Featured Product

    APRA Connect to Go Live on September 13, 2021

    August 06, 2021

    The Australian Prudential Regulation Authority (APRA) announced that its new data collection system APRA Connect will go live on September 13, 2021. APRA Connect will be available from September 13, 2021 for entities to maintain entity information such as contact details, Responsible Persons and related parties, including Banking Executive Accountability Regime (BEAR) reporting for authorized deposit-taking institutions. All entities now need to prepare for APRA Connect production go-live and nominate their initial Regulatory Reporting Administrator via the D2A form “RRA_PROD: APRA Connect nomination for 13 September go live” in readiness for production.

    Authorized deposit-taking institutions will be required to maintain all Banking Executive Accountability Regime information (including for example, accountability statement and maps) in APRA Connect from September 2021. Additionally, APRA continues to consult on revisions to the capital framework for authorized deposit-taking institutions; as the related collections are replaced, they will be introduced in APRA Connect. ARS 220 on credit quality and ARS 115 on operational risk are expected to go live in APRA Connect in March 2022. The first regulatory data collections to be introduced in APRA Connect are the Superannuation Data Transformation collections, due in September 2021, and Private Health Insurance Reform (HRS 605.0), due in October 2021. APRA advises that entities should now have authorized users in Relationship Authorization Manager (RAM) and should have conducted the following activities in the APRA Connect test environment: 

    • Logged into the APRA Connect test environment and been assigned roles
    • Set up your teams in the test environment with the right roles and permissions
    • Become familiar with system functionality
    • Practiced data preparation and submission (where returns are available) and updating entity information

    The APRA Connect test and production environments are separate. There is no data transfer between the two environments and, therefore, entities will need to be ready to set up users in APRA Connect from September 13, 2021. Entities should consider which APRA Connect roles should be assigned to users. Different roles may be assigned to users in each environment. A new D2A form (RRA_PROD: APRA Connect nomination for 13 September go live) will be available shortly for entities to nominate an initial Regulatory Reporting Administrator (RRA) for each entity (ABN). Entities will also need to nominate via the D2A form any additional roles that are required to be assigned to the initial RRA. Once the initial RRA is onboarded, there is no limit on the number of additional users the initial RRA can assign this role within their entity. RegTech firms will be required to request access to APRA Connect test environment and complete a Deed for access. The APRA Connect Guide provides reference information and help to use the system and should be readily accessible when using the system.

     

    Related Links

    Keywords: Asia Pacific, Australia, Banking, APRA Connect, D2A, Reporting, Data Collection, BEAR, Operational Risk, Regulatory Capital, ARS 220, ARS 115, Basel, APRA

    Featured Experts
    Related Articles
    News

    APRA Issues Interim Update to Policy Priorities for 2021 and Beyond

    In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.

    September 24, 2021 WebPage Regulatory News
    News

    EC Adopts Solvency II and Resolution Rules Package for Insurers

    The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.

    September 22, 2021 WebPage Regulatory News
    News

    OCC Issues Booklets on Regulatory Reporting and Earnings

    The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.

    September 22, 2021 WebPage Regulatory News
    News

    ECB Sets Out Results of Economy-Wide Climate Stress Tests

    The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.

    September 22, 2021 WebPage Regulatory News
    News

    EBA Examines Implications of Increasing Use of Digital Platforms in EU

    The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.

    September 21, 2021 WebPage Regulatory News
    News

    HKMA Issues Updates on Policy Measures Intended to Ease COVID Impact

    The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.

    September 21, 2021 WebPage Regulatory News
    News

    ISDA Responds to BCBS Proposal on Treatment of Cryptoasset Exposures

    The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.

    September 21, 2021 WebPage Regulatory News
    News

    BIS Quarterly Review Discusses Developments in Fintech and ESG Space

    BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.

    September 20, 2021 WebPage Regulatory News
    News

    BCBS to Consult on Supervisory Practices for Climate Risks by Year-End

    The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards

    September 20, 2021 WebPage Regulatory News
    News

    OCC Identifies Operational Risk Deficiencies in MUFG Union Bank

    The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.

    September 20, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7494