Featured Product

    APRA Revises Implementation Approach and Timeline for APRA Connect

    March 12, 2020

    APRA has released a revised implementation approach and timeline for its new data collection solution, known as APRA Connect, which will replace Direct to APRA (D2A). The revised implementation approach for APRA Connect has been developed taking into account the recent industry feedback, the upcoming changes to data collections, and the longer term regulatory needs. APRA Connect is scheduled to go live at the end of September 2020, with a progressive cut-over of financial data reporting to the new solution. Entities will be required to use both D2A and APRA Connect in the medium term.

    APRA is confident that its revised implementation approach will reduce the effort and impact on reporting entities and facilitate a lower risk transition to the new solution. The revised implementation approach for APRA Connect includes the following key points:

    • A test environment is planned to be available from the end of June 2020 for entities to familiarize themselves with APRA Connect. Returns will be available in the test environment before entities are required to submit them prior in APRA Connect. 
    • All entities will commence reporting entity information on APRA Connect from September 2020 while the timing of financial data reporting will vary for each industry. All financial data reporting for insurance and superannuation will continue to be reported through D2A. APRA will progressively start new collections for these industries on APRA Connect in line with industry consultations.
    • APRA intends to move all reporting for authorized deposit-taking institutions and registered financial corporations from D2A to APRA Connect in the current format in March 2021. This means that the first monthly and quarterly returns (for the March period end) will be submitted in APRA Connect. No historical financial data will be migrated to APRA Connect and any re-submissions for D2A-submitted returns will need to be made through D2A. 
    • All entities who submit Form 701 for intermediated insurance business will be required to use APRA Connect. The first submission will be due on APRA Connect from January 2021. 
    • The first new collection to be introduced to APRA Connect after the September 2020 go live date will be the Private Health Insurance (PHI) Reform (HRS 605.0).

    APRA notes that the outbreak of COVID-19 is creating considerable uncertainty and disruption across the Australian financial markets and economy. Therefore, APRA may need to revise these timelines in response to further developments to recognize the competing priorities of industry.


    Related Links

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

    Featured Experts
    Related Articles

    BIS Paper Studies Impact of Fintech Lending on Small Businesses in US

    The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.

    September 26, 2022 WebPage Regulatory News

    UK Regulators Issue CRR Changes and Stress Test Scenarios for Banks

    The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).

    September 26, 2022 WebPage Regulatory News

    EBA Launches EU-Wide Transparency Exercise in 2022

    The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.

    September 23, 2022 WebPage Regulatory News

    SRB on CRR Quick-Fix to Policy for Multiple Point of Entry Banks

    The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."

    September 22, 2022 WebPage Regulatory News

    EC Rule Lists Advanced Economies for Market Risk Capital Calculations

    The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.

    September 21, 2022 WebPage Regulatory News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8521