Featured Product

    APRA Updates Reporting Standards and Guidance for EFS Data Collection

    November 24, 2020

    APRA published the updated reporting standards and guidance for the collection of Economic and Financial Statistics (EFS), following a consultation process. Also published was a response letter to the feedback received on the proposal for amending the EFS reporting standards and guidance. This recent update addresses the implementation timeline of the updated EFS collection, the alignment of EFS with other data collections, and the proposed addition of interest rate bands to Reporting Standard ARS 747.0 ABS/RBA Deposit Stocks, Flows and Interest Rates. Where appropriate, either the relevant reporting standards and/or guidance have been updated or a bilateral response will be provided to the organization requesting clarification.

    Among other decisions, the Australian agencies—APRA, the Reserve Bank of Australia (RBA), and the Australian Bureau of Statistics (ABS)—have decided not to proceed with the change of due dates for monthly reporting and, therefore, returns will continue to be due within 28 calendar days after the end of the reporting period. Consequently, no changes have been made to the reporting standards on ABS/RBA Bill Acceptances and Endorsements (ARS 720.7) and Margin Lending (ARS 723.0). The revisions to the EFS standards and guidance will not apply retrospectively to reporting periods that occur prior to the reporting period ending on September 30, 2021. Given the concerns raised by industry, the agencies have moved the implementation date of the changes for most of the standards from the reporting period ending on June 30, 2021 to September 30, 2021, to provide entities with additional lead time. The exceptions are Reporting Standards ARS 722.0 ABS/RBA Derivatives, ARS 730.1 ABS/RBA Fees Charged, and RRS 710.0 ABS/RBA Audit Requirements for Registered Financial Corporations—EFS Collection. The implementation date for ARS 722.0 and ARS 730.1 will remain as the reporting period ending on or after March 31, 2021. The information required by ARS 730.1 must be provided in respect of each year ended June 30. The first reporting period for ARS 730.1 will, therefore, be July 01, 2020 to June 30, 2021.

    The revisions to RRS 710.0 will commence from July 01, 2021 and until this time the extension provided on October 11, 2019 will continue to apply. With respect to the proposal to collect additional data on deposit interest rates in ARS 747.0, the industry feedback highlighted that this additional data collection would impose significant additional burden in the form of initial project costs and ongoing reporting and compliance costs. Thus, the agencies decided not to proceed with this change. Additionally, one submissions highlighted the overlap between the information required for Prudential Standard APS 220 Credit Risk Management and Reporting Standard ARS 720.1 ABS/RBA Loans and Finance Leases and proposed that the EFS data for impaired assets could be collected as a subset of the data collected for the prudential standard. To address this, APRA is designing the future collection for the prudential standard to be able to be used for multiple purposes and will consider the removal of overlapping data requirements at a future date. 

     

    Related Links

    Keywords: Asia Pacific, Australia, Banking, Reporting, EFS Collection, EFS, Credit Risk, APRA

    Featured Experts
    Related Articles
    News

    APRA Publishes Results of Climate Risk Self-Assessment Survey

    The Australian Prudential Regulation Authority (APRA) has published the findings of its latest climate risk self-assessment survey conducted across the banking, insurance, and superannuation industries.

    August 04, 2022 WebPage Regulatory News
    News

    ACPR Publishes Updates Related to CRD IV and Covered Bonds

    The French Prudential Supervisory Authority (ACPR) published a notice related to the methods for calculating and publishing prudential ratios under the Capital Requirements Directive (CRD IV) and the minimum requirement for own funds and eligible liabilities (MREL).

    August 03, 2022 WebPage Regulatory News
    News

    BIS Paper Contributes to Debate on Regulating NBFIs and Big Techs

    The Financial Stability Institute (FSI) of the Bank for International Settlements recently published a paper proposing a framework for classifying financial stability regulation as either entity-based or activity-based.

    August 03, 2022 WebPage Regulatory News
    News

    EIOPA Publishes Guidance on Climate Change Scenarios in ORSA

    The European Insurance and Occupational Pension Authority (EIOPA) published the risk dashboard based on Solvency II data and the final version of the application guidance on climate change materiality assessments and climate change scenarios in the Own Risk and Solvency Assessment (ORSA).

    August 02, 2022 WebPage Regulatory News
    News

    EBA and ECB Respond to Proposals on Sustainability Disclosures

    The European Banking Authority (EBA) and the European Central Bank (ECB) published their responses to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards.

    August 01, 2022 WebPage Regulatory News
    News

    BIS Report Notes Existing Gaps in Climate Risk Data at Central Banks

    A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.

    July 29, 2022 WebPage Regulatory News
    News

    EBA Publishes Multiple Regulatory Updates for Regulated Entities

    The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.

    July 29, 2022 WebPage Regulatory News
    News

    EIOPA Issues SII Taxonomy and Guide on Sustainability Preferences

    The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy.

    July 29, 2022 WebPage Regulatory News
    News

    EESC Opines on Proposals on CRR and European Single Access Point

    The European Union published, in the Official Journal of the European Union, an opinion from the European Economic and Social Committee (EESC); the opinion is on the proposal for a regulation to amend the Capital Requirements Regulation (CRR).

    July 29, 2022 WebPage Regulatory News
    News

    HM Treasury Publishes Multiple Regulatory Updates in July 2022

    HM Treasury published a draft statutory instrument titled “The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022,” along with the related explanatory memorandum and impact assessment.

    July 29, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8424