APRA Connect Taxonomy Artefacts Updated: AU Superannuation Data Collections Enhancements

• APRA has updated its taxonomy artefacts for APRA Connect, including changes to validation rules and reporting instructions.
• Authorised deposit-taking institutions (ADIs) are affected by the updates, which aim to improve data quality checks.
• Insurers must use form layouts within the taxonomy artefacts to upload data to APRA Connect.
• The updates are part of APRA's ongoing efforts to enhance superannuation data collections.

The updated taxonomy artefacts are an essential tool for financial institutions to ensure compliance with APRA's regulations.

The Australian Prudential Regulation Authority (APRA) has updated its taxonomy artefacts for APRA Connect, a platform used by financial institutions to submit data. The updates include changes to validation rules and reporting instructions. Authorised deposit-taking institutions (ADIs) are affected by the changes, which aim to improve data quality checks. Insurers must use form layouts within the taxonomy artefacts to upload data to APRA Connect.

The updated taxonomy artefacts are linked on the APRA website, along with a spreadsheet detailing the changes. The spreadsheet is broken into sections for each priority return, including GRS 115.1.G Premiums Liabilities – insurance Risk Charge and Life Insurance and Friendly Societies. Playback spreadsheets have been prepared to assist entities in preparing returns.

The updates are part of APRA's ongoing efforts to enhance superannuation data collections. On December 6, 2024, APRA released a response paper on enhancing superannuation data collections, which included finalised reporting standards for Phase 2 Depth.

The updated taxonomy artefacts are an essential tool for financial institutions to ensure compliance with APRA's regulations. The artefacts include validations, reporting taxonomy, and XSD files that must be used in conjunction with the relevant reporting standard. If there is a difference between the artefacts and the reporting standard, the reporting standard should be referenced for final versions of definitions and reporting instructions.

APRA Connect is a platform used by financial institutions to submit data, and the taxonomy artefacts are critical in ensuring that data is accurate and complete. The updates aim to improve data quality checks and ensure that entities are using the correct artefacts for submissions.

The updated taxonomy artefacts have significant implications for financial institutions, particularly ADIs. They must ensure that their clients are using the correct artefacts for submissions and reviewing summaries and calculations from the data items to perform data quality checks. The updates aim to improve data quality and compliance with APRA's regulations.

Lawyers advising Australian financial institutions should note the updated taxonomy artefacts and ensure that their clients are aware of the changes. The artefacts are a critical tool in ensuring compliance with APRA's regulations, and entities must use them correctly to avoid any issues.

Lawyers advising Australian financial institutions should note the updated APRA Connect taxonomy artefacts, which include changes to validation rules and reporting instructions. They should ensure their clients are using the correct artefacts for submissions and reviewing summaries and calculations from the data items to perform data quality checks.

Source: Original reporting via APRA