Featured Product

    APRA Consults to Standardize Submission Date for Quarterly Reporting

    November 08, 2019

    APRA proposed to standardize quarterly reporting due dates for authorized deposit-taking institutions. The proposed standardized due date is 35 calendar days after the last day of the reference quarter, which will create a 14-calendar-day extension for credit unions and building societies. The aim of the proposal is to streamline the data consultation process for APRA and authorized deposit-taking institutions alike, with a resulting reduction in the reporting burden, most notably for smaller institutions. Annex to the consultation letter lists the impacted quarterly reporting forms for authorized deposit-taking institutions. The comment period for this proposal ends on February 07, 2020.

    APRA proposed to incorporate the change to reporting due dates when each reporting standard is next revised. In the interim, APRA would grant an extension to 35 calendar days to relevant authorized deposit-taking institutions. The full implementation of changes to all reporting standards may take several years. Over this period, APRA will continue to engage with authorized deposit-taking institutions to make them aware of the upcoming revisions to the reporting standards. A standardized submission date will eliminate multiple rounds of data queries and align the data query process conducted by APRA, the Reserve Bank of Australia, and the Australian Bureau of Statistics. It will reduce the likelihood of duplicate queries being received by an authorized deposit-taking institution. Aligning reporting due dates will provide an extension of time for most authorized deposit-taking institutions. In the previous consultations, authorized deposit-taking institutions have expressed a preference for reporting timelines that provide sufficient time for internal review and sign-off of data that will be provided to APRA. The proposed standardized reporting due date will address this concern. 

     

    Related Links

    Comment Due Date: February 07, 2020

    Keywords: Asia Pacific, Australia, Banking, Reporting, Quarterly Reporting, Submission Timeline, APRA

    Featured Experts
    Related Articles
    News

    EU Amends IFRS 9 Rule, Changes Concern Interest Rate Benchmark Reforms

    EU published Regulation 2020/34 regarding the International Accounting Standard (IAS) 39 and International Financial Reporting Standards (IFRS) 7 and 9.

    January 16, 2020 WebPage Regulatory News
    News

    FDIC and OCC Issue Statement on Heightened Cyber Security Risk

    In response to the heightened cyber-security risk facing the financial services industry and other critical business sectors, FDIC and OCC issued an interagency statement on heightened cyber-security risk.

    January 16, 2020 WebPage Regulatory News
    News

    BoE and FCA Outline Next Steps for LIBOR Transition in 2020

    BoE, FCA, and the Working Group on Sterling Risk-Free Reference Rates (RFRWG) have published a set of documents that outline the LIBOR transition priorities and milestones for 2020.

    January 16, 2020 WebPage Regulatory News
    News

    BCRA Updates Regulation on Capital Requirements and Information Regime

    BCRA updated the rules on minimum capital requirements for financial entities and on certain aspects of the information transparency regime for quarterly and annual supervision.

    January 16, 2020 WebPage Regulatory News
    News

    BIS to Expand Central Bank Membership

    BIS is to expand its central bank membership base and to increase collaboration in its work as a forum for international cooperation and as a hub for central banks and other financial authorities.

    January 14, 2020 WebPage Regulatory News
    News

    EIOPA Issues Technical Specifications for Market and Credit Risk Study

    EIOPA published the technical specifications, including instructions, for the market and credit risk modeling comparative study for year-end 2019.

    January 13, 2020 WebPage Regulatory News
    News

    FED Publishes FAQs on Tailoring Rules for Banks

    FED released a letter announcing the publication of an initial set of frequently asked questions (FAQs) in response to questions from institutions.

    January 13, 2020 WebPage Regulatory News
    News

    IA of Hong Kong Publishes Stress Testing Scenarios in Relation to ORSA

    IA of Hong Kong published the prescribed scenarios for stress and scenario testing to be used by the authorized insurers conducting general insurance business.

    January 13, 2020 WebPage Regulatory News
    News

    FDIC Letter on Submission of Call Reports by End of January 2020

    FDIC, in a letter to financial institutions, announced that the Consolidated Reports of Condition and Income (Call Reports) for the December 31, 2019 report date must be submitted to the Central Data Repository of the relevant US agencies by January 30, 2020.

    January 13, 2020 WebPage Regulatory News
    News

    EBA Consults on Calculation of Own Funds Requirements for Market Risk

    EBA is consulting on the draft regulatory technical standards for calculation of the own funds requirements for market risk, under the standardized and internal model approaches of the Fundamental Review of the Trading Book (FRTB) framework.

    January 13, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4489