Policy Alert - APRA releases draft reporting standards

Policy News

APRA draft reporting standards – Data transformation projects

APRA has released updated draft reporting standards as part of their data transformation project to assist funds in preparing for the implementation of the new reporting standards. APRA has advised that the draft standards are unlikely to change significantly before they are finalised. Funds are strongly encouraged to commence implementation activities now. APRA will continue to run workshops for members and other industry stakeholders over the course of the implementation period.

In light of the proposed changes in the 2020 Federal Budget, three additional changes have been made to the reporting standards.  These are:

•  inclusion of a flag for Trustee Directed Products
•  inclusion of  'performance test' as a drop-down for the reason an investment option is closed; 
•  update to the frequency of some reporting standards to quarterly

Given the legislation and associated regulations underpinning the 2020 Federal Budget measures are not yet finalised, additional changes may be required.  However, APRA have indicated that they believe such changes would be likely to impact only a small portion of the overall set of reporting standards.

Links to the draft reporting standards can be found below: 

• Reporting Standard SRS 101.0 Definitions for Superannuation Data Collection
• Reporting Standard SRS 251.0 - Insurance
• Reporting Standard SRS 332.0 - Expenses 
• Reporting Standard SRS 550.0 - Asset allocation 
• Reporting Standard SRS 605.0 -  RSE Structure 
• Reporting Standard SRS 606.0 - RSE Profile
• Reporting Standard SRS 611.0 - Member Accounts
• Reporting Standard SRS 705.0 - Components of Net Return
• Reporting Standard SRS 705.1 - Investment Performance and Objectives
• Reporting Standard SRS 706.0 - Fees and Costs Disclosed

AIST will arrange a roundtable to discuss the draft standards in the new year.  
  

Regulator engagement update

APRA and ASIC have released their first annual update on engagement between the two regulators. The update is available here

22 December 2020