Featured Product

    APRA Issues Updates on New Data Collection System and LIBOR Cessation

    June 04, 2021

    In a recent statement, APRA reiterated that Australian regulators expect institutions to cease the use of LIBOR in new contracts before the end of 2021. APRA also published user guidance to assist reporting entities in getting ready for its new data collection solution APRA Connect. The APRA Connect test environment will be available from June 17, 2021 for users. The first data collections to be introduced in APRA Connect at the September 2021 go-live will be the Superannuation Data Transformation collections, due in September 2021, and Private Health Insurance (PHI) Reform (HRS 605.0), due in October 2021.

    The APRA Connect test environment will be a permanent feature. Returns will be available in the test environment before entities are required to submit them in APRA Connect. The test environment will also be used to support the design of new collections and the APRA consultations with industry. The data uploaded in the test environment will be secure and will not be accessible by other entities using the test environment. The APRA Connect test environment will help entities, service providers, and regtech firms to:

    • familiarize themselves with the features and functionalities of APRA Connect
    • trial data submission to identify any changes required to data preparation
    • engage with APRA on new collection design

    APRA announcement on LIBOR cessation highlights that APRA, the Australian Securities and Investments Commission (ASIC), and the Reserve Bank of Australia (RBA) support the guidance and expectations set by FSB and the US Banking Supervisors. Regulators in Australia are reiterating the importance of ensuring a timely transition away from the London Interbank Offered Rate (LIBOR). This requires ceasing the use of LIBOR in new contracts before the end of 2021. Continued reliance on LIBOR poses significant risks and disruptions to the stability and integrity of the financial system. Firms may face financial, conduct, litigation, and operational risks associated with inadequate preparation. ASIC, APRA, and RBA expect all market participants to adhere to the deadline at the end of 2021 for the issuance of new LIBOR contracts. Market participants should also accelerate the active conversion of legacy LIBOR contracts.


    Related Links

    Keywords: Asia Pacific, Australia, Banking, LIBOR, Legacy Contracts, Benchmark Reforms, Reporting, APRA Connect, Test Environment, APRA

    Featured Experts
    Related Articles

    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

    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

    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

    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

    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

    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

    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

    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

    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

    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