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

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    EP Reaches Agreement on Corporate Sustainability Reporting Directive

    The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).

    June 21, 2022 WebPage Regulatory News
    News

    PRA Consults on Model Risk Management Principles for Banks

    The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.

    June 21, 2022 WebPage Regulatory News
    News

    EC Regulation Amends Standards for Calculating Credit Risk Adjustments

    The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    June 21, 2022 WebPage Regulatory News
    News

    HKMA Announces Launch of Data Repository on Sustainable Finance

    The Hong Kong Monetary Authority (HKMA) announced that the Green and Sustainable Finance (GSF) Cross-Agency Steering Group has launched the information and data repositories and outlined the progress made in advancing the development of green and sustainable finance in Hong Kong.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.

    June 17, 2022 WebPage Regulatory News
    News

    NGFS Report on Integration of G-Cubed Model into NGFS Scenarios

    The Network for Greening the Financial System (NGFS) published a report that explores the feasibility of integrating the G-Cubed general equilibrium model into the NGFS suite of models.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8301