Featured Product

    APRA Update on Implementation of Royal Commission Recommendations

    August 07, 2019

    APRA published an update on its implementation of the recommendations directed by the Royal Commission into misconduct in the banking, superannuation, and financial services industry. APRA is on track to meet the timelines with respect to the implementation of these recommendation. Out of the 10 recommendations that required APRA attention, four recommendations would be completed in 2019 and another five would be completed by the end of 2020.

    The recommendations of the Royal commission covered the following key topics:

    • Amendment on prudential standard APS 220 on Credit Quality, for which a consultation was released in March 2019 and the final version will be issued by the end of 2019.
    • Banking Executive Accountability Regime (BEAR) product responsibility, for which the proposed requirements were issued in June 2019 and they wil be finalized by the end of 2019.
    • Amendment of Prudential Standard SPS 250 (Insurance in Superannuation), the proposed changes for which will be consulted later this year 2019, with a view to finalizing them in 2020.
    • Finalization of Prudential Standard CPS 511 on supervision of remuneration principles, standards, and guidance, a consultation for which was launched in July 2019 and the final prudential standard will be published in early 2020.
    • Supervision of culture and governance, as part of which APRA is developing an enhanced approach to the supervision of governance, culture, remuneration, and accountability in regulated institutions. APRA intends to publish a statement of its approach by the end of 2019. APRA will build this approach on additional resourcing provided by the government in the 2019 Budget, the recommendations of the Royal Commission, and the recommendations of the Capability Review.

     

    Related Links

    Keywords: Asia Pacific, Australia, Banking, Insurance, Superannuation, APS 220, SPS 250, BEAR, Royal Commission Recommendations, Operational Risk, CPS 511, Capability Review, APRA

    Related Articles
    News

    APRA Consults to Standardize Submission Date for Quarterly Reporting

    APRA proposed to standardize quarterly reporting due dates for authorized deposit-taking institutions. The proposed standardized due date is 35 calendar days after the last day of the reference quarter, which will create a 14-calendar-day extension for credit unions and building societies.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Methodology and Draft Templates for Stress Tests in 2020

    EBA published a package for the 2020 EU-wide stress test exercise for banks.

    November 07, 2019 WebPage Regulatory News
    News

    EC Publishes Results of Fitness Check of Reporting Requirements in EU

    EC published results of the fitness check of supervisory reporting requirements in financial services legislation in EU.

    November 07, 2019 WebPage Regulatory News
    News

    BCBS Assesses NSFR and LE Rules in Argentina and China as Compliant

    BCBS published reports that assess the implementation of net stable funding ratio (NSFR) and large exposures, or LE, framework in Argentina and China.

    November 07, 2019 WebPage Regulatory News
    News

    FSB Publishes Summary of Plenary Meeting in Paris

    At the meeting, the Plenary reviewed vulnerabilities in the global financial system, fintech developments (including developments in the crypto-asset markets), ongoing work of FSB, and the work program for 2020.

    November 07, 2019 WebPage Regulatory News
    News

    HKMA Highlights Technology Initiatives at the Hong Kong FinTech Week

    HKMA co-organized, with InvestHK, the Hong Kong FinTech Week 2019, which was a five-day flagship fintech event that attracted thousands of attendees worldwide.

    November 06, 2019 WebPage Regulatory News
    News

    ECB Report on Fallback Provisions in Contracts Referencing EURIBOR

    ECB published a report, by private sector working group on euro risk-free rates, presenting recommendations for fallback provisions in contracts for cash products and derivative transactions referencing EURIBOR.

    November 06, 2019 WebPage Regulatory News
    News

    EC Regulation on Homogeneity of Underlying Exposures in Securitization

    EC published the Delegated Regulation 2019/1851 regarding the regulatory technical standards on the homogeneity of the underlying exposures in securitization.

    November 06, 2019 WebPage Regulatory News
    News

    FSI Examines Regulatory Approaches on Climate Risk Assessment

    The Financial Stability Institute (FSI) of BIS published a paper that examines the regulatory approaches being used for climate risk assessment in the insurance sector, in particular through enterprise risk management (ERM) frameworks.

    November 06, 2019 WebPage Regulatory News
    News

    SRB Launches Q&A Process for Resolution Reporting

    SRB has setup a dedicated solution for raising questions on the resolution reporting.

    November 06, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4112