APRA Proposes to Amend EFS Reporting Standards and Guidance
APRA is proposing changes to the modernized Economic and Financial Statistics (EFS) reporting standards and guidance. In this context, APRA issued a consultation letter to authorized deposit-taking institutions and registered financial corporations and published the draft EFS reporting standards and guidance. The published standards and guidance include Reporting Standards ARS 701.0 on ABS/RBA definitions for EFS collection, ARS 722.0 on ABS/RBA derivatives, and ARS 730.1 on ABS/RBA fees charged, in addition to the Reporting Practice Guide RPG 701.0 on ABS/RBA reporting concepts for the EFS collection. The consultation period on these proposals ends on September 25, 2020.
APRA has designed the proposed changes with the Australian Bureau of Statistics (ABS) and the Reserve Bank of Australia (RBA). Appendix A to the APRA consultation letter contains a list of all proposed changes to reporting standards while Appendix B presents a summary of key changes proposed in the consultation letter. The proposed updates to EFS reporting standards and guidance include the following:
- Incorporating guidance from FAQs for EFS—APRA and the agencies developed and implemented the EFS collection in close collaboration with authorized deposit-taking institutions and registered financial corporations, including developing frequently asked questions (FAQs) for EFS. APRA mentioned earlier that, where appropriate, it looks to incorporate the guidance provided by the FAQs into the reporting standards, forms, and instructions. APRA is now providing notice to entities that it intends on incorporating guidance from the FAQs into the reporting standards.
- Changes ensuring adequate coverage for publications—Following a comprehensive review of the collections to date, APRA and the agencies developed a small number of additional changes to ensure sufficient coverage for publication purposes. These changes include lowering the reporting threshold on one reporting form and adding additional data items to capture specific segments needed to accurately monitor domestic activities. The proposal also includes changing the definition of "ADI Reporting Category A" in ARS 701.0, from credit unions and building societies, to a specified list of authorized deposit-taking institutions that correspond with the current list of entities that report as Category A filers. This update provides additional clarity and does not change the reporting requirements for authorized deposit-taking institutions. These changes are proposed to be effective for the reporting period ending June 2021, with the exception of ARS 722.0.
- Formalizing deferral of commencement dates—In response to the COVID-19 pandemic, on April 01, 2020, APRA and the agencies had deferred the commencement of ARS 722.0 and ARS 730.1, with the new application date for these reporting standards being March 31, 2021. APRA and the agencies are formalizing this deferred commencement by reflecting it in the reporting standards.
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Comment Due Date: September 25, 2020
Keywords: Asia Pacific, Australia, Banking, COVID-19, Reporting, EFS Collection, FAQ, ARS 722.0, ARS 701, RPG 701, EFS, APRA
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