APRA Updates Reporting Standards and Guidance for EFS Data Collection
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
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Previous Article
EIOPA Consults on Supervisory Practices in Case of Breach of SCRRelated Articles
EBA Proposes Standards for IRRBB Reporting Under Basel Framework
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
FED Issues Further Details on Pilot Climate Scenario Analysis Exercise
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
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.
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.
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.
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.
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.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
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.
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.
