The Australian Prudential Regulation Authority (APRA) has today commenced consultation on a proposal to standardise due dates for ADI quarterly forms. APRA is proposing that the due dates of all reporting forms referred to in the Attachment be standardised to 35 calendar days after the quarter end.
This change will provide more time to submit the majority of forms and provides greater clarity to the industry on reporting timeframes.
As part of this proposal APRA intends to immediately grant an extension to all quarterly ADI reporting forms that are currently due before the 35th calendar day. Changes to due dates for all other quarterly forms will be implemented in the relevant reporting standard when they are next reviewed.
APRA collects data from ADIs under the Financial Sector (Collection of Data) Act 2001 (FSCODA), including collections on behalf of agencies such as the Australian Bureau of Statistics (ABS) and Reserve Bank of Australia (RBA).
APRA has developed its ADI reporting standards separately over time. This has resulted in a variety of due dates for quarterly ADI reporting with a mixture of business day and calendar day based due dates.
A standardised submission date will eliminate multiple rounds of data queries and align the data query process conducted by APRA, the RBA and the ABS. It will reduce the likelihood of duplicate queries being received by an ADI.
Proposed reporting due date
Aligning reporting due dates will provide an extension of time for most ADIs. In previous consultations, ADIs 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 standardised reporting due date will address this concern.
APRA proposes incorporating 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 ADIs. The full implementation of changes to all reporting standards may take several years. Over this period APRA will continue to engage with ADIs to make them aware of upcoming revisions to the reporting standards.
Important disclosure notice – publication of submissions
All information in submissions will be made available to the public on the APRA website unless a respondent expressly requests that all or part of the submission is to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as confidential in a separate attachment.
Submissions may be the subject of a request for access made under the Freedom of Information Act 1982 (FOIA). APRA will determine such requests, if any, in accordance with the provisions of the FOIA. Information in the submission about any APRA-regulated entity that is not in the public domain and that is identified as confidential will be protected by section 56 of the Australian Prudential Regulation Authority Act 1998 and will therefore be exempt from production under the FOIA.