APRA proposed to standardize quarterly reporting due dates for authorized deposit-taking institutions. The proposed standardized due date is 35 calendar days after the last day of the reference quarter, which will create a 14-calendar-day extension for credit unions and building societies. The aim of the proposal is to streamline the data consultation process for APRA and authorized deposit-taking institutions alike, with a resulting reduction in the reporting burden, most notably for smaller institutions. Annex to the consultation letter lists the impacted quarterly reporting forms for authorized deposit-taking institutions. The comment period for this proposal ends on February 07, 2020.
APRA proposed to incorporate the change to reporting due dates when each reporting standard is next revised. In the interim, APRA would grant an extension to 35 calendar days to relevant authorized deposit-taking institutions. The full implementation of changes to all reporting standards may take several years. Over this period, APRA will continue to engage with authorized deposit-taking institutions to make them aware of the upcoming revisions to the reporting standards. A standardized submission date will eliminate multiple rounds of data queries and align the data query process conducted by APRA, the Reserve Bank of Australia, and the Australian Bureau of Statistics. It will reduce the likelihood of duplicate queries being received by an authorized deposit-taking institution. Aligning reporting due dates will provide an extension of time for most authorized deposit-taking institutions. In the previous consultations, authorized deposit-taking institutions have expressed a preference for reporting timelines that provide sufficient time for internal review and sign-off of data that will be provided to APRA. The proposed standardized reporting due date will address this concern.
Comment Due Date: February 07, 2020
Keywords: Asia Pacific, Australia, Banking, Reporting, Quarterly Reporting, Submission Timeline, APRA
Previous ArticleESMA Issues Guidance for Registration of Securitization Repositories
The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.
The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).
The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.
The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.
The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.
The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.
The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.
The Australian Prudential Regulation Authority (APRA) updated the list of authorized deposit-taking institutions, granting license to Barclays Bank PLC and Crédit Agricole Corporate and Investment Bank to operate as foreign authorized deposit-taking institutions under the Banking Act 1959.
EU published, in the Official Journal of the European Union, a corrigendum to the Delegated Regulation 2015/35, which supplements Solvency II Directive (2009/138/EC).
The European Banking Authority (EBA) published an Opinion on the scale and impact of de-risking in European Union and the steps that competent authorities should take to tackle unwarranted de-risking.