Both APRA and ASIC have confirmed the importance of compliance with reporting dates but APRA has extended the reporting date for registered financial corporations.
After APRA recently fined Westpac and two subsidiaries for failing to meet their legal obligations to report data to APRA on time (see here), APRA has extended the annual data collection reporting periods for registered financial corporations (RFCs).
RFCs that are currently required to report annual data as at 31 December will now be able to submit their report by the RFC’s respective financial year end.
The relevant reporting forms under those Reporting Standards must be submitted within 10 business days after financial year end.
ASIC has announced that it expects all AFS licensees to comply with the financial reporting requirements within the specified timeframe.
Body corporate AFS licensees that are not disclosing entities, and have a financial year ending 30 June, are required to lodge their financial accounts by 31 October 2019.
Limited AFS licensees that do not deal with client money must lodge an annual compliance certificate along with a profit and loss statement and a balance sheet each financial year, also by 31 October 2019.
