Australia
APRA Finalizes Updates to Economic and Financial Statistics Reporting
On January 29, 2024, APRA finalized the latest updates to economic and financial statistics reporting. APRA revised Reporting Standard ARS 701.0 – ABS/RBA Definitions for the EFS Collection and Reporting Practice Guide RPG 701.0 ABS/RBA Reporting Concepts for the EFS collection, effective for reporting periods ending after June 30, 2024. In addition, APRA updated the Economic and Financial Statistics Priority Listing for Data Items. APRA will provide additional time for entities to make the necessary changes to meet the amended priorities for data items. The updated Priority Listing for Data Items will be applicable to data reported for reporting periods ending after October 31, 2024.
APRA Publishes Interim Policy and Supervision Priorities Update
On January 31, 2024, APRA issued a letter to all regulated entities to provide an interim update on supervision and policy priorities for the first half of 2024. APRA intends to finalize APS 117 Capital Adequacy: IRRBB in the second quarter of 2024, which will come into effect from October 1, 2025. Among other banking initiatives, APRA also plans to complete consulting on targeted changes to strengthen liquidity management practices and crisis preparedness in H1 2024. APRA subsequently plans to conduct a comprehensive review of Prudential Standard APS 210 Liquidity (APS 210).
Thailand
BOT Updates Regulatory Data Transformation (RDT) Credit Reporting Documentation
In January 2024, BOT published updated Regulatory Data Transformation (RDT) Credit Reporting Documentation. RDT is a multi-year initiative that is being implemented by BOT in stages and is currently ongoing. Apart from credit data, RDT is planned to be implemented for payment data, FX/derivatives data, and securities data.
Singapore
Common Reporting Standard (CRS): Published List of Reportable Jurisdictions and CRS Reporting deadline
“On February 1, 2024, the list of Reportable Jurisdictions for the 2023 Reporting Year was published. Aruba, Bulgaria, Kenya, Saint Kitts and Nevis, and Thailand were added. Antigua and Barbuda were removed.
Reporting SGFIs must submit 2023 CRS information by May 31, 2024.”
Common Reporting Standard (CRS): Published List of Participating Jurisdictions
The Published List of Participating Jurisdictions is effective February 2, 2024 and includes 110 jurisdictions. Kenya and Thailand were added. Niue was removed.
Regulatory Reminder: CRS Registration deadline for a Reporting SGFI
An entity that becomes a Reporting Singaporean Financial Institution (SGFI) between January 1, 2023 and December 31, 2023 should register for CRS by March 31, 2024.
Malaysia
"The Inland Revenue Board of Malaysia (IRBM) publishes new IRBM Public key for FATCA Reporting and new IRBM Public key for Production Environment for CRS and CbCR Reporting"
“MYFIs are requested to transmit to IRBM their FATCA reports via IDES (https://www.idesgateway.com/) and CRS reports through the HiDEF Portal (https://hidef-support.hasil.gov.my/).
Care should be taken to ensure the correct IRBM Public Key is used.
The validity period of the IRBM Public key for Production Environment (CRS, CbCR) is 7/27/2023 – 8/12/2024.
The validity period of the IRBM Public key for FATCA is 1/5/2024 -1/24/2025.”
