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Issue 851, 3 May 2022 
In this issue: 


Superannuation Data Transformation Phase 2 – reminder regarding comments 

As reported in ASFA Action issue 849, APRA has commenced consultation on Phase 2 of its Superannuation Data Transformation (SDT) project. 

SDT is a multi-year project to enhance the breadth, depth and quality of data collected from the superannuation industry. APRA has released a discussion paper setting out the objectives, scope and consultation process for Phase 2. 

In Phase 2 APRA will focus on lifting the depth/granularity of the data it collects across the superannuation industry’s business operations. APRA aims to deliver more comprehensive data on: 

 APRA will also identify and discontinue redundant data collections. 

If you have any feedback that you would like ASFA to consider in relation to the SDT Phase 2 discussion paper, please forward it to Fiona Galbraith by close of business Friday 6 May. 


Collective responsibility for data security: consultation 

On 6 April (just prior to the termination of Parliament ahead of the election), the Government  commenced a consultation on data security as part of the ongoing development of Australia’s National Data Security Action Plan. 

As part of the consultation, the Department of Home Affairs (DHA) released a discussion paper  detailing the nature of the evolving threat environment, outlining existing and developing mechanisms to strengthen resilience, and proposing options to address identified gaps. 

The discussion paper seeks to: 

The DHA is seeking submissions by close of business Friday 10 June. 


Crypto-assets: APRA’s risk management expectations & policy roadmap 

APRA  has written to all regulated entities to set out its initial risk management expectations for engaging in activities associated with crypto-assets. The letter also sets out APRA’s policy roadmap as it develops the “longer-term prudential framework for crypto-assets and related activities in Australia in consultation with other regulators internationally, to ensure consistency in approach”. 

The letter notes that APRA expects that all regulated entities will adopt a prudent approach if they are undertaking activities associated with crypto-assets, and ensure that any risks are well understood and well managed before launching material new initiatives. In particular, APRA expects that all regulated entities will: 


Ransomware attacks and digital currencies: new AUSTRAC financial crime guides 

AUSTRAC has released two new financial crime guides to help businesses stop ransomware attack payments and the criminal abuse of digital currencies: 

AUSTRAC CEO Nicole Rose said businesses must understand how to distinguish between criminal activity and customers using digital currencies for legitimate purposes, and the importance of reporting suspicious activity to AUSTRAC. “Financial service providers need to be alert to the signs of criminal use of digital currencies, including their use in ransomware attacks.” 

AUSTRAC expects financial services businesses to use the information in the guides, and their own monitoring systems, to help them spot potential illicit use and report suspicious activity. 


Derivatives: updated APRA prudential standard 

APRA has updated its cross-industry prudential standard dealing with margin requirements for non-centrally cleared derivatives transactions to reflect changes to international regulatory standards. 

The Banking, Insurance, Life Insurance and Superannuation (prudential standard) determination No. 1 of 2022  formally determines Prudential Standard CPS 226 Margining and risk mitigation for non-centrally cleared derivatives. It also revokes a prior version of CPS 226. 

According to APRA, the update to CPS 226 involves a minor amendment to add to the list of foreign regulators whose margin requirements are eligible for substituted compliance with the UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA). 

APRA has published a letter  to regulated entities about the change, as well as a marked-up version of CPS 226. 

The updated version of CPS 226 took effect on 18 April. 


Superannuation Guarantee non-compliance: audit of ATO performance 

The Australian National Audit Office (ANAO) has released  a report on its recent audit of the ATO’s activities in addressing Superannuation Guarantee (SG) non-compliance. 

Some of the ANAO’s key findings, outlined in Addressing Superannuation Guarantee Non-Compliance, Auditor-General Report No 24 2021-22, include:  

The ANAO has recommended: 

The ATO has agreed to the recommendations, with some qualifications in relation to setting targets for measures including the SG gap. 




ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations

and other regulatory announcements relevant to superannuation.

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