APRA commenced the post-implementation review of the superannuation prudential framework by releasing its first of a series of consultation papers on aspects of the prudential framework. Over the next few months, APRA will release short consultation papers covering the other four topic areas addressed in the prudential framework: financial requirements, operational risk and outsourcing; investments; insurance; and member flows and products. APRA is inviting written submissions on all consultation papers by September 26, 2018. A final report on the superannuation post-implementation review is expected to be released by early 2019.
The consultation papers released include the following:
- An overarching discussion paper that outlines the purpose of the review and review process and includes questions that seek feedback on the superannuation prudential framework
- Two short topic papers on governance and risk management
The post-implementation review covers all prudential and reporting standards (including guidance material) introduced or refined as a result of the 2013 Stronger Super reforms. To facilitate consideration of the various elements of the prudential framework, the review will be conducted under six broad topic areas with a series of questions for each topic on which feedback is sought: governance; risk management; financial requirements, operational risk, and outsourcing; investments; insurance; and member flows and products. APRA will consider changes to the prudential framework to address any gaps identified or issues raised during the review process to improve its effectiveness.
APRA has begun a post-implementation review of the superannuation prudential framework introduced following the 2013 Stronger Super reforms. The aim of the review is to ensure the prudential and reporting standards, and related guidance, have achieved their objectives and continue to remain fit for purpose.
Comment Due Date: September 26, 2018
Keywords: Asia Pacific, Australia, Banking, Insurance, Securities, Prudential Framework, Post-Implementation Review, APRA
Previous ArticleCentral Bank of Ireland Updates Notes on AnaCredit Data Returns
PRA, via the consultation paper CP12/20, proposed changes to its rules, supervisory statements, and statements of policy to implement certain elements of the Capital Requirements Directive (CRD5).
EIOPA published the financial stability report that provides detailed quantitative and qualitative assessment of the key risks identified for the insurance and occupational pensions sectors in the European Economic Area.
EBA published its risk dashboard for the first quarter of 2020 together with the results of the risk assessment questionnaire.
EBA announced that the next stress testing exercise is expected to be launched at the end of January 2021 and its results are to be published at the end of July 2021.
PRA published the consultation paper CP11/20 that sets out its expectations and guidance related to auditors’ work on the matching adjustment under Solvency II.
MAS published a statement guidance on dividend distribution by banks.
APRA updated its capital management guidance for banks, particularly easing restrictions around paying dividends as institutions continue to manage the disruption caused by COVID-19 pandemic.
FSB published a report that reviews the progress on data collection for macro-prudential analysis and the availability and use of macro-prudential tools in Germany.
EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting.
SRB published guidance on operational continuity in resolution and financial market infrastructure (FMI) contingency plans.