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
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.
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).
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.
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."
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.
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.
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.
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).
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.
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.
