Featured Product

    APRA Proposes to Amend EFS Reporting Standards and Guidance

    August 25, 2020

    APRA is proposing changes to the modernized Economic and Financial Statistics (EFS) reporting standards and guidance. In this context, APRA issued a consultation letter to authorized deposit-taking institutions and registered financial corporations and published the draft EFS reporting standards and guidance. The published standards and guidance include Reporting Standards ARS 701.0 on ABS/RBA definitions for EFS collection, ARS 722.0 on ABS/RBA derivatives, and ARS 730.1 on ABS/RBA fees charged, in addition to the Reporting Practice Guide RPG 701.0 on ABS/RBA reporting concepts for the EFS collection. The consultation period on these proposals ends on September 25, 2020.

    APRA has designed the proposed changes with the Australian Bureau of Statistics (ABS) and the Reserve Bank of Australia (RBA). Appendix A to the APRA consultation letter contains a list of all proposed changes to reporting standards while Appendix B presents a summary of key changes proposed in the consultation letter. The proposed updates to EFS reporting standards and guidance include the following:

    • Incorporating guidance from FAQs for EFS—APRA and the agencies developed and implemented the EFS collection in close collaboration with authorized deposit-taking institutions and registered financial corporations, including developing frequently asked questions (FAQs) for EFS. APRA mentioned earlier that, where appropriate, it looks to incorporate the guidance provided by the FAQs into the reporting standards, forms, and instructions. APRA is now providing notice to entities that it intends on incorporating guidance from the FAQs into the reporting standards.
    • Changes ensuring adequate coverage for publications—Following a comprehensive review of the collections to date, APRA and the agencies developed a small number of additional changes to ensure sufficient coverage for publication purposes. These changes include lowering the reporting threshold on one reporting form and adding additional data items to capture specific segments needed to accurately monitor domestic activities. The proposal also includes changing the definition of "ADI Reporting Category A" in ARS 701.0, from credit unions and building societies, to a specified list of authorized deposit-taking institutions that correspond with the current list of entities that report as Category A filers. This update provides additional clarity and does not change the reporting requirements for authorized deposit-taking institutions. These changes are proposed to be effective for the reporting period ending June 2021, with the exception of ARS 722.0.
    • Formalizing deferral of commencement dates—In response to the COVID-19 pandemic, on April 01, 2020, APRA and the agencies had deferred the commencement of ARS 722.0 and ARS 730.1with the new application date for these  reporting standards being March 31, 2021. APRA and the agencies are formalizing this deferred commencement by reflecting it in the reporting standards. 

     

    Related Links

    Comment Due Date: September 25, 2020

    Keywords: Asia Pacific, Australia, Banking, COVID-19, Reporting, EFS Collection, FAQ, ARS 722.0, ARS 701, RPG 701, EFS, APRA

    Featured Experts
    Related Articles
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News
    News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697