APRA has released the revised approach and timeline for implementation of the new data collection solution APRA Connect. This project has been recommenced following a six-month period of suspension due to the COVID-19 pandemic. APRA Connect will go live at the end of September 2021, with a test environment available from June 2021. Entities will be required to use both the existing data collection platform Direct to APRA (D2A) and APRA Connect in the medium term and any resubmissions for D2A-submitted returns must be made through D2A.
The timing of regulatory data reporting commencing in APRA Connect will vary for each industry. APRA will progressively start new collections in APRA Connect in line with industry consultations. The first regulatory data collections to be introduced in APRA Connect at the September 2021 go live will be the Private Health Insurance (PHI) Reform (HRS 605.0) and Superannuation Data Transformation collections. The first submission will be due on APRA Connect from January 2022. Lodgment by email, fax or mail will not be accepted once APRA Connect is implemented. APRA (D2A) will continue to be used for most existing collections. This means that dual reporting systems will be in place for the medium term and any resubmissions for D2A-submitted returns must be made through D2A. Returns will be exclusively available on one system or the other and no new collections will be introduced to D2A. Once all data reporting has moved to APRA Connect, D2A will be retired.
To assist entities in their transition to APRA Connect, APRA will make a test environment available from the end of June 2021 as a permanent feature. In response to the industry feedback, APRA will also be conducting a pilot in the external test environment for a small number of Superannuation entities. The pilot is expected to take place in April/May 2021. The test environment will allow entities to become familiar with APRA Connect and trial submission of entity information and regulatory data. Returns will be available in the test environment prior to the first reporting date that entities are required to submit them in APRA Connect. The test environment will also be used to support the design of new collections and APRA’s consultations with industry. APRA explains that the APRA Connect test environment will help entities, service providers and regtech firms to
- familiarize themselves with the features and functionalities of APRA Connect.
- identify any changes required to the existing systems and processes.
- engage with APRA on new collection design.
Keywords: Asia Pacific, Australia, Banking, Insurance, Pensions, Superannuation, APRA Connect, D2A, COVID-19, Regtech, Reporting, Statistical Reporting, APRA
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
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