APRA has temporarily suspended the program to replace the Direct to APRA (D2A) data collection tool with APRA Connect, in light of the challenges posed by COVID-19. APRA expects this temporary hold to last at least six months and delay all APRA Connect go-live dates by at least this timeframe. As the external environment stabilizes, APRA will advise entities when the project will start again. Meanwhile, entities will continue to use D2A and other current reporting channels. The temporary suspension of the APRA Connect project will provide some relief to entities and ensure flexibility for resourcing of work to ensure the financial resilience of entities and the provision of ongoing customer service. Additionally, APRA has reminded that the D2A update for myGovID should be completed by March 27, 2020, as AUSkey will retire on Friday March 27, 2020.
Keywords: Asia Pacific, Australia, Banking, Insurance, Superannuation, Pensions, D2A, APRA Connect, Reporting, COVID 19, Data Collection, MyGovID, APRA
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BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.