Featured Product

    APRA Publishes the First Edition of APRA Insight for 2020

    February 28, 2020

    APRA published the first edition of APRA Insight for 2020. The newsletter features articles on the evolving approach to supervising risk culture, the new approach to quarterly reporting, and the to-date progress on the recommendations of the Royal Commission toward improved supervision. This edition also mentions that APRA has launched a series of consultations aimed at substantially increasing the amount of data published in the authorized deposit-taking institution, general insurance, and life insurance sectors.

    The newsletter highlights that the breadth, depth and quality of the data collected as part of the APRA supervision of superannuation funds is undergoing an upgrade under the banner of the multi-year Superannuation Data Transformation project. Launched in November last year, consultation on the initial phase of this project is progressing, with focus on addressing the most urgent gaps in data collection by APRA. Phases two and three will focus on increasing the granularity and consistency of the entire superannuation data collection, with their own consultation stages to follow. APRA expects to release the finalized prudential standard SPS 250 on insurance in superannuation and to commence consultation on a revised prudential practice guide SPG 250 on insurance in superannuation by mid-2020. 

    This issue of the newsletter also highlights the following key developments that are on the horizon: 

    • APRA has completed the final testing phase of the Supervision Risk and Intensity Model, which is slated to replace the existing risk rating system, known as PAIRS and SOARS. The roll-out of the model is being planned across the financial sector during the financial year 2020-21. APRA will shortly begin industry engagement on how the new model works, its expected impact on regulated entities, and plans for implementation from April 2020. APRA expects to publish the detail and mechanics underpinning this model, along with its revised Supervision Philosophy and supervision approach, in June 2020.
    • In the second quarter of 2020, APRA plans to release a second consultation package on offshore reinsurers and the review of the prudential standard LPS 117 on asset concentration risk charge as part of the capital adequacy. 
    • Submissions are closing soon on the proposed revisions to the capital framework for private health insurance, which commenced last December. The consultation closes on March 27.

     

    Related Link: APRA Insight

    Keywords: Asia Pacific, Australia, Banking, Insurance, Securities, Pensions, Superannuation, Data Collection, Reporting, SPS 250, LPS 117, Capital Adequacy, Rating System, Newsletter, APRA

    Featured Experts
    Related Articles
    News

    BCBS Consults on Guidelines for Counterparty Credit Risk Management

    The Basel Committee on Banking Supervision (BCBS) is seeking comments, until August 28, 2024, on guidelines for counterparty credit risk management of banks.

    May 21, 2024 WebPage Regulatory News
    News

    ISSB Releases Digital Sustainability Disclosures Taxonomy

    The themes of the harmonization and interoperability of sustainability disclosure standards among various jurisdictions remain at the top-of-mind for international standard-setting bodies.

    May 21, 2024 WebPage Regulatory News
    News

    BCBS Report Studies Implications of Digitalization of Finance

    The Basel Committee on Banking Supervision (BCBS) published a report that examines the implications of the digitalization of finance for banks and supervisors.

    May 21, 2024 WebPage Regulatory News
    News

    HKMA Publishes Hong Kong Taxonomy for Sustainable Finance

    The Hong Kong Monetary Authority (HKMA) published the Hong Kong Taxonomy for Sustainable Finance.

    May 21, 2024 WebPage Regulatory News
    News

    EU Taking Steps to Set Out and Enforce AI Regulations

    Many believe that the transformative power of generative artificial intelligence (GenAI) has potential to reshape the financial sector in the time to come.

    May 21, 2024 WebPage Regulatory News
    News

    BIS Paper Outlines Vision for Future Financial System

    In a recent paper, the General Manager of Bank for International Settlements (BIS) and the Indian entrepreneur (Infosys co-founder) Nandan Nilekani have laid out a vision for the Finternet, which is proposed to be a network of multiple financial ecosystems, much like the internet.

    April 29, 2024 WebPage Regulatory News
    News

    NGFS Outlines Options for Supervisory Review of Transition Plans

    The Network for Greening the Financial System (NGFS) recently published three reports on the use of transition plans to boost sustainable finance and manage climate-related financial risks.

    April 29, 2024 WebPage Regulatory News
    News

    BCBS Issues Discussion Paper on Climate Scenario Analysis

    The Basel Committee on Banking Supervision (BCBS) issued a discussion paper on the use of climate scenario analysis to strengthen the management and supervision of climate-related financial risks.

    April 29, 2024 WebPage Regulatory News
    News

    OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.

    April 25, 2024 WebPage Regulatory News
    News

    CFIT to Chair Open Finance Taskforce Announced by UK Government

    The UK government announced the formation of an industry-led Open Finance Taskforce, chaired by the Center for Finance, Innovation, and Technology (CFIT).

    April 25, 2024 WebPage Regulatory News
    RESULTS 1 - 10 OF 8967