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.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Previous Article
FCA Consults on Application of SMR to Benchmark AdministratorsRelated Articles
EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
EC Mandates ESAs to Propose Amendments to SFDR Technical Standards
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
EBA Examines Supervisory Practices, Issues Deposits Reporting Template
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
US Agency Publications Address Basel, Reporting, and CECL Developments
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
SEC Extends Comment Period on Climate Risk Disclosures
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.
APRA Reduces Committed Liquidity Facility, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.
CMF Consults on Basel Rules, Presents Roadmap to Address Climate Risks
The Commission for the Financial Market (CMF) in Chile published capital adequacy ratios (as of February 2022, January 2022, and December 2021) for 17 banks and for the banking system.
PRA Issues Statement on NPEs and Policy on Trading Activity Wind-Down
The Prudential Regulation Authority (PRA) issued a statement on the European Banking Authority (EBA) guidelines on management of non-performing exposures (NPEs) and forborne exposures.
EBA Updates Standards for 2023 Benchmarking of Internal Approaches
The European Banking Authority (EBA) updated the implementing technical standards that specify the data collection for the 2023 supervisory benchmarking exercise in relation to the internal approaches used in market risk, credit risk, and IFRS 9 accounting.
EIOPA Responds to Stakeholder Views on Blockchain in Insurance
The European Insurance and Occupational Pensions Authority (EIOPA) published a feedback statement on the responses received to the consultation on blockchain and smart contracts in insurance.
