APRA Consults on Phase 1 of Superannuation Data Transformation Project
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
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Previous Article
ESRB Publishes Quarterly Risk Dashboard in March 2019Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.