You will require this registration if you operate a financial corporation.
A financial corporation:
- has total assets exceeding $5 million
- is a sole or principal business in Australia that is borrowing money and engaging in the provision of finance
- has assets in Australia arising from the provision of finance that exceed 50 percent of its total assets.
The Act does not apply to authorised deposit taking institutions such as:
- building societies
- credit unions.
Please note there are a variety of reporting standards that financial corporations, such as registrable superannuation entities, are required to comply with when providing financial information to the Agency, such as:
- statements of financial performance
- statements of financial position
- information relating to the asset allocation and investment flows
- information relating to accrued default amounts.