APRA Grants License to IN1Bank, to Go Live with APRA Connect Testing
APRA revoked the license for Investec Bank plc, at Investec's request, and granted IN1Bank Ltd an extension of its license to operate for a limited time as a restricted authorized deposit-taking institution under the Banking Act 1959. At present, IN1Bank is the only restricted authorized deposit-taking institution in Australia. In another development, APRA is set to go-live with the test environment for the new data collection solution, APRA Connect, on June 17, 2021. The test environment will be available for users to become familiar with APRA Connect and for trial submission of data for industries with new collections before they need to submit in the APRA Connect production environment from September 13, 2021.
APRA also published Taxonomy artefacts and additional technical information for superannuation data transformation collections and HRS 605 on private health insurance reform data collection to help entities prepare data and trial submission on APRA Connect test environment. The artefacts include the data dictionary, validations, reporting taxonomy, and XSD (to validate files). Artefacts should be used in conjunction with the relevant reporting standard. Where there is a difference between the artefacts and the reporting standard, the reporting standard should be referenced for final versions of definitions and reporting instructions.
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 APRA’s consultations with industry. 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
Related Links
- News Release on IN1Bank’s license
- News Release on Revoking Investec Bank Plc License
- News Release on APRA Connect
- List of APRA-authorized ADIs
- Taxonomy Artefacts
- APRA Connect Test Environment Overview
Keywords: Asia Pacific, Australia, Banking, APRA Connect, Test Environment, Regtech, Data Collection, Reporting, Restricted API, IN1 Bank Limited, Banking Act, Superannuation, Investec Bank, APRA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Previous Article
FDIC Proposes Amendments to Real Estate Lending StandardsRelated Articles
APRA Finalizes Guidance on Management of Climate Change Risks
The Australian Prudential Regulation Authority (APRA) released the final Prudential Practice Guide on management of climate change financial risks (CPG 229) for banks, insurers, and superannuation trustees.
European Council Adopts Position on Digital Finance Package Proposals
The European Council adopted its position on two proposals that are part of the digital finance package adopted by the European Commission in September 2020, with one of the proposals involving the regulation on markets in crypto-assets (MiCA) and the other involving the Digital Operational Resilience Act (DORA).
PRA Proposes Rulebook Changes; BoE Extends BEEDS Testing Window
The Prudential Regulation Authority (PRA) is proposing, via the consultation paper CP21/21, to apply group provisions in the Operational Resilience Part of the PRA Rulebook (relevant for the Capital Requirements Regulation or CRR firms) to holding companies.
EC Proposes New Measures Under Capital Markets Union Package
The European Commission (EC) has adopted a package of measures related to the Capital Markets Union.
EBA Publishes Standards to Calculate Risk-Weights of CIUs Under CRR
The European Banking Authority (EBA) published the final report on draft regulatory technical standards for the calculation of risk-weighted exposure amounts of collective investment undertakings or CIUs, in line with the Capital Requirements Regulation (CRR).
FED Outlines Lending Conditions and Supervisory Activities in H1 2021
The Board of Governors of the Federal Reserve System (FED) published a report that summarizes banking conditions in the United States, along with the supervisory and regulatory activities of FED.
APRA Expects Boards to Strengthen Ability to Oversee Cyber Resilience
The Australian Prudential Regulation Authority (APRA) recently completed two pilot initiatives in its 2020-2024 Cyber Security Strategy, which was published in November 2020.
FSB Updates List of Global Systemically Important Banks
The Basel Committee on Banking Supervision (BCBS) published further information related to its 2021 assessment of global systemically important banks (G-SIBs), with additional details to help understand the scoring methodology.
FASB Proposes Improvements to Credit Losses Standard
The Financial Accounting Standards Board (FASB) is consulting on an Accounting Standards Update and the associated taxonomy improvements for requirements on troubled debt restructurings and vintage disclosures under the credit losses standard (for financial instruments) topic 326.
US Agencies Issue Statement on Crypto-Asset Policy Initiatives
US Agencies issued a statement that summarizes the work undertaken during the interagency policy sprints focused on crypto-assets and provides a roadmap of future work related to crypto-assets.
