The Australian Prudential Regulation Authority (APRA) announced that its new data collection system APRA Connect will go live on September 13, 2021. APRA Connect will be available from September 13, 2021 for entities to maintain entity information such as contact details, Responsible Persons and related parties, including Banking Executive Accountability Regime (BEAR) reporting for authorized deposit-taking institutions. All entities now need to prepare for APRA Connect production go-live and nominate their initial Regulatory Reporting Administrator via the D2A form “RRA_PROD: APRA Connect nomination for 13 September go live” in readiness for production.
Authorized deposit-taking institutions will be required to maintain all Banking Executive Accountability Regime information (including for example, accountability statement and maps) in APRA Connect from September 2021. Additionally, APRA continues to consult on revisions to the capital framework for authorized deposit-taking institutions; as the related collections are replaced, they will be introduced in APRA Connect. ARS 220 on credit quality and ARS 115 on operational risk are expected to go live in APRA Connect in March 2022. The first regulatory data collections to be introduced in APRA Connect are the Superannuation Data Transformation collections, due in September 2021, and Private Health Insurance Reform (HRS 605.0), due in October 2021. APRA advises that entities should now have authorized users in Relationship Authorization Manager (RAM) and should have conducted the following activities in the APRA Connect test environment:
- Logged into the APRA Connect test environment and been assigned roles
- Set up your teams in the test environment with the right roles and permissions
- Become familiar with system functionality
- Practiced data preparation and submission (where returns are available) and updating entity information
The APRA Connect test and production environments are separate. There is no data transfer between the two environments and, therefore, entities will need to be ready to set up users in APRA Connect from September 13, 2021. Entities should consider which APRA Connect roles should be assigned to users. Different roles may be assigned to users in each environment. A new D2A form (RRA_PROD: APRA Connect nomination for 13 September go live) will be available shortly for entities to nominate an initial Regulatory Reporting Administrator (RRA) for each entity (ABN). Entities will also need to nominate via the D2A form any additional roles that are required to be assigned to the initial RRA. Once the initial RRA is onboarded, there is no limit on the number of additional users the initial RRA can assign this role within their entity. RegTech firms will be required to request access to APRA Connect test environment and complete a Deed for access. The APRA Connect Guide provides reference information and help to use the system and should be readily accessible when using the system.
Keywords: Asia Pacific, Australia, Banking, APRA Connect, D2A, Reporting, Data Collection, BEAR, Operational Risk, Regulatory Capital, ARS 220, ARS 115, Basel, APRA
Previous ArticlePBC to Launch Carbon Financing Tools, Improve Ratings in Bond Market
The Australian Prudential Regulation Authority (APRA) released the final Prudential Practice Guide on management of climate change financial risks (CPG 229) for banks, insurers, and superannuation trustees.
The European Council adopted its position on two proposals that are part of the digital finance package adopted by the European Commission in September 2020, with one of the proposals involving the regulation on markets in crypto-assets (MiCA) and the other involving the Digital Operational Resilience Act (DORA).
The Prudential Regulation Authority (PRA) is proposing, via the consultation paper CP21/21, to apply group provisions in the Operational Resilience Part of the PRA Rulebook (relevant for the Capital Requirements Regulation or CRR firms) to holding companies.
The European Commission (EC) has adopted a package of measures related to the Capital Markets Union.
The European Banking Authority (EBA) published the final report on draft regulatory technical standards for the calculation of risk-weighted exposure amounts of collective investment undertakings or CIUs, in line with the Capital Requirements Regulation (CRR).
The Board of Governors of the Federal Reserve System (FED) published a report that summarizes banking conditions in the United States, along with the supervisory and regulatory activities of FED.
The Australian Prudential Regulation Authority (APRA) recently completed two pilot initiatives in its 2020-2024 Cyber Security Strategy, which was published in November 2020.
The Basel Committee on Banking Supervision (BCBS) published further information related to its 2021 assessment of global systemically important banks (G-SIBs), with additional details to help understand the scoring methodology.
The Financial Accounting Standards Board (FASB) is consulting on an Accounting Standards Update and the associated taxonomy improvements for requirements on troubled debt restructurings and vintage disclosures under the credit losses standard (for financial instruments) topic 326.
US Agencies issued a statement that summarizes the work undertaken during the interagency policy sprints focused on crypto-assets and provides a roadmap of future work related to crypto-assets.