APRA to Extend Parallel Reporting Period Under ARS 331 and RRS 331
APRA, the Reserve Bank of Australia (RBA), and the Australian Bureau of Statistics (ABS) released a letter to all authorized deposit-taking institutions and registered financial corporations requesting them to extend the parallel run period for the Economic and Financial Statistics (EFS) data collection to the June 2020 quarter. These entities should continue to report data under ARS 331.0 and RRS 331.0 (on selected revenues and expenses) and the ABS Quarterly Business Indicators Survey (QBIS) for the March and June 2020 quarters.
The extension is to enable comparison of reporting across the two collections during times of uncertainty. Due dates for ARS 331.0 and RRS 331.0 will not change. The due date extension to 40 calendar days referred to in February 2019 letter will continue to apply to Reporting Standard ARS 730.0 on statement of financial performance for the March and June 2020 quarters. The agencies had previously advised that the parallel-run for these standards would end for the December 2019 quarter. The agencies have revised their decision to maintain a consistent data source for the March and June 2020 quarters during the current period of uncertainty and to capture the impact of COVID-19.
APRA, RBA, and ABS advised that, after the end of the EFS parallel run period in December 2019, data collected under existing reporting forms such as ARS 331.0, RRS 331.0, and QBIS would cease. The agencies initially intended for the parallel run for these standards to end for the December 2019 quarter. Given the importance of correctly measuring economic activity during times of uncertainty and to capture the impact of COVID-19, the agencies wish to ensure a consistent data source for March and June 2020. The agencies also believe that changing a vital data source used to measure finance and insurance industry during times of uncertainty presents a material risk.
Related Links
Keywords: Asia Pacific, Australia, Banking, EFS, ARS 331.0, RRS 331.0, Reporting, Data Collection, COVID 19, APRA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Victor Calanog, Ph.D.
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Related Articles
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.
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.
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),
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
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.
APRA Reduces Committed Liquidity Facility, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.
CMF Consults on Basel Rules, Presents Roadmap to Address Climate Risks
The Commission for the Financial Market (CMF) in Chile published capital adequacy ratios (as of February 2022, January 2022, and December 2021) for 17 banks and for the banking system.
PRA Issues Statement on NPEs and Policy on Trading Activity Wind-Down
The Prudential Regulation Authority (PRA) issued a statement on the European Banking Authority (EBA) guidelines on management of non-performing exposures (NPEs) and forborne exposures.
EBA Updates Standards for 2023 Benchmarking of Internal Approaches
The European Banking Authority (EBA) updated the implementing technical standards that specify the data collection for the 2023 supervisory benchmarking exercise in relation to the internal approaches used in market risk, credit risk, and IFRS 9 accounting.
EIOPA Responds to Stakeholder Views on Blockchain in Insurance
The European Insurance and Occupational Pensions Authority (EIOPA) published a feedback statement on the responses received to the consultation on blockchain and smart contracts in insurance.
