APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions. APRA will implement the due date of 35 calendar days after the reporting period for all quarterly reporting forms, except for the modernized Economic and Financial Statistics (EFS) reporting forms. APRA has also released a response letter to submissions on the proposal to standardize quarterly reporting due dates for authorized deposit-taking institutions. An Attachment to this letter presents a full list of the affected reporting forms, which cover data on capital adequacy; standardized and advanced credit, market, and operational risk approaches; liquidity metrics; and large exposures, among others.
In the response letter, APRA highlights the following key points:
- For non-EFS reporting forms that were due before 35 calendar days, APRA will keep the existing extension. These forms will continue to be due on the 35th calendar day. APRA will formally update the due dates in the relevant reporting standards when they are next revised.
- For forms that were due after calendar day 35, APRA will update the reporting due date to 35 calendar days when it revises the respective reporting standards and will notify affected authorized deposit-taking institutions during public consultation on these revisions. Until then, the due dates for these returns remain as specified in the reporting standard.
- As communicated in the November 2020 letter to industry, the Australian Bureau of Statistics (ABS) has investigated the impact of changing the quarterly EFS reporting due dates on the GDP publications. As a result, APRA and ABS and have agreed to keep the due date of quarterly EFS forms at 28 calendar days after the end of the quarter to maintain the timely production of these publications.
- Reporting Form ARF 210.4 on three-year funding plan is also due on the 28th calendar day after the reporting period, but is due on an annual basis. To avoid confusion, APRA has also extended the due date for this return to the 35th calendar day, effective April 01, 2021.
In November 2019, APRA had consulted on a proposal to standardize the quarterly reporting due dates for authorized deposit-taking institutions to 35 calendar days after the last day of the reference quarter. APRA received four submissions to the consultation, which were supportive of the standardization of reporting due dates; however, they raised concerns about the lower quality of data submitted due to the compressed timeframes and the potential market sensitivity of the data. One submission recommended the retained use of business days.
Keywords: Asia Pacific, Australia, Banking, Reporting, Submission Timeline, EFS, APRA
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