Featured Product

    APRA Finalizes Reporting Standard and Practice Guide on EFS Collection

    June 28, 2019

    APRA finalized the Reporting Standard ARS 701.0 on Australian Bureau of Statistics/Reserve Bank of Australia (ABS/RBA) Definitions for the Economic and Financial Statistics (EFS) Collection (ARS 701.0) and Reporting Practice Guide RPG 701.0 on ABS/RBA Reporting Concepts for the EFS Collection (RPG 701.0). Additionally, APRA released a letter on its response to submissions on the proposed changes to reporting consolidation for securitization special purpose vehicles (SPVs). In line with the original proposal, the first reporting period will be for the period ending July 2019. ARS 701.0 commences on July 01, 2019.

    In May 2019, ABS, APRA, and RBA (collectively the agencies) had proposed changes to reporting requirements for registered financial corporations that are not a related party of an authorized deposit-taking institution. APRA had proposed changes to the EFS data collection related to the consolidation of securitization SPVs. APRA received one submission from an industry body. The submission agreed that proposed changes to the EFS collection were the best way to capture the bulk of the securitization industry, as intended. The submission noted issues to consider on the structure and control relationship of SPVs and suggested a change to the reporting dates for registered financial corporations. Based on the outcome of the consultation, APRA will proceed with the proposed changes to ARS 701.0 and the consequential changes to RPG 701.0.

    The changes require a registered financial corporation that is not a related party of an authorized deposit-taking institution to consolidate the positions and transactions of all securitization SPVs in a single set of reporting for EFS. These changes do not apply to a registered financial corporation that is a related party to an authorized deposit-taking institution. The assets and liabilities of securitization SPVs would, therefore, be consolidated on to the domestic books of a registered financial corporation. Assets originated into, or transferred to, an SPV are included in the reporting of a registered financial corporation. The requirement for an external auditor’s report, as set out in Standard RRS 710 on Audit Requirements for Registered Financial Corporations—EFS collection, will apply to the reporting registered financial corporation, not the individual SPVs.

     

    Related Links

    Effective Date: July 01, 2019 (ARS 701.0)

    Keywords: Asia Pacific, Australia, Banking, Insurance, Securities, EFS Collection, ARS 701.0, RPG 701.0, Response to Consultation, Securitization, Special Purpose Vehicle, Reporting, APRA

    Featured Experts
    Related Articles
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.

    May 12, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    News

    EC Mandates ESAs to Propose Amendments to SFDR Technical Standards

    The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.

    May 11, 2022 WebPage Regulatory News
    News

    EBA Examines Supervisory Practices, Issues Deposits Reporting Template

    The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),

    May 11, 2022 WebPage Regulatory News
    News

    US Agency Publications Address Basel, Reporting, and CECL Developments

    The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances

    May 09, 2022 WebPage Regulatory News
    News

    SEC Extends Comment Period on Climate Risk Disclosures

    The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.

    May 09, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8186