Featured Product

    APRA Update on Implementation of Royal Commission Recommendations

    August 07, 2019

    APRA published an update on its implementation of the recommendations directed by the Royal Commission into misconduct in the banking, superannuation, and financial services industry. APRA is on track to meet the timelines with respect to the implementation of these recommendation. Out of the 10 recommendations that required APRA attention, four recommendations would be completed in 2019 and another five would be completed by the end of 2020.

    The recommendations of the Royal commission covered the following key topics:

    • Amendment on prudential standard APS 220 on Credit Quality, for which a consultation was released in March 2019 and the final version will be issued by the end of 2019.
    • Banking Executive Accountability Regime (BEAR) product responsibility, for which the proposed requirements were issued in June 2019 and they wil be finalized by the end of 2019.
    • Amendment of Prudential Standard SPS 250 (Insurance in Superannuation), the proposed changes for which will be consulted later this year 2019, with a view to finalizing them in 2020.
    • Finalization of Prudential Standard CPS 511 on supervision of remuneration principles, standards, and guidance, a consultation for which was launched in July 2019 and the final prudential standard will be published in early 2020.
    • Supervision of culture and governance, as part of which APRA is developing an enhanced approach to the supervision of governance, culture, remuneration, and accountability in regulated institutions. APRA intends to publish a statement of its approach by the end of 2019. APRA will build this approach on additional resourcing provided by the government in the 2019 Budget, the recommendations of the Royal Commission, and the recommendations of the Capability Review.

     

    Related Links

    Keywords: Asia Pacific, Australia, Banking, Insurance, Superannuation, APS 220, SPS 250, BEAR, Royal Commission Recommendations, Operational Risk, CPS 511, Capability Review, APRA

    Related Articles
    News

    MAS Concludes Blockchain Payments Prototype Shows Commercial Potential

    MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.

    July 13, 2020 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    APRA Updates Reporting Validation Rules in July 2020

    APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    July 10, 2020 WebPage Regulatory News
    News

    PRA to Partly Apply EBA Guidelines on Disclosures for COVID Measures

    PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.

    July 10, 2020 WebPage Regulatory News
    News

    EBA Updates List of Correlated Currencies Under CRR

    EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS and FSB Set Out Recommendations for Benchmark Transition

    BCBS and FSB published a report on supervisory issues associated with benchmark transition.

    July 09, 2020 WebPage Regulatory News
    News

    IAIS Sets Out Recommendations for Benchmark Transition for Insurers

    IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.

    July 09, 2020 WebPage Regulatory News
    News

    ESMA Updates Reporting Manual on European Single Electronic Format

    ESMA updated the reporting manual on the European Single Electronic Format (ESEF).

    July 09, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5470