APRA Connect Update, March 2021

APRA Connect is the new data collection solution for reporting entities to lodge entity information and regulatory data with APRA. The new system will go-live in September 2021 and the test environment will be made available from the end of June 2021 to assist entities in their transition.

Information on the following topics is provided to support entities in preparing for the new solution:

Draft taxonomy artefacts published to assist superannuation entities in preparing data for submission through APRA Connect.
A pilot of APRA Connect with a small number of superannuation entities.
A recap of the implementation approach and getting ready for APRA Connect.

Draft taxonomy artefacts

On 25 March 2021, APRA released the response paper and 10 final reporting standards for the first phase of its multi-year Superannuation Data Transformation (SDT). The Response Paper and finalised reporting standards are available at: Consultation on APRA's Superannuation Data Transformation.

These new collections will be reported through APRA Connect.

APRA has released draft technical information and supporting material relating to superannuation taxonomies to help superannuation entities prepare data for submission on APRA Connect.

APRA has engaged industry through our regular forums to gain feedback on the approach to publication of artefacts. Whilst our proposal to release a package of artefacts was welcomed by entities, they asked to view draft artefacts in advance of the final release, to guide the commencement of data preparation work.

The draft artefacts include the data dictionary, validations, reporting taxonomy and XSD (to validate files). While every effort has been made to ensure accuracy, entities can expect further changes before APRA Connect go live.

Draft taxonomy artefacts are based on the current version of APRA Connect, which does not yet reflect the full final version of the reporting standards. The differences between the draft artefacts and the final reporting standards are minor in nature and will be reflected in the next version of the artefacts. For the avoidance of doubt, entities should note that final reporting standards should be referenced for final versions of definitions and reporting instructions.

Final versions of the artefacts will be available prior to the release of the external test environment in June 2021. Additional taxonomy information will be progressively released for other new collections on APRA Connect.

You can access the artefacts on the APRA Connect Taxonomy Artefacts page and download a zip file to extract the file set.

Webinar

Register now for APRA Connect Taxonomy Artefacts – An Overview webinar on 1 Apr, 2021 at 11:00 AM AEDT for an overview of the artefacts and how they may be used.

Superannuation pilot to commence in late April

To assist entities in their transition to APRA Connect, APRA will make a test environment available from the end of June 2021 as a permanent feature. APRA is also conducting a pilot in the external test environment for a small number of Superannuation entities to highlight any system questions or advance preparations that may require additional attention. The pilot will take place in late April/May 2021 and participants in the pilot will provide feedback on readiness activities, communication and guidance to support a smoother transition experience for all entities accessing the test environment in June.

A recap on the implementation approach for APRA Connect

The following information was shared in December 2020, and is published on the APRA Connect web pages:

APRA Connect will go live at the end of September 2021 with a progressive cutover of regulatory data reporting to the new solution over the coming years.
All entities will be responsible for maintaining entity information, such as contact details, responsible persons and related parties (including Banking Executive Accountability Regime (BEAR) reporting for Authorised Deposit-taking Institutions (ADIs)) on APRA Connect.
The timing of regulatory data reporting commencing in APRA Connect will vary for each industry. APRA will progressively start new collections in APRA Connect in line with industry consultations.
The first regulatory data collections to be introduced in APRA Connect at the September 2021 go live will be the Private Health Insurance (PHI) Reform (HRS 605.0) and Superannuation Data Transformation collections.
Direct to APRA (D2A) will continue to be used for most existing collections. This means that dual reporting systems will be in place for the medium term and any resubmissions for D2A-submitted returns must be made through D2A.
Returns will be exclusively available on one system or the other and no new collections will be introduced to D2A.
Once all data reporting has moved to APRA Connect, D2A will be retired.

How to prepare for APRA Connect

Entities should consider what the introduction of APRA Connect and the implementation approach means for their organisation and the preparation activities required for a smooth transition to APRA Connect.