Featured Product

    APRA Announces Upcoming Changes to D2A and Extranet to Replace AUSkey

    December 13, 2019

    APRA notified that AUSkey, which is the authentication credential for Direct to APRA (D2A) and the APRA Extranet, will be replaced with myGovID, Relationship Authorization Manager (RAM), and machine to machine (M2M) credentials. AUSkey will be decommissioned at the end of March 2020 and entities will be required to take steps in February/March 2020 to ensure continued access to APRA systems. APRA will provide technical and support information in early 2020 to enable entities to transition.

    The new Data Collection Solution was originally due to go live in March 2020; however, APRA has now advised that implementation will now be later in 2020. For entities to continue to submit data to APRA via D2A from April onward, they will need to complete the necessary steps with respect to transition from AUSkey to myGovID and RAM by the end of March 2020. To be ready for AUSkey changeover for D2A by the end of March 2020:

    • Entities should ensure that users set up their digital identity in myGovID and that their business is linked and administrators authorized in RAM. Entities may also create machine credentials ready for next year, but should store them in a different file to the current D2A credential. 
    • Entities will need to complete a minor update to D2A in February/March 2020.

    Additionally, the users of APRA Extranet will only need to set up a myGovID and link it to the APRA Extranet service when available in RAM. APRA is working closely with the Australian Taxation Office to facilitate the transition. Entities should prepare now by following Australian Taxation Office published materials to set up users with myGovID and manage business authorizations in RAM. 

    Additionally, APRA has been exploring alternative implementation approaches for the new Data Collection Solution. In late October and early November, APRA engaged a cross-section of industry representatives to explore the benefits and impact of contrasting approaches. Entities were asked about the impact of continuing to report through D2A after March 2020. Some interesting themes that emerged are as follows:

    • Many entities are keen to involve regtech firms to support the uplift of their capability, to move from manual to automated submission processes, and to set them up for future, more granular data collections.
    • Entities want APRA to engage with them early in relation to future data collection roadmap. This will help entities plan their future technology uplift for regulatory reporting. 
    • There was tolerance for continuing to use D2A after March for a limited period; however, some concerns were raised about an implementation approach which would require continuing two systems (D2A and new solution) in the longer term.
    • Entities confirmed that re-submission of past returns (which may be required if all existing collections were migrated in their current form), would create a significant burden.


    Related Links

    Keywords: Asia Pacific, Australia, Banking, Insurance, Superannuation,  AUSKey, myGovID, RAM, D2A, Reporting, Extranet, Data Collection Solution, Regtech, APRA

    Featured Experts
    Related Articles
    News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News
    News

    ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations

    The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.

    November 02, 2022 WebPage Regulatory News
    News

    ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector

    Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)

    October 31, 2022 WebPage Regulatory News
    News

    EC Adopts Final Rules Under CRR, BRRD, and Crowdfunding Regulation

    The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)

    October 26, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8582