APRA letter to non-ADI lenders – changes to reporting consolidation for securitisation SPVs

On 1 May 2019, APRA released a letter to non-ADI lenders (PDF) detailing amendments to the Economic and Financial Statistics (EFS) data collection, relating to the consolidation of securitisation SPVs. 

The proposed changes are intended to capture lending volumes from the non-ADI sector in a manner that allows direct comparisons to the ADI sector. According to  APRA’s release, this will allow APRA and the Council of Financial Regulators to assess the impact of non-ADI lending activity on financial stability.

APRA has requested feedback from interested stakeholders on proposed changes to reporting requirements for Registered Financial Corporations (RFCs) that are not a related party of an ADI. APRA is proposing changes to the Economic and Financial Statistics data collection, relating to the consolidation of securitisation SPVs in a single set of reporting.  The assets and liabilities of securitisation SPVs will therefore be consolidated on to the domestic books of the RFC. Assets originated into, or transferred to, an SPV will be included in the RFC’s reporting. 

The proposed changes are intended to take effect from the reporting period ending 31 July 2019. Written submissions are requested by 1 June 2019. 

The ASF encourages non-ADI lender members to review the proposed changes for RFCs as set out in ARS 701.0 and consequential changes in the Practice Guide 701-0, and provide feedback either directly to APRA or if preferred to the ASF and we will consolidate comments to send to APRA as an industry-focused submission.

See APRA’s consultation letter and draft reporting standard and practice guide 

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