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
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
SNB Updates Forms and Instructions for IRRBB ReportingNext Article
CBO Releases Financial Stability Report for 2019Related Articles
BCBS Amends Guidelines on Sound Management of AML/CFT Risks
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies Finalize Amendments to Swap Margin Rule
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.
PRA Letter Sets Expectations on Approach to Managing Climate Risks
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.
EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS Publishes List of Internationally Active Insurance Groups
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC Launches Consultation on Review of Solvency II Directive
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 Consults on Supervisory Approach to Consolidation in Banking
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS on Package for 2020 Data Collection on ICS and Aggregation Method
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.
