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    APRA Issues Updates on New Data Collection System and LIBOR Cessation

    June 04, 2021

    In a recent statement, APRA reiterated that Australian regulators expect institutions to cease the use of LIBOR in new contracts before the end of 2021. APRA also published user guidance to assist reporting entities in getting ready for its new data collection solution APRA Connect. The APRA Connect test environment will be available from June 17, 2021 for users. The first data collections to be introduced in APRA Connect at the September 2021 go-live will be the Superannuation Data Transformation collections, due in September 2021, and Private Health Insurance (PHI) Reform (HRS 605.0), due in October 2021.

    The APRA Connect test environment will be a permanent feature. Returns will be available in the test environment before entities are required to submit them in APRA Connect. The test environment will also be used to support the design of new collections and the APRA consultations with industry. The data uploaded in the test environment will be secure and will not be accessible by other entities using the test environment. The APRA Connect test environment will help entities, service providers, and regtech firms to:

    • familiarize themselves with the features and functionalities of APRA Connect
    • trial data submission to identify any changes required to data preparation
    • engage with APRA on new collection design

    APRA announcement on LIBOR cessation highlights that APRA, the Australian Securities and Investments Commission (ASIC), and the Reserve Bank of Australia (RBA) support the guidance and expectations set by FSB and the US Banking Supervisors. Regulators in Australia are reiterating the importance of ensuring a timely transition away from the London Interbank Offered Rate (LIBOR). This requires ceasing the use of LIBOR in new contracts before the end of 2021. Continued reliance on LIBOR poses significant risks and disruptions to the stability and integrity of the financial system. Firms may face financial, conduct, litigation, and operational risks associated with inadequate preparation. ASIC, APRA, and RBA expect all market participants to adhere to the deadline at the end of 2021 for the issuance of new LIBOR contracts. Market participants should also accelerate the active conversion of legacy LIBOR contracts.

     

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    Keywords: Asia Pacific, Australia, Banking, LIBOR, Legacy Contracts, Benchmark Reforms, Reporting, APRA Connect, Test Environment, APRA

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