24 June 2022
The Australian Banking Association has responded to the Australian Prudential Regulation Authority’s (APRA) Directions for Data Collections and its associated five-year road map. The outline of APRA’s vision and the reasoning underpinning its strategy has allowed banks to start planning for and resourcing what is to be a major regulatory change, requiring significant investment. ABA members are now looking for the next level of detail on the future data collection, so they can start their own projects to ensure delivering to APRA’s timetables in the most efficient manner possible.
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The ABA strongly supports extension of the exemption for a period of a further two years to 3 October 2026 and requests the Treasury explore making the exemption permanent to ensure certainty and reduce regulatory restrictions and barriers for small businesses seeking access to credit.
Banks play an active role to support customers during natural disasters. ABA’s submission is made in two parts, first, outlining banks’ active support of customers during natural disasters and second, responding to the questions in respect to impacts of insurance unaffordability put to the ABA.
Banks continue to strongly support measures to allow companies and registered schemes to fulfil their legal obligations to hold meetings and execute documents using electronic means under the Corporations Act 2001 (Cth). The ABA makes four key recommendations, including providing optionality for companies to host AGMs in either hybrid or wholly online formats; amendments to… Read more »