APRA Releases Information to Help Prepare for APRA Connect
The Australian Prudential Regulation Authority (APRA) has published further information to assist entities in getting ready for the new data collection solution APRA Connect, which will be available from September 13, 2021. This information covers the migration to new solution, the reporting of information on responsible persons and the Banking Executive Accountability Regime (BEAR), the application programming interface (API) functionality, and the final taxonomy artefacts. The APRA Connect taxonomy artefacts are being provided to help entities prepare data for submission on APRA Connect. The artefacts include data dictionary, validations, reporting taxonomy, and schema (XSD) to validate files. Artefacts should be used in conjunction with the relevant reporting standard.
All entities will be responsible for maintaining entity information, including contact details, responsible persons, and related parties (including BEAR reporting for authorized deposit-taking institutions), on APRA Connect. To enable a smooth transition to APRA Connect, all responsible persons and BEAR data submitted in D2A prior to September 05, 2021 will be migrated to APRA Connect. Entities should submit any known updates to responsible persons and BEAR prior to that date. Any updates for the period September 06-12 should be submitted through APRA Connect after September 13, 2021. However, entities that need to submit BEAR information in the week of September 06 to meet required reporting timeframes should submit via D2A. APRA will update this data in APRA Connect and the data will be available soon after APRA Connect goes live. Where invalid data have been submitted in D2A, placeholders will be entered into APRA Connect during migration. Entities are required to review and update responsible person information migrated into APRA Connect. The APRA Connect Guide provides information on how to add or update responsible persons and BEAR returns.
The APRA Connect API functionality for the submission of data returns will not be available at go-live. APRA will advise when API submissions will be available in the APRA Connect test and production environments. APRA also set out the following reminders for entities to get ready for go-live:
- APRA Connect test and production environments are distinct and separate environments and there is no data transfer between the two environments.
- Entities will need to be ready to set up users in the APRA Connect production environment from September 13. Entities are required to nominate an initial Regulatory Reporting Administrator (RRA) for each entity (ABN) via the D2A form “RRA_PROD: APRA Connect nomination for 13 September go live.”
- Entities will need to nominate any additional roles that are required to be assigned to the initial RRA. Additional roles that can be requested for the initial RRA are Corporate Profile Administrator and Ad hoc return permissions.
- A webinar is scheduled for September 01, 2021 to provide entities with an overview of available information and support and will include a demonstration of APRA Connect.
Related Links
Keywords: Asia Pacific, Australia, Banking, APRA Connect, D2A, Reporting, Data Collection, BEAR, Operational Risk, API, APRA
Previous Article
APRA Finalizes Prudential Guide on Credit Risk ManagementRelated Articles
NGFS Updates Address Short-Term Climate Scenarios and Transition Plans
The Network for Greening the Financial System (NGFS) is exploring the development of short-term climate scenarios to complement its existing scenario framework of long-term climate scenarios.
ISSB Updates Address ESG Issues while IASB Consults on Impairments
The International Sustainability Standards Board (ISSB) is seeking feedback, until August 09, 2023, on the exposure draft that sets out the methodology proposed by ISSB to amend the Sustainability Accounting Standards Board (SASB) Standards' metrics
OSFI to Review Liquidity Adequacy Guidelines and Policy Architecture
The Office of the Superintendent of Financial Institutions (OSFI) is consulting, until June 21, 2023, on a review of the liquidity treatment provided in the Liquidity Adequacy Requirements (LAR) Guideline for wholesale funding sources with retail-like characteristics.
ESRB Publishes Report on Cryptos and DeFi; ECB Updates on Digital Euro
The European Systemic Risk Board (ESRB) published a report that outlines the systemic implications of crypto markets and proposes policy options to address the risks stemming from crypto-assets and decentralized finance or DeFi.
EU Agencies Issue Updates on DORA, ESAP, and Crowdfunding Regulation
The European Supervisory Authorities (ESAs) published a discussion paper on their joint advice to the European Commission (EC) on proposals to specify criteria for critical information and communication technology (ICT) third-party service providers
ESAs Propose ESG Disclosure on STS Securitization, Issue Other Updates
The Joint Committee of the three European Supervisory Authorities (ESAs) proposed to amend the Implementing Regulation 2016/1799 on the mapping of External Credit Assessment Institutions' (ECAIs) credit assessments.
UK Authorities Issue Updates, Finalize Policy on Model Risk Management
The Prudential Regulation Authority (PRA) finalized the model risk management principles for banks, the policy statement PS5/23 on risks from contingent leverage, and PS4/23 on moving senior managers regime forms from the PRA Rulebook.
APRA Revises Implementation Timeline for Operational Risk Standard
The Australian Prudential Regulation Authority (APRA) updated the implementation date of the new cross-industry prudential standard CPS 230 on operational risk management
BCBS Consults on Basel FAQs and Amendments, Issues Other Updates
The Basel Committee on Banking Supervision (BCBS) published a report assessing implementation of the global Basel standards on net stable funding ratio (NSFR) and large exposures (LEX) in South Africa
EBA Announces Multiple Regulatory and Reporting Updates in April 2023
The European Banking Authority (EBA) published consultations on the amendments to the guidelines on risk-based anti-money laundering and countering the financing of terrorism (AML/CFT) supervision
