Featured Product

    APRA Revises Implementation Approach and Timeline for APRA Connect

    March 12, 2020

    APRA has released a revised implementation approach and timeline for its new data collection solution, known as APRA Connect, which will replace Direct to APRA (D2A). The revised implementation approach for APRA Connect has been developed taking into account the recent industry feedback, the upcoming changes to data collections, and the longer term regulatory needs. APRA Connect is scheduled to go live at the end of September 2020, with a progressive cut-over of financial data reporting to the new solution. Entities will be required to use both D2A and APRA Connect in the medium term.

    APRA is confident that its revised implementation approach will reduce the effort and impact on reporting entities and facilitate a lower risk transition to the new solution. The revised implementation approach for APRA Connect includes the following key points:

    • A test environment is planned to be available from the end of June 2020 for entities to familiarize themselves with APRA Connect. Returns will be available in the test environment before entities are required to submit them prior in APRA Connect. 
    • All entities will commence reporting entity information on APRA Connect from September 2020 while the timing of financial data reporting will vary for each industry. All financial data reporting for insurance and superannuation will continue to be reported through D2A. APRA will progressively start new collections for these industries on APRA Connect in line with industry consultations.
    • APRA intends to move all reporting for authorized deposit-taking institutions and registered financial corporations from D2A to APRA Connect in the current format in March 2021. This means that the first monthly and quarterly returns (for the March period end) will be submitted in APRA Connect. No historical financial data will be migrated to APRA Connect and any re-submissions for D2A-submitted returns will need to be made through D2A. 
    • All entities who submit Form 701 for intermediated insurance business will be required to use APRA Connect. The first submission will be due on APRA Connect from January 2021. 
    • The first new collection to be introduced to APRA Connect after the September 2020 go live date will be the Private Health Insurance (PHI) Reform (HRS 605.0).

    APRA notes that the outbreak of COVID-19 is creating considerable uncertainty and disruption across the Australian financial markets and economy. Therefore, APRA may need to revise these timelines in response to further developments to recognize the competing priorities of industry.

     

    Related Links

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

    Featured Experts
    Related Articles
    News

    APRA Issues Interim Update to Policy Priorities for 2021 and Beyond

    In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.

    September 24, 2021 WebPage Regulatory News
    News

    EC Adopts Solvency II and Resolution Rules Package for Insurers

    The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.

    September 22, 2021 WebPage Regulatory News
    News

    OCC Issues Booklets on Regulatory Reporting and Earnings

    The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.

    September 22, 2021 WebPage Regulatory News
    News

    ECB Sets Out Results of Economy-Wide Climate Stress Tests

    The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.

    September 22, 2021 WebPage Regulatory News
    News

    EBA Examines Implications of Increasing Use of Digital Platforms in EU

    The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.

    September 21, 2021 WebPage Regulatory News
    News

    HKMA Issues Updates on Policy Measures Intended to Ease COVID Impact

    The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.

    September 21, 2021 WebPage Regulatory News
    News

    ISDA Responds to BCBS Proposal on Treatment of Cryptoasset Exposures

    The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.

    September 21, 2021 WebPage Regulatory News
    News

    BIS Quarterly Review Discusses Developments in Fintech and ESG Space

    BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.

    September 20, 2021 WebPage Regulatory News
    News

    BCBS to Consult on Supervisory Practices for Climate Risks by Year-End

    The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards

    September 20, 2021 WebPage Regulatory News
    News

    OCC Identifies Operational Risk Deficiencies in MUFG Union Bank

    The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.

    September 20, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7494