Featured Product

    APRA Consults on Phase 1 of Superannuation Data Transformation Project

    November 07, 2019

    APRA released a discussion paper and a topic paper as part of phase 1 of the Superannuation Data Transformation project. The discussion paper describes the multi-year data transformation project, which APRA is undertaking to upgrade the breadth, depth, and quality of its superannuation data collection. The topic paper (also called topic paper 1) provides details of the proposed changes to reporting requirements for the Registrable Superannuation Entity (RSE) Structure and Profile. Accompanying the topic paper are the draft superannuation reporting standards on RSE structure (SRS 605.0) and RSE profile (SRS 606.0). Comment period for the topic paper closed on January 17, 2020. APRA will also be engaging with industry participants via round-table discussions and undertaking a pilot collection of the proposed data set out in the draft reporting standards.

    Given the scale and complexity of the Superannuation Data Transformation, APRA has divided the consultation into three phases:

    • Phase 1 (Breadth) will address the most urgent gaps in data collection, particularly for choice products and investment options.
    • Phase 2 (Depth) will increase the granularity of the entire collection, taking advantage of the new Data Collection Solution and enhanced data analytic capabilities.
    • Phase 3 (Quality) will assess the quality and consistency of additional data reported during Phases 1 and 2 and will review and address any implementation issues.

    Each phase will involve the release of multiple topic papers, each covering a different aspect of the consultation. This first topic paper includes details about objectives of the proposed changes, drivers for change, the current and proposed state, and specific areas of the proposals for which APRA is requesting feedback. The proposals in the topic paper should be read in conjunction with the discussion paper and the draft reporting standards SRS 605.0 and SRS 606.0. The proposals in draft SRS 605.0 and SRS 606.0 will lay the foundation to collect more data at superannuation product and investment option levels and for enhanced expense data. SRS 605.0 is expected to apply from June 30, 2020 while SRS 606.0 is expected to apply to reporting periods ending on or after June 30, 2020. APRA intends to respond to Phase 1 of the consultation and finalize changes to its reporting standards by mid-2020. The first tranche of data collected under Phase 1 is due to be published in late 2020.

    The Superannuation Data Transformation will greatly enhance the information that is reported to APRA by RSE licensees and support the industry and other key stakeholders in understanding the drivers of and outcomes provided for members. APRA intends to use this improved data to inform its prudential activities, gain deeper insight into fund operations, and strengthen oversight of the industry. 

     

    Related Links

    Comment Due Date: January 17, 2020

    Keywords: Asia Pacific, Australia, Insurance, Pensions, Superannuation, Superannuation Data Transformation, Reporting, SRS 605.0, SRS 606.0, Data Collection, Phase 1, APRA

    Featured Experts
    Related Articles
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    EC to Defer Application of SFDR Standards Till July 2022

    The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.

    July 23, 2021 WebPage Regulatory News
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    News

    US Agencies Propose Changes to Call Reports and Instructions

    Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.

    July 22, 2021 WebPage Regulatory News
    News

    PRA Finalizes Rulebook Definition of Higher Paid Material Risk-Taker

    The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Examines Asset Encumbrance in Banking Sector

    The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.

    July 21, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7291