Featured Product

    APRA Seeks Views on Data Collection Roadmap for Regulated Entities

    The Australian Prudential Regulation Authority (APRA) published a discussion paper that outlines its changing approach to data collection and the five-year data collection implementation roadmap, with the comment period ending on June 24, 2022.

    APRA notes that, as the importance of data in decision-making increases, it has begun transforming how it collects data from over 2,000 entities it regulates. APRA has outlined plans to collect richer data through APRA Connect, its new data collection system. By 2027, APRA expects to have all collections on APRA Connect and be in a position to decommission Direct to APRA (D2A), its current data collection system. The first two years of each roadmap is well-defined, while the data collections outlined for implementation 2024 onward still require further development (and have indicative timeline). The design and implementation of the comprehensive banking data collections will be phased, to manage the pace of change for industry. Collections for the next five years are outlined below:

    • An interim capital collection, the timeline for which is 2023—APRA will create an interim collection to evaluate compliance with revised capital requirements, while allowing time for a comprehensive credit collection to be developed.
    • A comprehensive credit collection, the timeline for which spans 2024 to 2027—This will ultimately include data covered by the interim capital collection and enhance a number of other existing credit risk and statistical collections (including loan characteristics, collateral, and customer demographics).
    • A comprehensive liabilities collection, the timeline for which again spans 2024 to 2027—This collection covers liquidity (2025), Financial Claims Scheme, and statistical reporting/EFS (2027).
    • Several simpler, smaller collections—These focus on areas such as market risk (2024), interest rate risk in the banking book (2025), and financial statements (2026). These collections are expected to
      be relatively limited because the value of more detailed data is not commensurate with
      the cost involved in collecting it. 
    • Cross-industry data collections—the Remuneration and Financial Accountability Regime (FAR) collections are well-progressed. Subject to legislation, they are expected to go live in APRA Connect in 2023. Climate change financial risks data collection is also expected to go live in 2023 

    One of the key aspects on which APRA is seeking feedback is the implementation timeline outlined in the roadmap. APRA notes that, to prepare for the transition, regulated entities may wish to review and enhance their data quality assurance practices and accountabilities (ideally in consultation with auditors), given the move toward greater transparency. They may also wish to ensure that their regulatory reporting function is resourced to manage the sequence of new collections over the next few years and to explore opportunities to promote automation and use regtech (for example, use of machine-to-machine transmission methods). 

     

    Related Links

     

    Keywords: Asia Pacific, Australia, Banking, Basel, Reporting, APRA Connect, Statistical Reporting, Credit Risk, Market Risk, IRRBB, Regulatory Capital, Climate Change Risk, ESG, APRA, Headline

    Featured Experts
    Related Articles
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News
    News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697