APRA released a response to the submissions paper to the consultation on proposed changes to the Economic and Financial Statistics (EFS) data collection. APRA had received 29 submissions to the consultation. APRA also published the revised “Reporting Standard ARS 701.0 ABS/RBA Definitions” and “Reporting Guidance ABS/RBA Reporting Concepts for the EFS Collection." APRA, Australian Bureau of Statistics (ABS), and Reserve Bank of Australia (RBA) are now consulting on the revised version of the data quality framework for the EFS collection. Written submissions should be sent by October 18, 2017.
APRA, ABS, and RBA had, on January 18, 2017, proposed to modernize the data collection renamed as the EFS collection. The proposal included implementation of updated and new forms in three phases. The response paper sets out the main themes of the submissions received and details both the agencies’ responses to the feedback and the considerations involved in reaching these responses. The main themes raised are related to implementation, data quality, and data concepts.
Comment Due Date: October 18, 2017
Keywords: Asia Pacific, Australia, Banking, Statistics, Data Collection, EFS Collection, APRA
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).