Featured Product

    APRA Announces Upcoming Changes to D2A and Extranet to Replace AUSkey

    December 13, 2019

    APRA notified that AUSkey, which is the authentication credential for Direct to APRA (D2A) and the APRA Extranet, will be replaced with myGovID, Relationship Authorization Manager (RAM), and machine to machine (M2M) credentials. AUSkey will be decommissioned at the end of March 2020 and entities will be required to take steps in February/March 2020 to ensure continued access to APRA systems. APRA will provide technical and support information in early 2020 to enable entities to transition.

    The new Data Collection Solution was originally due to go live in March 2020; however, APRA has now advised that implementation will now be later in 2020. For entities to continue to submit data to APRA via D2A from April onward, they will need to complete the necessary steps with respect to transition from AUSkey to myGovID and RAM by the end of March 2020. To be ready for AUSkey changeover for D2A by the end of March 2020:

    • Entities should ensure that users set up their digital identity in myGovID and that their business is linked and administrators authorized in RAM. Entities may also create machine credentials ready for next year, but should store them in a different file to the current D2A credential. 
    • Entities will need to complete a minor update to D2A in February/March 2020.

    Additionally, the users of APRA Extranet will only need to set up a myGovID and link it to the APRA Extranet service when available in RAM. APRA is working closely with the Australian Taxation Office to facilitate the transition. Entities should prepare now by following Australian Taxation Office published materials to set up users with myGovID and manage business authorizations in RAM. 

    Additionally, APRA has been exploring alternative implementation approaches for the new Data Collection Solution. In late October and early November, APRA engaged a cross-section of industry representatives to explore the benefits and impact of contrasting approaches. Entities were asked about the impact of continuing to report through D2A after March 2020. Some interesting themes that emerged are as follows:

    • Many entities are keen to involve regtech firms to support the uplift of their capability, to move from manual to automated submission processes, and to set them up for future, more granular data collections.
    • Entities want APRA to engage with them early in relation to future data collection roadmap. This will help entities plan their future technology uplift for regulatory reporting. 
    • There was tolerance for continuing to use D2A after March for a limited period; however, some concerns were raised about an implementation approach which would require continuing two systems (D2A and new solution) in the longer term.
    • Entities confirmed that re-submission of past returns (which may be required if all existing collections were migrated in their current form), would create a significant burden.

    Related Links

    Keywords: Asia Pacific, Australia, Banking, Insurance, Superannuation,  AUSKey, myGovID, RAM, D2A, Reporting, Extranet, Data Collection Solution, Regtech, APRA

    Featured Experts
    Related Articles

    BCBS Amends Capital Treatment of Non-Performing Loan Securitizations

    BCBS published a technical amendment to the capital treatment of securitizations of non-performing loans by banks.

    November 26, 2020 WebPage Regulatory News

    BoE to Move Statistical Data Collection to BEEDs Portal

    BoE announced that the Data and Statistics Division is planning to move collection of statistical data to the BoE Electronic Data Submission (BEEDS) portal.

    November 25, 2020 WebPage Regulatory News

    APRA Updates Reporting Standards and Guidance for EFS Data Collection

    APRA published the updated reporting standards and guidance for the collection of Economic and Financial Statistics (EFS), following a consultation process. Also published was a response letter to the feedback received on the proposal for amending the EFS reporting standards and guidance.

    November 24, 2020 WebPage Regulatory News

    EC Consults on Criteria for Environmentally Sustainable Activities

    EC is consulting on a draft delegated regulation to supplement the Taxonomy Regulation (2020/852) by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as environmentally sustainable.

    November 20, 2020 WebPage Regulatory News

    IFRS Examines Incorporation of Climate Risk Issues into IFRS Standards

    The IFRS Foundation published material highlighting the ways in which existing requirements in IFRS standards require companies to consider climate-related matters when their effect is material to the financial statements.

    November 20, 2020 WebPage Regulatory News

    EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio

    EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.

    November 19, 2020 WebPage Regulatory News

    ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs

    In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.

    November 19, 2020 WebPage Regulatory News

    IASB Begins First Phase of Post-Implementation Review of IFRS 9

    IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.

    November 18, 2020 WebPage Regulatory News

    FSB Report Examines Progress in Resolvability of Systemic Institutions

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.

    November 18, 2020 WebPage Regulatory News

    EBA Benchmarks National Insolvency Frameworks Across EU

    EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.

    November 18, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6162