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NAB continues dialogue with APRA on reporting
NAB Asset Services is continuing to engage with the Australian Prudential Regulation Authority (APRA) via the Australian Custodial Services Association (ACSA) Stronger Super Taskforce with regards to the implications and clarification of the new reporting regime.
The first wave of APRA reporting required custodians to provide reports to their clients encompassing statements of financial position and performance, investments and investment flows and asset allocation.
NAB said it had been engaging "deeply" with its clients in the proceeding nine months ahead of the delivery of the current APRA reporting requirements, with the engagement to continue until all future reports are fully developed and finalised.
"NAB will play an important role in helping to ensure RSE's are engaged with their fund managers, notifying them of their requirements to provide look-through data and have oversight across the quality of data that fund managers provide in order to meet APRA requirements," said Christine Bartlett, executive general manager for asset servicing, wholesale banking at NAB.
"We will also be working collaboratively with APRA to ensure a pragmatic approach to collating data that meets the disclosure requirements," Bartlett added.
"We are seeing prudential standards to be a positive differentiator for local custodians, not only in Australia, but around the world."
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