APRA published the revised “Reporting Practice Guide RPG 702.0 ABS/RBA Data Quality for the EFS Collection” and “Reporting Standard RRS 710.0 ABS/RBA Registered Financial Corporations audit for the EFS Collection.” RRS 710.0 will commence on July 01, 2019. APRA also created a web page dedicated to the Economic and Financial Statistics (EFS) data collection.
Additionally, APRA published its response to the submissions received to the proposal for a new data quality reporting standard (RRS 710.0) and the guidance (RPG 702.0) that would apply to the EFS data collection. APRA, RBA, and the Australian Bureau of Statistics (ABS) received 11 submissions from reporting entities, auditors, and an industry association. In January 2017, APRA, ABS, and RBA had proposed a revised EFS data collection, which included proposal for a new EFS data quality framework. In August 2017, in response to the feedback received, the agencies and APRA undertook a further round of consultation on the proposed framework. The revised framework retained the data quality, as indicators of the level of accuracy expected by the agencies for specified data items. The response paper sets out details of the submissions received, along with the agencies’ responses to the comments on RPG 702.0 and RRS 710.0.
Effective Date: July 01, 2019 (RRS 710.0)
Keywords: Asia Pacific, Australia, Banking, EFS Collection, Data Quality Framework, Response to Consultation, RRS 710.0, RPG 702.0, APRA
Previous ArticleRBI Amends Its Comprehensive Guidelines on Derivatives
APRA updated the lists of the Direct to APRA (D2A) validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
EC adopted a package that includes the digital finance and retail payments strategies and the legislative proposals for regulatory frameworks on crypto-assets and digital operational resilience.
ECB published an opinion (CON/2020/22) on proposals for regulations amending the securitization framework of EU, in response to the COVID-19 pandemic.
FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.
MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.
FCA announced that it will move firms to RegData from Gabriel in the coming months in stages, based on the reporting requirements of firms.
ISDA issued a letter to regulators to flag that it now expects the supplement to the 2006 ISDA Definitions and the Interbank Offered Rate (IBOR) Fallbacks Protocol to be effective around mid- to late-January 2021.
APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.
ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.
BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.