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
BoE Seeks Information Before Migrating Statistical Reporting to BEEDS
The Bank of England (BoE) published the Statistical Notice 2021/09 requiring additional information from firms and software vendors to assist in the onboarding and testing phases for migrating statistical reporting to the BEEDS portal.
FCA Publishes Final Rules on Investment Firms Prudential Regime
The Financial Conduct Authority (FCA) published the final rules on the Investment Firms Prudential Regime (IFPR) to streamline and simplify the prudential requirements for solo-regulated UK firms authorized under the Markets in Financial Instruments Directive (MiFID).
CFRF Publishes Guides to Manage Financial Risks from Climate Change
The working groups of the Climate Financial Risk Forum (CFRF) published a second round of guides (or Session 2 guides), written by the industry for the industry, to help financial firms manage climate-related financial risks.
PRA Finalizes Policy for Non-Performing Exposure Securitizations
The Prudential Regulation Authority (PRA) published the final Policy Statement PS24/21 that contains the new Non-Performing Exposures Securitization Part of the PRA Rulebook and an updated Supervisory Statement SS10/18 on the general requirements and capital framework with respect to securitizations.
EBA Updates Filing Rules for Supervisory Reporting
The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.
ECB Amends Guideline on Procedures for Collection of AnaCredit Data
The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.
ECB Amends Guideline on Procedures for Collection of AnaCredit Data
The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.
EBA Publishes Standards on Disclosure of Investment Policy Under IFR
The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).
EU to Explore Potential of Establishing a Joint Cyber Unit
The European Council adopted conclusions inviting the European Union (EU) and the member states to further develop the cybersecurity crisis management framework.
EC Sets Out Work Program for 2022
The European Commission (EC) adopted the work program for 2022.
