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APRA changes supervisory focus in face of COVID-19
The Australian Prudential Regulation Authority (APRA) has announced it is putting side much of its supervisory activity to concentrate on the liquidity and other implications of COVID-19.
In announcement issued today, the regulator said it would be refocusing supervision effort to involve frequent communication with entities, monitoring key financial settings such as capital and liquidity and responding accordingly.
“Over the period ahead, APRA’s primary supervision focus will be on monitoring the impact of COVID-19 on the financial and operational capacity of regulated institutions,” it said.
“As a result, APRA’s supervision priorities outlined in January 2020 will be largely suspended until at least 30 September, particularly where they involve intensive engagement with regulated entities.
“APRA’s refocused supervision effort will involve frequent communication with entities, monitoring key financial settings, such as capital and liquidity, and responding accordingly. These engagements will be conducted virtually, unless absolutely necessary, and will continue as long as necessary.”
The regulator said it was also reconsidering the implementation dates and transition timeframes for prudential and reporting standards that had been recently finalised but not yet implemented.
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