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
    News

    APRA Plans to Assess Climate Risks and Develop Prudential Guidance

    APRA published a letter that outlines its plans to undertake a climate change vulnerability assessment and develop a prudential practice guide focused on climate-related financial risks.

    February 24, 2020 WebPage Regulatory News
    News

    FDIC Publishes Guide to Help with Third-Party Risk Management

    The technology lab of FDIC (FDiTech) published a new guide to help financial technology, or fintech, companies and others partner with banks.

    February 24, 2020 WebPage Regulatory News
    News

    APRA to Transition to Annual Stress Testing of Large Banks in 2020

    APRA published key findings of the stress testing assessment conducted on authorized deposit-taking institutions.

    February 21, 2020 WebPage Regulatory News
    News

    IAIS Statement on Monitoring Period of Insurance Capital Standard

    IAIS published a statement from its Secretary General Jonathan Dixon on the Insurance Capital Standard (ICS) monitoring period.

    February 21, 2020 WebPage Regulatory News
    News

    EC Consults on Review of Non-Financial Reporting Directive

    EC is launched a consultation on the review of the Non-Financial Reporting Directive or NFRD (Directive 2014/95/EU, as part of its strategy to strengthen sustainable investment in Europe.

    February 20, 2020 WebPage Regulatory News
    News

    EIOPA Consults on Standards for Supervisory Reporting Under PEPP Rule

    EIOPA is consulting on the implementing technical standards for supervisory reporting and cooperation, as mandated by the Pan-European Personal Pension Product (PEPP) Regulation (Regulation 2019/1238).

    February 20, 2020 WebPage Regulatory News
    News

    EIOPA Publishes Statement on Adverse Interest Rate Environment

    EIOPA published a supervisory statement on the impact of the ultra-low or negative interest rate environment on the insurance sector in EU.

    February 20, 2020 WebPage Regulatory News
    News

    ECB Report on Transfer of Liquidity from EONIA Products to €STR

    ECB published a report on the transfer of liquidity from the cash and derivatives products of the Euro Overnight Index Average (EONIA) to the Euro Short-Term Rate (€STR).

    February 19, 2020 WebPage Regulatory News
    News

    ESRB Publishes Report on Systemic Cyberattacks

    ESRB published a report that explores systemic implications of cyber incidents, such as cyberattacks.

    February 19, 2020 WebPage Regulatory News
    News

    FSB Chair Sets Out Key Deliverables for G20 Presidency of Saudi Arabia

    FSB published a letter from the Chair Randal K. Quarles to the G20 finance ministers and Central Bank governors ahead of the meetings in Riyadh on February 22-23.

    February 19, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4720