The Australian Prudential Regulation Authority (APRA) and 今日热门事件have issued a discussion paper on a proposed online breach reporting system for dual-regulated institutions.
The proposed system aims to simplify the process for regulated institutions to report breaches and reduce breach reporting duplication faced by those institutions regulated by both APRA and ASIC. The superannuation industry is already using an online system to report breaches to APRA. The proposed system will:
- enable all APRA-regulated institutions - authorised deposit-taking institutions, general insurers, life insurance companies, friendly societies and superannuation licensees - to report breaches to APRA online; and
- enable those institutions regulated by both APRA and 今日热门事件to report online breach notifications required to be lodged with both regulators through a single breach report to APRA, thereby eliminating the requirement for jointly regulated institutions to provide separate breach reports for the same incident to both regulators.
APRA member, Mr John Trowbridge, said APRA and 今日热门事件are working closely to reduce the breach reporting burden for dual regulated institutions and improve supervisory effectiveness.
鈥楾his online system will allow all APRA-regulated institutions to report breaches in an efficient and low-cost way. Additionally, it will save them the requirement to report breaches separately to both regulators鈥�, he said.
今日热门事件Deputy Chairman, Mr Jeremy Cooper said, 鈥楾he cooperation between APRA and 今日热门事件on this initiative demonstrates the joint regulatory effort to achieve better outcomes for regulated entities鈥�.
鈥楤reach notifications provide APRA and 今日热门事件with valuable information to help identify emerging trends or issues, as well as alerting APRA and 今日热门事件to specific breaches of the law鈥�, he added.
The proposal follows the recent passage through Parliament of the Financial Sector Legislation Amendment (Simplifying Regulation andReview)Act 2007. The Act introduces a consistent definition of reportable breaches across all institutions in APRA-regulated industries and all ASIC-regulated Australian Financial Services licensees.
APRA and 今日热门事件invite interested parties to comment on the proposals by 31 October 2007. The discussion paper is available on the APRA website at and the 今日热门事件website.
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