APRA outlines changes in reporting obligations for ADIs and RFCs in response to COVID-19
The Australian Prudential Regulation Authority (APRA) has outlined temporary changes in reporting obligations for authorised deposit-taking institutions (ADIs) and registered financial corporations (RFCs) in response to COVID-19.
The changes, which have been made in collaboration with the Reserve Bank of Australia and the Australian Bureau of Statistics, are intended to balance the need for entities to dedicate time and resources to maintaining their operations and supporting customers, against the increased need for timely, accurate data for use in the rapidly changing environment.
A letter to industry outlining the changes is available on the APRA website at: Changes to reporting obligations in response to covid-19.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.