Featured Product

    APRA Updates Implementation Plan for New Data Collection Solution

    July 30, 2019

    APRA released an updated implementation plan for its new Data Collection Solution. The plan concerns the replacement of the current data collection system, Direct to APRA (D2A). The plan offers guidance to the industry on the changes involved and on preparing for the new solution. The key updates relate to the extended project and implementation timeframes, details on what is changing with the new solution, technical specifications, and guidance for entity readiness. APRA had issued the first version of this plan in April 2019. APRA plans to make the test environment available in the first quarter of 2020 and to go live later in 2020. The go-live date has moved from March 2020 to later in 2020 and a confirmation of these revised dates will be provided by October 2019.

    The implementation plan includes information for reporting entities (entities), third-party administrators (Service Providers), and regulatory technology providers (regtech firms). The new Data Collection Solution will be a secure, web-based solution for users to submit data and upload supporting documents to meet the reporting requirements of APRA. The new solution will provide a better and simpler user experience. Service providers will still be able to submit data on behalf of entities. The new solution will deliver improved functionality in line with the industry recommendations. This will ensure both the entities and APRA are well-placed to continue to meet the evolving regulatory needs. APRA aims to minimize the impact of changes to entities at go-live. The key changes include:

    • The use of standard web browsers to access the solution 
    • Replacement of AUSkey with myGovID, as the authentication solution to provide a secure way to access the new solution 
    • Responsibility for identifying and registering users that can access the solution to submit data to APRA, including service providers, to be placed on entities

    APRA expects entities to register for a webinar in mid-August for a walk-through of the implementation plan, for demonstration of the new solution features, and to provide feedback on this implementation plan by completing a short survey. APRA also expects entities to complete the ad hoc D2A form on the current and intended future state submission methods (available August 1-30, 2019). In the coming months, additional information will be provided about revised timelines, myGovID authentication, submission methods (including application programming interfaces), and an additional module for facilitating executive accountability regime requirements of APRA. Entity readiness is key to successful implementation of the new solution and APRA will continue to provide the industry with sufficient information and time to prepare for the new solution.


    Related Links

    Keywords: Asia Pacific, Australia, Banking, Insurance, Reporting, D2A, Data Collection Solution, APRA

    Featured Experts
    Related Articles

    PRA Amends Pillar 2 Capital Framework for Banks

    PRA published the policy statement PS2/20 that contains the final amendments to the Pillar 2 framework and provides feedback to responses to the consultation paper CP5/19 on updates related to Pillar 2 capital framework.

    January 23, 2020 WebPage Regulatory News

    FED Proposes to Revise Information Collection Under Market Risk Rule

    FED proposed to revise and extend, for three years, FR 4201, which is the information collection under the market risk capital rule.

    January 22, 2020 WebPage Regulatory News

    MAS Amends Notices on Minimum Liquid Asset Requirements for Banks

    MAS published amendments to Notices 1015, 613, and 649 related to the minimum liquid assets (MLA) requirements.

    January 21, 2020 WebPage Regulatory News

    APRA Publishes Submission on Fintech and Regtech

    APRA published its submission, to the Senate Select Committee, on financial technology and regulatory technology.

    January 21, 2020 WebPage Regulatory News

    ECB Consults on Guideline on Threshold for Credit Obligations Past Due

    ECB published a draft guideline, along with the frequently asked questions (FAQs), on the definition of the materiality threshold for credit obligations past due for less significant institutions.

    January 20, 2020 WebPage Regulatory News

    BIS Discusses Role of Central Banks in Addressing Climate Change Risks

    BIS published a book that reviews ways of addressing the climate change risks within the financial stability mandate of central banks.

    January 19, 2020 WebPage Regulatory News

    FSB Report Examines Global Nonbank Financial Intermediation Activity

    FSB published the ninth annual report examining the global non-bank financial intermediation activity.

    January 19, 2020 WebPage Regulatory News

    OSFI Publishes Instruction Guide on Solvency Information Return

    OSFI published an instruction guide to assist administrators of pension plans in completing the Solvency Information Return that is required to be filed with OSFI.

    January 17, 2020 WebPage Regulatory News

    EU Amends IFRS 9 Rule, Changes Concern Interest Rate Benchmark Reforms

    EU published Regulation 2020/34 regarding the International Accounting Standard (IAS) 39 and International Financial Reporting Standards (IFRS) 7 and 9.

    January 16, 2020 WebPage Regulatory News

    FDIC and OCC Issue Statement on Heightened Cyber Security Risk

    In response to the heightened cyber-security risk facing the financial services industry and other critical business sectors, FDIC and OCC issued an interagency statement on heightened cyber-security risk.

    January 16, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4515