Featured Product

    APRA Connect to Go Live by September 2021

    December 18, 2020

    APRA has released the revised approach and timeline for implementation of the new data collection solution APRA Connect. This project has been recommenced following a six-month period of suspension due to the COVID-19 pandemic. APRA Connect will go live at the end of September 2021, with a test environment available from June 2021. Entities will be required to use both the existing data collection platform Direct to APRA (D2A) and APRA Connect in the medium term and any resubmissions for D2A-submitted returns must be made through D2A.

    The timing of regulatory data reporting commencing in APRA Connect will vary for each industry. APRA will progressively start new collections in APRA Connect in line with industry consultations. The first regulatory data collections to be introduced in APRA Connect at the September 2021 go live will be the Private Health Insurance (PHI) Reform (HRS 605.0) and Superannuation Data Transformation collections. The first submission will be due on APRA Connect from January 2022. Lodgment by email, fax or mail will not be accepted once APRA Connect is implemented. APRA (D2A) will continue to be used for most existing collections. This means that dual reporting systems will be in place for the medium term and any resubmissions for D2A-submitted returns must be made through D2A. Returns will be exclusively available on one system or the other and no new collections will be introduced to D2A. Once all data reporting has moved to APRA Connect, D2A will be retired.

    To assist entities in their transition to APRA Connect, APRA will make a test environment available from the end of June 2021 as a permanent feature. In response to the industry feedback, APRA will also be conducting a pilot in the external test environment for a small number of Superannuation entities. The pilot is expected to take place in April/May 2021. The test environment will allow entities to become familiar with APRA Connect and trial submission of entity information and regulatory data. Returns will be available in the test environment prior to the first reporting date that entities are required to submit them in APRA Connect. The test environment will also be used to support the design of new collections and APRA’s consultations with industry. APRA explains that the APRA Connect test environment will help entities, service providers and regtech firms to

    • familiarize themselves with the features and functionalities of APRA Connect.
    • identify any changes required to the existing systems and processes.
    • engage with APRA on new collection design.

     

    Related Links

    Keywords: Asia Pacific, Australia, Banking, Insurance, Pensions, Superannuation, APRA Connect, D2A, COVID-19, Regtech, Reporting, Statistical Reporting, APRA

    Featured Experts
    Related Articles
    News

    OSFI Issues Results of Pilot on Climate Risk Scenario Analysis

    The Office of the Superintendent of Financial Institutions (OSFI) published an update on the discussion paper that intended to engage federally regulated financial institutions and other interested stakeholders in a dialog with OSFI, to proactively enhance and align assurance expectations over key regulatory returns.

    January 20, 2022 WebPage Regulatory News
    News

    EC Issues Regulation on Adjustments to K-Factor Coefficients Under IFR

    The European Commission (EC) published a report summarizing responses to the targeted consultation on the supervisory convergence and the single rulebook in the European Union (EU).

    January 20, 2022 WebPage Regulatory News
    News

    ECB Issues Opinions on Green Bonds Standard and CRR Proposals

    The European Central Bank (ECB) published its opinion on a proposal for a regulation on European green bonds, following a request from the European Parliament.

    January 19, 2022 WebPage Regulatory News
    News

    ESRB Explores Policy Response to Risks Arising from Digitalization

    The Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) published a report that explores the expected impact of digitalization on provision of financial and banking services, and proposes policy measures to address the risks stemming from digitalization.

    January 18, 2022 WebPage Regulatory News
    News

    HKMA Consults on FIRO Code, Revises Policy on Foreign Exchange Risk

    The Hong Kong Monetary Authority (HKMA) is consulting on the draft Financial Institutions (Resolution) Ordinance (Cap. 628), or FIRO, Code of Practice chapter on liquidity and funding in resolution, until March 14, 2022.

    January 18, 2022 WebPage Regulatory News
    News

    FI Publishes Multiple Regulatory and Reporting Updates

    The Swedish Financial Supervisory Authority (FI) announced that the capital adequacy reporting as at December 31, 2021 must be done by February 11, 2022.

    January 17, 2022 WebPage Regulatory News
    News

    EU Authorities Address COVID-19 Reporting, MCD, and PSD2 Issues

    The European Banking Authority (EBA) announced that the guidelines on the reporting and disclosure of exposures subject to measures COVID-relief measures shall continue to apply until further notice.

    January 17, 2022 WebPage Regulatory News
    News

    BSP Tackles Aspects of Lending and Islamic, Open & Sustainable Finance

    The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.

    January 16, 2022 WebPage Regulatory News
    News

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7903