a person connected with the RSE licensee. If the private equity vehicle has invested exclusively in shares, the shares will be the ultimate investment.  The most proximate investment of a person connected with the RSE licensee will be the managed investment scheme’s investment in the private equity vehicle. Accordingly, the managed investment scheme’s investment in the private equity vehicle must be reported.