Featured Product

    APRA Updates Implementation Plan for New Data Collection Solution

    July 30, 2019

    APRA released an updated implementation plan for its new Data Collection Solution. The plan concerns the replacement of the current data collection system, Direct to APRA (D2A). The plan offers guidance to the industry on the changes involved and on preparing for the new solution. The key updates relate to the extended project and implementation timeframes, details on what is changing with the new solution, technical specifications, and guidance for entity readiness. APRA had issued the first version of this plan in April 2019. APRA plans to make the test environment available in the first quarter of 2020 and to go live later in 2020. The go-live date has moved from March 2020 to later in 2020 and a confirmation of these revised dates will be provided by October 2019.

    The implementation plan includes information for reporting entities (entities), third-party administrators (Service Providers), and regulatory technology providers (regtech firms). The new Data Collection Solution will be a secure, web-based solution for users to submit data and upload supporting documents to meet the reporting requirements of APRA. The new solution will provide a better and simpler user experience. Service providers will still be able to submit data on behalf of entities. The new solution will deliver improved functionality in line with the industry recommendations. This will ensure both the entities and APRA are well-placed to continue to meet the evolving regulatory needs. APRA aims to minimize the impact of changes to entities at go-live. The key changes include:

    • The use of standard web browsers to access the solution 
    • Replacement of AUSkey with myGovID, as the authentication solution to provide a secure way to access the new solution 
    • Responsibility for identifying and registering users that can access the solution to submit data to APRA, including service providers, to be placed on entities

    APRA expects entities to register for a webinar in mid-August for a walk-through of the implementation plan, for demonstration of the new solution features, and to provide feedback on this implementation plan by completing a short survey. APRA also expects entities to complete the ad hoc D2A form on the current and intended future state submission methods (available August 1-30, 2019). In the coming months, additional information will be provided about revised timelines, myGovID authentication, submission methods (including application programming interfaces), and an additional module for facilitating executive accountability regime requirements of APRA. Entity readiness is key to successful implementation of the new solution and APRA will continue to provide the industry with sufficient information and time to prepare for the new solution.

     

    Related Links

    Keywords: Asia Pacific, Australia, Banking, Insurance, Reporting, D2A, Data Collection Solution, APRA

    Featured Experts
    Related Articles
    News

    HKMA Urges Early Action for Adherence to IBOR Fallbacks Protocol

    HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.

    October 16, 2020 WebPage Regulatory News
    News

    FSB Sets Out Roadmap for Transition to Alternative Reference Rates

    FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).

    October 16, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on BRRD2 Transposition

    HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).

    October 15, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on CRD5 Transposition

    HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.

    October 15, 2020 WebPage Regulatory News
    News

    PRA Updates Supervisory Statement on Counterparty Credit Risk

    PRA published the final policy statement PS22/20, which contains the updated supervisory statement SS12/13 on counterparty credit risk.

    October 14, 2020 WebPage Regulatory News
    News

    FSB Publishes Update on Work to Address Market Fragmentation

    FSB published an update on its work to address market fragmentation. FSB is working in this area in collaboration with the other standard-setting bodies.

    October 14, 2020 WebPage Regulatory News
    News

    EBA Proposes to Revise Guidelines on Incident Reporting Under PSD2

    EBA proposed revisions to the guidelines on major incident reporting under the second Payment Service Directive (PSD2).

    October 14, 2020 WebPage Regulatory News
    News

    EBA Finalizes Standards for Prudential Treatment of Software Assets

    EBA published the final draft regulatory technical standards specifying the methodology for prudential treatment of software assets by banks.

    October 14, 2020 WebPage Regulatory News
    News

    FSB Publishes Roadmap on Cross-Border Payments, Report on Stablecoins

    FSB published a report presenting the roadmap to enhance cross-border payments by providing a high-level plan that sets ambitious but achievable goals and milestones in the five focus areas.

    October 13, 2020 WebPage Regulatory News
    News

    EIOPA Urges Insurers to Prepare for End of Brexit Transition

    In a recent communication, EIOPA urged the insurance sector to complete its preparations for the end of the Brexit transition period on December 31, 2020.

    October 13, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5959