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1、Asia Pacific Financial ServicesRegulatory UpdateQ1 2023 April 2023 2023.For information,Contact Deloitte Touche Tohmatsu Limited.Asia Pacific Financial Services Regulatory Update Q1 2023IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSumma

2、ryIndiaPhilippinesTaiwan(China)VietnamContacts2IntroductionDear clients and colleagues,The Deloitte Asia Pacific Centre for Regulatory Strategy(ACRS)is pleased to share with you the key regulatory updates from our region for Q1 2023.This quarter,we would like to welcome Sean Moore(Partner,Australia)

3、to the ACRS.Sean joins as the new Australia co-lead,taking over the position from Mike Ritchie.Wed like to thank Mike for his leadership in the ACRS,and for his contribution to the financial services industry throughout an exemplary career spanning over 35 years.Reflecting on the past,focusing on th

4、e future:The first quarter of 2023 saw continued uncertainty,with inflationary pressures,ongoing supply chain issues,natural disasters,and geopolitical flashpoints in the region and beyond.Reflecting on these issues and the challenges they bring when setting their priorities for 2023 and beyond,gove

5、rnments and regulatory agencies across the Asia Pacific(AP)region continue to take active measures to strengthen the overall resilience of the financial ecosystem,whilst looking to the future.For example,in its priorities for 2023,the HKMA noted managing climate risk and assisting banks to transitio

6、n towards a low-carbon economy were key development priorities in 2023.In Australia,the prudential regulator,APRA,noted strengthening the overall financial and operational resilience of regulated entities was a key policy and supervision focus for 2023.Responding to recent market events and maintain

7、ing focus on managing financial risk:Events such as the recent collapse of banks in the US and EU have prompted the BCBS and regulators across the AP region to sharpen their focus on assessing the risks to the financial stability of the global banking system,due to deteriorating economic conditions,

8、higher interest rates,and market instability.In response to recent events,the BCBS reaffirmed their expectation that banks continue with implementation of Basel III requirements as soon as possible,noting that several jurisdictions in the AP region(e.g.Australia,Singapore,Japan,Malaysia,Philippines,

9、China Mainland and Hong Kong SAR)have recently released revised capital rules,in line with the Basel III reform package,and aim to be compliant between 2023 and 2025,in alignment with the US,EU and UK.Elsewhere,regulators across the AP region have directly responded to recent market events.For examp

10、le,Australias APRA has increased the frequency of,and existing approach to stress testing,by incorporating scenarios that capture rapid deposit withdrawals,and channels for contagion.Strengthening operational resilience:Strengthening operational resilience continues to be a key area of focus by regu

11、lators and FS firms alike in the post-COVID era,particularly amidst ongoing supply chain disruption,and the occurrence of high-profile incidents impacting both FS providers,and their third-party vendors.These issues have prompted regulators and FS firms alike to rethink how they balance efficiency a

12、nd resilience,with several regulators across the region(e.g.Japan,Australia,Thailand)publishing consultation papers aimed at increasing operational resilience by strengthening operational risk management and business continuity practices.Elsewhere,regulators such as Indonesias OJK and Malaysias BNM

13、released updated regulations during Q1 with a focus on managing cybersecurity and resilience,and supporting the development of robust business continuity management frameworks.Climate risk,sustainability and green finance:The first quarter of 2023 also saw a renewed focus on managing climate change

14、and transitioning to a greener,more sustainable future.Recognising the important role financial institutions have in supporting the transition towards a more sustainable,low-carbon future,regulators across the region(such as Singapore,Taiwan and Thailand)have released a range of public consultations

15、 on their proposed green taxonomy.Key themes observed within the proposed taxonomies include a focus on the promotion of sustainable financing,and measures to support industries to reduce greenhouse gas emissions and transition towards a lower-carbon economy,in order to meet many of the net-zero com

16、mitments pledged by companies and jurisdictions globally in the lead up to last years COP27.As noted in our Q4 2022 update,strengthened cooperation across the region and global(for example,through the alignment of regulatory standards),as well as improving data comparability and availability will he

17、lp to support efforts to combat climate change and build a more sustainable,and inclusive future.Progressing regulation in response to new technology and business models:The digital revolution continues,and the rapid pace of technological change has prompted regulators across the AP region to releas

18、e a number of consultation papers and guidelines in response.For example,the Bank of Thailand launched a consultation into the proposed Virtual Bank Licensing Framework,which aims to support Thailands transition towards a sustainable digital economy.On the digital assets front,regulators in the Phil

19、ippines released a guidance note on risk management measures relating to safekeeping,liquidity and third-party requirements for virtual(digital)assets,highlighting their expectation that FS firms dealing with digital assets should ensure appropriate measures are in place to effectively manage risks

20、that may jeopardise the safety and security of client monies.Elsewhere in the region,regulators such as the Reserve Bank of Australia continue to explore the potential use cases and benefits of a Central Bank Digital Currency(CBDC),which providers invited to participate in a live pilot over the next

21、 few months that will help to inform the potential role of a CBDC in the Australian economy.For more information on these updates or other regulatory topics,please get in touch.Best regards,The ACRS Co-leads 2023.For information,Contact Deloitte Touche Tohmatsu Limited.Asia Pacific Financial Service

22、s Regulatory Update Q1 2023IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwan(China)VietnamContacts3Regulatory Hot Topics Top six most talked about themes this quarterOperational Risk10UpdatesData&Technology10Upd

23、atesFinancial Products,Instruments&Services24UpdatesFinancial Crime12Updates1.Governance&Strategic/Reputational Risk2.Financial Risk3.Operational Risk4.Conduct Risk5.Financial Crime6.Consumer Protection7.Data&Technology8.Financial Products,Instruments&Services9.Financial Market Infrastructure10.Syst

24、emic/Currency Stability11.Enforcement12.Supervisory Approach13.Climate&SustainabilityTaxonomySupervisory Approach9UpdatesFinancial Risk17Updates 2023.For information,Contact Deloitte Touche Tohmatsu Limited.4Asia Pacific Financial Services Regulatory Update Q1 2023IntroductionAustraliaMainland China

25、Hong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwan(China)VietnamContactsAustralia(1/2)On 2 February 2023,Australian Prudential Regulation Authority(APRA)released a publication detailing its policy and supervision priorities for 2023.At a time of g

26、lobal economic uncertainty,APRAs key focuses include the strengthening of the financial and operation resilience for APRA-regulated entities,the progression of APRAs plan to modernise the prudential architecture,and the review of core standards of conglomerate groups.APRA has also outlined supervisi

27、on priority areas it wishes to lean into,which include a focus on cyber resilience,oversight of trustees to ensure the best outcomes for superannuation members and addressing challenges of affordability and sustainability in insurance.APRA releases policy and supervision priorities for 2023|APRAAPRA

28、 Releases Policy and Supervision Priorities for 20231On 27 February 2023,APRA published an update on its macroprudential policy settings.APRA confirmed that existing policy settings remain suitable in promoting stability,including:a neutral level of countercyclical capital buffer of 1 percent of ris

29、k weighted assets;anda 3 per cent serviceability buffer.APRA acknowledged its conservative approach to these settings,noting the continued risk for domestic and global economic conditions to deteriorate.APRA Chair John Lonsdale emphasised these policy settings are subject to future change,given the

30、fast-changing nature of current macroeconomic conditions.APRA publishes assessment of macroprudential settings|APRAAPRA Publishes Assessment of Macroprudential Settings2On 15 February 2023,ASIC issued a warning to businesses that greenwashing will be a key target area in 2023 as the regulator contin

31、ues its focus on customer protection.The regulator has commenced significant enforcement actions to address misconduct,culminating in its first court action against an entity for allegedly making false and misleading statements on the sustainable nature and characteristics of its investment options.

32、This follows a recent ASIC review into sustainability-related disclosure practices,conducted in December 2022,which found that disclosures broadly continued to improve,but inconsistencies and lack of comparability between entities remained a challenge.23-026MR ASIC to expand enforcement focus areas

33、in the coming year|ASIC23-043MR ASIC launches first Court proceedings alleging greenwashing|ASICASICs current focus:What are the regulators expectations on sustainability-related disclosures?|ASICASIC Publishes Report on Good Practices for Handling Whistleblower Disclosures3On 2 March 2023,Australia

34、n Securities and Investments Commission(ASIC)published a report outlining good practices observed from a review of whistleblower programs across a variety of industries.The aim of the report is to assist entities in improving their handling of whistleblower disclosures,and to ensure stakeholders fee

35、l encouraged to report workplace concerns and issues.In its report,ASIC noted that programs with considered and well-communicated whistleblowing procedures received useful reports and tip offs.ASIC therefore encourages firms to consider how their current whistleblowing arrangements may be uplifted,a

36、nd will continue to review entities whistleblower policies and systems,and take remediation action where required.23-046MR ASIC publishes report on good practices for handling whistleblower disclosures|ASICOn 10 February 2023,ASIC issued a reminder for company directors to ensure adequate disclosure

37、 of material business risks in annual reports.This comes after financial report inquiries and an ongoing surveillance program led to a further four listed entities disclosing material business risks.ASIC encourages investors of these companies and other relevant stakeholders to review the disclosure

38、 of the new materials,and advocates for other entities to review the additional disclosures to strengthen their own disclosures.ASIC will continue using a risk-based approach to actively monitor annual reports for correct disclosure of material business risks.23-018MR ASIC calls for improved materia

39、l business risk disclosure in annual reports|ASICASIC Calls for Improved Material Business Risk Disclosure n Annual Reports5ASIC to Expand Enforcement Focus Areas in the Coming Year4 2023.For information,Contact Deloitte Touche Tohmatsu Limited.5Asia Pacific Financial Services Regulatory Update Q1 2

40、023IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwan(China)VietnamContactsAustralia(2/2)After previously announcing its intention to explore a central bank digital currency(CBDC),the Reserve Bank of Australia(RB

41、A)on 2 March 2023 released the use case proposals and providers invited to participate in a live pilot.This pilot will take place over the coming months and will involve partners across a variety of industries.The variety of potential use cases for a CBDC ranges from Offline Payments and Corporate B

42、ond Settlement to Goods and Services Tax(GST)automation and Tokenised Bills,and this research according to Program Director,Dilip Rao,will inform next steps in determining the role of a CBDC in the Australian economy.A report on this project is expected to be published later in 2023.Research Project

43、 Exploring Use Cases for CBDC|Media Releases|RBADigital Finance CRC|Australian Central Bank Digital Currency Pilot ProjectResearch Project Exploring Use Cases for CBDC6On 30 March 2023,APRA released a letter to the insurance industry responding to the consultation on amendments to the capital and re

44、porting framework,finalised last year in response to the introduction of the Australian Accounting Standards Boards new standard,AASB 17 Insurance Contracts.As outlined in the letter,the targeted consultation received eight responses,the majority of which were opposed to the changes.Key issues raise

45、d included a potential for APRA to influence accounting decisions,and a preference for APRA to incorporate the requirements as part of its supervisory approach rather than in the prudential standards.APRA maintains that these additional requirements are necessary to warrant that regulatory capital l

46、evels are sufficient and will continue to monitor implementation of the revised requirements to ensure no undue regulatory burdens are imposed.APRA releases amendments to the insurance capital framework|APRAAASB 17 Finalisation and minor amendments to the prudential framework|APRAAPRA Releases Amend

47、ments to the Insurance Capital Framework7On 13 April 2023,APRA released an updated timeline for the implementation of new cross-industry Prudential Standard CPS 230 Operational Risk Management(CPS 230).In revising its timeline for implementation,APRA considered feedback received from regulated entit

48、ies and other stakeholders during the consultation process for CPS 230,which closed in October 2022.Accordingly,APRA intends to:move the effective date for the new standard to 1 July 2025;andprovide transitional arrangements for pre-existing contractual arrangements with service providers,with the r

49、equirements in the standard applying from the earlier of the next contract renewal date or 1 July 2026.APRA plans to release a final version of the standard,together with draft supporting guidance,in mid-2023.APRA update on the implementation of new operational risk prudential standard(CPS 230)Deloi

50、tte response to CPS 230 consultationAPRA Updates Timeline for CPS 230 Operational Risk Management8 2023.For information,Contact Deloitte Touche Tohmatsu Limited.6 6 6IntroductionAustraliaMainland ChinaSummaryHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandIndiaPhilippinesTa

51、iwan(China)VietnamContactsAsia Pacific Financial Services Regulatory Update Q1 20236Mainland China(1/3)On 7 March 2023,the State Council of the Peoples Republic of China announced its plan to reform Chinas financial regulatory regime.Under the reform program,a National Financial Regulatory Administr

52、ation will be established,replacing the China Banking and Insurance Regulatory Commission(CBIRC).The proposed administration will take unified responsibility for the supervision of the financial industry,except for the securities sector.The China Securities Regulatory Commission(CSCR)supervising the

53、 securities sector will be moved directly under the State Council.The reform program also noted that certain functions of the Peoples Bank of China(PBOC)and CSCR will be transferred to the National Financial Regulatory Administration.The reform proposal was presented to the national legislature for

54、deliberation during Chinas annual parliamentary meeting known as the“Two Sessions”held on 7 March 2023,and approved on 10 March 2023 by Chinas National Legislature.China to set up national financial regulatory administrationChinas State Council institution reform plan approvedChina Financial Regulat

55、ory Regime Reform Program1“Three Rules and One Provision”3On 6 January 2023,the CBIRC launched a public consultation on the revised credit management rules and provisions.The revisions aim to enhance the credit risk management capabilities of banking institutions,improve financial services efficienc

56、y,as well as to increase the financial sectors support for the real economy.The CBIRC revised the existing Rules and Guidelines,including(1)Interim Rules on Fixed Asset Loans;(2)Interim Rules on Working Capital Loans;(3)Interim Rules on Personal Loans;and(4)Guidelines on Project Financing Business.T

57、he revised Rules and Guidelines formulates the below:1.Rules on Fixed Asset Loans(for Consultation);2.Rules on Working Capital Loans(for Consultation);3.Rules on Personal Loans(for Consultation);4.Provisions on Project Financing Business(for Consultation).The key revisions are:Expanded the scope of

58、working loans and fixed asset loans usage and borrowers to fulfil the actual demand of the credit market;Further clarified standards and appropriately adjusted the time limit for entrusted payments.Relevant provisions on the emergency use of funds are added to increase the flexibility of entrusted p

59、ayments;Adjusted and specified loan business handling forms,e.g.video interview and off-site investigation,to adapt to new financing scenarios;Optimised the working capital loan calculation requirements,including relevant content of handling loans by credit to better tally with the financing reality

60、;Clarified loan term requirements,provided guidance to commercial banks to guard against the risk of maturity mismatch and further optimise loan structure;andIntegrated other relevant credit management rules to make them more systematic.The consultation period ended on 6 February 2023.CBIRC Solicits

61、 Public Opinions on Three Rules and One ProvisionsCBIRC Officials Respond to Media Questions on the Three Rules and One Provisions Risk Classification of Financial Assets of Commercial Banks2On 11 February 2023,the CBIRC and PBOC jointly issued the Rules on Risk Classification of Financial Assets of

62、 Commercial Banks to strengthen risk management of commercial banks.The Rules tighten risk management requirements to enable commercial banks to identify and evaluate credit risks more accurately and to better reflect the true asset quality.The Rules enhanced the scope of assets and set out new defi

63、nitions for risk classification.According to the Rules,commercial banks should follow the principles of authenticity,timeliness,prudence and independence to classify all financial assets(including loans,bonds,and all on-and off-balance sheet assets that bear credit risk)into five risk levels.Further

64、more,the Rules emphasise the classification centres around the debtors repayment capacity and clarifies the objective indicators and requirements for risk classification.The Rules becomes effective on 1 July 2023.Commercial banks are required to re-classify existing businesses according to the Rules

65、 before 31 December 2025.CBIRC and PBOC Release the Rules on Risk Classification of Financial Assets of Commercial Banks 2023.For information,Contact Deloitte Touche Tohmatsu Limited.7 7 7IntroductionAustraliaMainland ChinaSummaryHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew Zea

66、landIndiaPhilippinesTaiwan(China)VietnamContactsAsia Pacific Financial Services Regulatory Update Q1 20237Mainland China(2/3)On 18 February 2023,the CBIRC and PBOC issued a joint consultation on the revised Capital Rules of Commercial Banks.The revised Rules reflects the latest international standar

67、ds(i.e.Basel III Accord),in combination with domestic economic environment.Proposed amendments are:1.Establish a differentiated capital supervision system that is proportionate to the scale complexity of banks,reducing the compliance costs of small and medium-sized banks.2.Revise the risk-weighted a

68、sset(RWA)calculation rules,including the credit risk weight approach and internal rating approach,market risk standard approach and the internal model approach,operational risk standard method,and risk sensitivity of capital measurement.3.Require banks to establish effective policies,processes,syste

69、ms and measures to fully grasp customer risk changes timely and thoroughly and ensure the applicability and prudence of risk weights.4.Strengthen supervision and inspection,enhance the application of stress testing,utilise second pillar of capital regulation to further enhance supervision effectiven

70、ess;5.Enhance information disclosure standards.More than 70 disclosure templates are introduced,where commercial banks are required to disclose detailed risk-related qualitative and quantitative information,strengthening the external constraints of the market.The consultation ended on 20 March 2023.

71、The CBIRC and PBOC will further revise and improve the Rules after consultation.The final version is expected to take effect on 1 January 2024.CBIRC and PBOC Solicit Public Opinions on Capital Rules of Commercial Banks(for Consultation)CBIRC and PBOC Officials Respond to Media Questions on the Capit

72、al Rules of Commercial Banks(for Consultation)Capital Rules of Commercial Banks 4Promoting Risk Mitigation in Property Insurance Industry5On 30 January 2023,the CBIRC issued the Opinions on Promoting Risk Mitigation in Property Insurance Industry to support the insurance industry in carrying out ris

73、k mitigation services.According to the Opinions,insurance companies will be required to expand their scope of service,including actively supporting insured enterprises in risk management such as risk assessments.In addition,insurance companies are required to broaden their service scope to provide r

74、isk mitigation and protection in various property insurance businesses,such as liability insurance,auto insurance and agricultural insurance.The Opinions encourage insurance companies to broaden the risk mitigation types available,and increase service accessibility and convenience.Insurance companie

75、s may set up a service team or entrust professional third-party institutions to provide in-depth and refined services.Lastly,the insurance services may be extended to the upstream and downstream industries of the insured enterprises to provide one-stop service solutions to customers.CBIRC Issues the

76、 Opinions on Promoting Risk Mitigation in Property Insurance IndustryInformation Disclosure Standards of Life Insurance Products with a Term over One Year6On 4 January 2023,the CBIRC issued the Information Disclosure Standards of Life Insurance Products with a Term over One Year.The disclosure stand

77、ards will serve as a supporting document to the Rules on Information Disclosure of Life Insurance Products(CBIRC Decree 2022 No.8).The disclosure standards clarified the information disclosure requirements for different types of insurance products and enhanced product transparency.Moreover,the discl

78、osure standards aim to preserve peoples fundamental interests while effectively protecting the legal rights and interests of insurance policyholders,insureds,and beneficiaries.The disclosure standards will become effective on 30 June 2023.CBIRC Issues the Information Disclosure Standards of Life Ins

79、urance Products with a Term over One Year 2023.For information,Contact Deloitte Touche Tohmatsu Limited.8 8 8IntroductionAustraliaMainland ChinaSummaryHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandIndiaPhilippinesTaiwan(China)VietnamContactsAsia Pacific Financial Services

80、 Regulatory Update Q1 20238Mainland China(3/3)On 13 January 2023,the CBIRC held its 2023 Work Conference.The Conference reflects on work completed in 2022 and sets out nine key work priorities in 2023.Key priorities for 2023 are:Provide strong support for the overall economic recovery;Maintain a hea

81、lthy interaction between the financial sector and the property sector;Facilitate the reform of small and medium banks to mitigate risks;Prevent malignant competition in the insurance sector and enhance insurance supervision;Continue to prevent shadow banking in the non-bank financial sectors;Manage

82、credit risks and actively defuse risks associated with local government debts;Strengthen governance frameworks of financial sector firms;Consistently enhance the effectiveness of supervision;andBroaden the scope of high-quality opening up of the financial sector.CBIRC Convenes the 2023 Work Conferen

83、ceCBIRC Convenes the 2023 Work Conference711On 4 January 2023,the PBOC held its 2023 Work Conference.During the conference,regulators reflected on PBOCs work in 2022 and the past five years,as well as made work arrangement for 2023.Key priorities for 2023 are:Pursue a sound monetary policy;Increase

84、financial support to the domestic demand and supply systems;Continue to prevent and defuse financial risks;Strengthen macro-prudential management system;Continue to advance international financial cooperation and market opening up;continue to deepen financial reform;and Enhance financial services an

85、d management.PBC Holds 2023 Work ConferencePBOC Holds 2023 Work Conference8On 3 March 2023,the CSRC issued the Securities and Futures Industry Network and Information Security Management Measures.The Measures aim to effectively implement relevant laws and regulations(i.e.Cybersecurity Law,Data Secur

86、ity Law,Personal Information Protection Law and Regulations on the Security Protection of Critical Information Infrastructure),standardise securities and futures industrys network and information security management,prevent and resolve network and information security risks;and safeguard the capital

87、 markets safety,stability,and efficiency.Key requirements covers:Network and information security operation;Investors personal information protection;Network and information security emergency handling;Critical information infrastructure security protection;Network and information security promotion

88、 and development;Supervision and management and legal liability,etc.The Rules will be in effect on 1 May 2023.The China Securities Regulatory Commission issued the Securities and Futures Industry Network and Information Security Management Measures Securities and Futures Industry Network and Informa

89、tion Security Management Measures9 2023.For information,Contact Deloitte Touche Tohmatsu Limited.9IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwan(China)Vietnam9ContactsAsia Pacific Financial Services Regulator

90、y Update Q1 2023Hong Kong SAR(1/2)On 17 February 2023,the Hong Kong Monetary Authority(HKMA)released its 2022 year-end review and priorities for the year ahead.In the review,the HKMA noted that the Hong Kong banking sector remained resilient in 2022.While loan demand had weakened,asset quality remai

91、ned healthy.In 2023,the HKMA will continue to prioritise the implementation of Basel III final reform package,as well as the following:Key supervisory priorities:1.Prudential work focusing on credit risk,and conducting health checks on non-bank financial institution exposures2.Technology enhance ope

92、rational resilience with a focus on cybersecurity and third-party risk,and the continuing promotion of fintech adoption;3.AML&Financial Crime Risk update relevant guidelines and support Regtech adoption;4.Consumer Matters especially in areas including general banking services,investment and wealth m

93、anagement,infrastructure and culture development.Key development priorities:1.Capacity building support banks to upskill and reskill their existing workforce,and increase effort in attaching and developing talent from the younger generation;2.Green Sustainable Banking including climate risk manageme

94、nt supervision,assist the sale of green investment products,and support the banking industrys transition towards low-carbon economy;3.Virtual Assets the HKMA plans to set new standards on crypto assets,with industry consultation is expected to commence in the second half of 2023.HKMA 2022 Year-end R

95、eview and Priorities for 2023In Q1 2023,the HKMA issued multiple consultations to the banking industry.Proposed amendments to Guideline on Anti-Money Laundering and Counter-Financing of TerrorismOn 18 January 2023,the HKMA issued a consultation to the banking industry on the proposed amendments to t

96、he Guideline on Anti-Money Laundering and Counter-Financing of Terrorism(for Authorised Institutions).The guideline was updated in accordance with the Anti-Money Laundering and Counter-Terrorist Financing(Amendment)Bill 2022 effective starting Q2 2023.The consultation ended on 8 March 2023.Enclosure

97、Disclosure templates and tables related to Basel III Final Reform Package implementationOn 11 January 2023,the HKMA issued a letter to the banking industry to consult on the Basel III Final Reform Package.The HKMA seeks for feedback on the new/revised disclosure templates and tables to align with th

98、e reform package.The consultation ended on 13 March 2023.AnnexHKMA Consults Banking Industry on AML/CFT Guideline and Basel III Final Reform Package2HKMA 2022 Year-end Review and Priorities for 20231Conclusion of Discussion Paper on Crypto-assets and Stablecoins3On 31 January 2023,the HKMA issued a

99、report outlining the outcomes of the consultation on the Discussion Paper on Crypto-assets and Stablecoins published on 12 January 2022.The report consolidated industry feedback and provided the HKMAs response and proposed regulatory approaches to regulating stablecoins.According to the feedback rec

100、eived,respondents generally support the HKMAs proposal to bring stablecoins into the regulatory perimeter.Considering the feedback received and international best practices,the HKMA aims to adopt an agile,risk-based approach to stablecoin regulation.The report summarsied the HKMAs proposed parameter

101、s of building the regulatory regime,including the scope of stablecoin,key activities related to an in-scope stablecoin,entities requiring an HKMA license and key regulatory principles.The target implementation timeline is by 2023/24,with the legislative approach yet to be confirmed by the HKMA.The H

102、KMA also plans to conduct a more detailed consultation in due course.Press Release:Conclusion of Discussion Paper on Crypto-assets and StablecoinsFull Report:Conclusion of Discussion Paper on Crypto-assets and Stablecoins 2023.For information,Contact Deloitte Touche Tohmatsu Limited.10IntroductionAu

103、straliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwan(China)Vietnam10ContactsAsia Pacific Financial Services Regulatory Update Q1 2023Hong Kong SAR(2/2)On 20 February 2023,the Hong Kong Securities and Futures Commission(SFC HK)la

104、unched a consultation on the proposed requirements for operators of virtual asset(VA)trading platforms.Commencing on 1 June 2023,all centralised VA platforms with business in Hong Kong SAR will be required to obtain an SFC license in accordance with the passage of the Anti-Money Laundering and Count

105、er-Terrorist Financing(Amendment)Bill 2022released on 7 December 2022.To prepare for the commencement of the new licensing regime,the SFC HK seeks public and industry feedback on the proposed regulatory requirements for licensed VA trading platforms.As part of the consultation,the SFC HK also review

106、ed the existing VA regime under the Securities and Futures Ordinance(Cap.571)(SFO).The SFC HK emphasises that they are particularly interested in feedback on the following:Proposal to permit licensed platform operators to provide services to retail investors;andIf permitted,what other measures shoul

107、d be implemented in addition to establishing a robust investor protection scheme.The consultation ended on 31 March 2023.SFC consults on proposals to regulate virtual asset trading platformsConsultation Paper on the Proposed Regulatory Requirements for Virtual Asset Trading Platform Operators Licens

108、ed by the Securities and Futures CommissionRevised SPM IC-4 Complaints Handling and Redress5On 6 January 2023,the HKMA issued the revised Supervisory Policy Manual(SPM)IC-4 Complaints Handling and Redress.The updated module aims to align with the latest international standards in financial consumer

109、protection,including the updated G20/OECD High-Level Principles on Financial Consumer Protection.Key enhanced expectations are:To improve financial consumer protection,authorised institutions(AIs)should follow up and monitor concerns and control deficiencies identified in customer complaints;andUtil

110、ise alternate dispute resolution channels(e.g.Financial Dispute Resolution Centre)when complaints involving monetary disputes referred by the HKMA are unable to be resolved through internal mechanisms.AIs are expected to have implement the updated SPM IC-4 no later than 5 April 2023.Supervisory Poli

111、cy Manual(SPM):Revised Module IC-4 on“Complaints Handling and RedressVirtual Asset Trading Platforms4Optimising Fraud and Financial Crime Detection and Reporting6On 9 February 2023,the HKMA released the updated Guidance Paper on Transaction Monitoring,Screening and Suspicious Transaction Reporting f

112、or AIs and stored value facility(SVF)licensees.The update paper provides clarifications,additional guidance and examples for design,setting and oversight of transaction monitoring,screening and suspicious transaction reporting with the aim to improve effectiveness and efficiency.A key objective of t

113、he Guidance Paper is to support the use of technology in alert handling,providing more useable intelligence into the AML/CFT ecosystem.The HKMA anticipates that AIs and SVF licensees to evaluate the amended Guidance Paper and make the appropriate policy,operational,and technical improvements to comp

114、ly with the practices outlined.Circular-AIs/Circular-SVFConsultation on Proposed Amendments to BELR and BCR7On 17 March 2023,the HKMA issued a letter to consult the banking industry on the proposed amendments to the Banking(Exposure Limits)Rules(BELR)and Banking(Capital)Rules(BCR).The proposed amend

115、ments aims to align with the proposed BCR amendments for Basel III final reform package implementation issued on 30 June 2022.Therefore,the HKMA has proposed relevant amendments to BELR(Part 1,2,7,8,9)and BCR Part 10 on the calculation of sovereign concentration risk.The proposed amendments will be

116、further revised and refined upon receiving industry feedback.The target implementation date is no earlier than 1 January 2024.The consultation ended on 21 April 2023.Letter to HKAB Consultation on proposed amendments to BELR&BCR Part 10Letter to DTCA Consultation on proposed amendments to BELR&BCR P

117、art 10Annex 1 Annex 2 2023.For information,Contact Deloitte Touche Tohmatsu Limited.Asia Pacific Financial Regulatory Update Q2 2021IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwan(China)ContactsVietnam11Asia P

118、acific Financial Services Regulatory Update Q1 2023IndiaOn 5 January 2023,Securities and Exchange Board of India(SEBI)issued a circular on the Relaxation from compliance with certain provisions for the SEBI(Listing Obligations and Disclosure Requirements)Regulations,2015(LODR Regulations),with immed

119、iate effect.The Relaxation concerns the compliance requirements under Regulation 36(1)(b)of the LODR Regulations relating to dispatching hard copies of annual statements(and required accompanying documents,such as the Boards report,Auditors report etc.),to shareholders who have not registered their

120、email addresses.The Relaxation extends the deadline to dispatch physical copies of relevant documents to 30 September 2023.Further,listed entities are required to ensure compliance with the conditions specified below:Listed entities are required to provide a hard copy of the annual reports to those

121、shareholders who request the document per 36(1)(c)of the LODR Regulations;The notice of Annual General Meetings published via advertisement per Rule 47 of the LODR Regulations web link to the annual report for shareholders to access.Relaxation from compliance with certain provisions of the SEBI(List

122、ing Obligations and Disclosure Requirements)Regulations,2015Framework for Adoption of Cloud Services by SEBI Regulated Entities 3On 6 March 2023,the SEBI issued the framework for the Adoption of Cloud Services by SEBI Regulated Entities(REs)with immediate effect for all new/proposed cloud onboarding

123、 projects.The objective of the framework is to identify and address key risks associated with cloud computing and set obligatory control mechanisms that REs should implement prior to implementing cloud services.Scope of Cloud Computing in the Framework:1.Public cloud and community cloud models are p

124、ermitted subject to conditions;2.The Framework may not govern private cloud deployments.However,a private cloud is considered an on-premise deployment model and is permitted and governed by other SEBI circulars(e.g.circular on cybersecurity etc.).3.A hybrid cloud is a combination of two or more out

125、of public cloud,community cloud and private cloud.Hybrid clouds will be under SEBI supervision and subject to the conditions.4.Deployment of any other cloud model is prohibited unless obtained SEBI approval.SEBI may allow the deployment of other models after due consultations.The Framework became ef

126、fective on 6 March 2023.All new/proposed cloud deployment/projects should comply with the new Framework.For REs which are currently availing cloud services as of 6 March 2023,the requirements are as follows:Revise existing arrangements and comply with the framework no later than 6 March 2024.REs sho

127、uld provide the following milestone-based updates to the authority as per the existing reporting mechanism for systems audit/cyber security audit:oDetails of cloud services currently deployed within 1 month of issuance of framework;oSubmit a roadmap(including details of major activities,timelines,et

128、c.)for framework implementation within 3 months of issuance of framework;oQuarterly progress report as per the roadmap submitted by the RE from 3 to 12 months after issuance of the framework;andoCompliance with respect to the framework should be reported regularly after 12 months after issuance of f

129、ramework.Framework for Adoption of Cloud Services by SEBI Regulated Entities(REs)Relaxation from Compliance with Certain Provisions for the SEBI 1On 27 February 2023,the Insurance Regulatory and Development Authority of India(IRDAI)issued a circular on requiring general and standalone health insurer

130、s to offer a specific cover for persons with disabilities(PWD),persons afflicted with HIV/AIDS,and person with mental illness.The insurers are also required to put in place a Board-approved underwriting policy that ensures no proposal from these categories of population are denied insurance cover.Th

131、e policy for the offering will be for one year and renewable,as per the regulatory framework in place.The pricing of the product will be determined by the insurers as per norms laid down in the IRDAI(Health Insurance)Regulations,2016.Persons with Disabilities(PWD),Persons Afflicted with HIV/AIDS,and

132、 Person with Mental IllnessProduct for Persons with Disabilities(PWD),Persons afflicted with HIV/AIDS,and those with Mental Illness2 2023.For information,Contact Deloitte Touche Tohmatsu Limited.12IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew Z

133、ealandSummaryIndiaPhilippinesTaiwan(China)VietnamContactsAsia Pacific Financial Services Regulatory Update Q1 202312Indonesia(1/3)On 28 December 2022,the Financial Services Authority(OJK)issued the amendments to Regulation number 70/POJK.05/2016 concerning Business Implementation of Insurance Broker

134、 Companies,Reinsurance Broker Companies,and Insurance Loss Assessor Companies.The amended provisions intend to impose sound business practice and consumer protection principles on insurance broker services using information technology.Key amendments of the provisions include:Digital insurance broker

135、 services arrangements,including:oThe scope of digital insurance broker services;oRequirements relating to electronic systems,human resources,equity,and functions or work units in an insurance broker company that offers digital insurance broker services;oCriteria for insurance products that can be o

136、ffered in digital insurance broker services;oThe companys obligation to obtain OJK approval before providing digital insurance broker services;oDigital insurance broker service risk management;oDigital insurance broker consumer protection;andoCollaboration between insurance broker companies and thir

137、d parties.Insurance companys obligation to ensure that experts carry out their duties and responsibilities.Cooperation between insurance/reinsurance broker companies(co-broking).Obligation to submit quarterly financial reports.Regulatory adjustments regarding administrative sanctions,including admin

138、istrative fines.POJK 28 Tahun 2022On 28 December 2022,the OJK issued the second amendment to OJK regulation number 11/POJK.03/2016 concerning Minimum Bank Capital Requirements for Commercial Banks.The amendment aims to enhance the money market,and to accommodate international standards.Key amendment

139、s include:Adjustments to the standard Basel III reform,including the implementation of the obligation to calculate Market Risk Risk Weighted Assets for all banks;Provisions concerning the obligation to calculate capital for bank exposure to Central Counterparty(CCP),and provision of margin for deriv

140、ative transactions that are not conducted through CCP;Alignment with other POJKs such as the Minimum Capital Adequacy Requirement(KPMM)reporting obligations through the OJK reporting system.POJK 27 Tahun 2022Mandatory Minimum Bank Capital Requirements for Commercial Banks3Business Implementation of

141、Insurance Broker Companies,Reinsurance Broker Companies,and Insurance Loss Assessor Companies1On 12 January 2023,the OJK issued the regulation on the Monthly Report of Sharia Smallholder Financing Banks(BPRS).The regulation improves the report submission provisions of BPRS institutions through OJK r

142、eporting system in connection with OJK regulation Number 13/POJK.03/2019,with the aim to increase the reporting mechanisms efficiency and effectiveness.In addition,the regulation intends to:Support supervisory needs related to BPRS data and information on the provision of funds in the context of ove

143、rcoming liquidity problems and/or potential problems;Implement anti-money laundering and preventing terrorism financing(APU and PPT)programs;Support the realisation of cooperation between BPRS and information technology-based co-funding service providers/fintech peer-to-peer lending;and Align arrang

144、ements on reporting and requesting debtor information through a financial information service system.Moreover,the regulation refines several provisions on existing forms,and introduces new forms related to individual office reports and joint reports.SEOJK 3-03-2023Monthly Report of Sharia Smallholde

145、r Financing Banks4On 10 January 2023,the OJK issued the Regulation SEOJK 2/02/2023 on the technical details relating to drafting and submitting an adjusted net working capital report and validating an adjusted net working capital report.The guidelines intends for securities companies to carry out th

146、e mandate of Article 4 and was made in connection with the provisions of Article 5 of the Financial Services Authority Regulation Number 52/POJK.04/2020,and developments in practice and securities transaction arrangements in the capital market.SEOJK 2-04-2023Guidelines for Drafting of Adjusted Net W

147、orking Capital Forms as well as Submission and Validation of Adjusted Net Working Capital Reports2 2023.For information,Contact Deloitte Touche Tohmatsu Limited.13IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwa

148、n(China)VietnamContactsAsia Pacific Financial Services Regulatory Update Q1 202313Indonesia(2/3)27 December 2022,the OJK issued the regulation 29/SEOJK.03/22 on Cyber Security and Resilience for Commercial Banks in connection with the enactment of OJK Regulation Number 11/POJK.03/2022.Some key requi

149、rements cover:The inherent risk assessment of banks cyber security needs to include to at least 4 assessment factors,including 1)technology,2)bank products,3)organisationalcharacteristics,and 4)track record of cyber incidents,which is carried out annually for the end of December position.4 aspect of

150、 banks implementation of cyber security risk management,including 1)cyber security risk management,2)cyber security risk management framework,3)cyber security risk management processes,adequacy of human resources and adequacy of risk management information systems,and 4)a cyber security risk control

151、 system adapted to the characteristics and complexity of banks business.Provisions on processes executed by banks to maintain cyber resilience,namely identification of assets,threats,and vulnerabilities;asset protection;cyber incident detection;and cyber incident response and recovery.Banks cyber se

152、curity maturity level assessment carried out annually for the end of December position includes an assessment of the quality of cyber security risk management implementation and the quality of cyber security process implementation.The unit and function,and associated roles and responsibilities of th

153、ose teams that handle banks cyber security and resilience are independent from the IT management function.NOMOR 29/SEOJK.03/2022Cyber Security and Resilience for Commercial Banks7On 30 December 2022,the Bank Indonesia issued amendments to regulation number 24/26/PADG/2022 on Monitoring of Foreign Ex

154、change Flows of Banks and Customers in connection with Bank Indonesia regulations number 21/28/PADG/2019 on Foreign Exchange Export Proceeds and Foreign Exchange Import Payments.Key amendments are:Expand the scope and mechanism for submitting supporting reports in foreign exchange flows(LLD)reports

155、related to instruments for foreign exchange export(DHE)funds replacement that originated from Special Account of Foreign Exchange Export of Natural Resource Export Goods(DHE SDA)owned by customers at the Bank;andRemoved reports that are no longer submitted based on Bank Indonesia Regulations regardi

156、ng monitoring of bank and customer foreign exchange flows.PADG_242622Monitoring of Bank and Customer Foreign Exchange Flows8On 30 December 2022,the OJK issued the Guidelines for Implementing Securities Offerings that are not Public Offerings.Key provisions include:Provisions regarding parties that m

157、ay offer non-Public Offering Securities;Provisions regarding bidding documents and information memorandum;Provisions regarding additional information contained in the information memorandum for offerings that are not a public offering of debt securities and/or Sukuk(Sharia-compliant bonds);Regulatio

158、ns regarding provisions in the event that foreign company share ownership program is implemented;Provisions regarding the information contained in the information memorandum if the public company share ownership program is implemented;andProvisions regarding the submission procedure for non-public o

159、fferings bidding documents.SEOJK 33-04-2022Guidelines for Implementing Securities Offerings that are not Public Offerings5On 30 December 2022,Bank Indonesia issued the second amendment to Regulation of Members of the Board of Governors number 21/26/PADG/2019 concerning Export Proceeds and Foreign Ex

160、change Import Payment.Key amendments are:Increase the range of instruments that can be utilised by natural resources exporters for placement of funds originating from special account of natural resources export goods(DHE SDA),in the form of term deposits for conventional open market operations in fo

161、reign currencies at Bank Indonesia;Mechanism for placement of funds natural resources exporters through banks that meet the requirements stipulated by Bank Indonesia;Expanded the scope of incoming funds transfer sources at the special account of DHE SDA related to placement on the term deposit of th

162、e intended open market operation;The banks obligation to ensure funds placed in the open market operation term deposit come from DHE SDA and banks must provide a flag(marker)for said instrument and the third-party fund instrument utilised by banks to place it.PADG_242522Export Proceeds and Foreign E

163、xchange Import Payment6 2023.For information,Contact Deloitte Touche Tohmatsu Limited.14IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwan(China)VietnamContactsAsia Pacific Financial Services Regulatory Update Q1

164、 202314Indonesia(3/3)On 30 December 2022,the Bank Indonesia issued the regulation on the Reports of Rupiah Processing Service Providers.The regulation discusses the implementation mechanism and procedures for drafting and submitting reports on Rupiah processing service providers.Key requirements inc

165、lude:Requirements on rapporteur:oRapporteurs must submit a report that is drafted and submitted in a complete,accurate,current,complete and timely manner;oPreparation of report refers to the metadata stipulated by Bank Indonesia,which consists of report preparation guidelines and technical metadata

166、in the form of data structure and validation regulation published in Bank Indonesia reporting system.oRapporteurs must submit report on the information on PJPURs business activities.oRapporteurs must obtain a reporting code by submitting an application letter to Bank Indonesia along with the conditi

167、ons that must be met;oSubmit reports and/or corrections to reports within the specified time limit.Procedures on imposing sanctions on rapporteurs who violate Rupiah management provisions,particularly regarding reporting.PADG_242322Reports of Rupiah Processing Service Providers9On 29 December 2022,t

168、he Bank Indonesia issued Regulation number 24/21/PADG/2022 on Implementation of Current Accounts at Bank Indonesia.The intends to strengthen the principles of good governance in current account administration.The regulation on current account administration mechanism regards to key items such as cur

169、rent account administration,such as the criteria of customers who may own a current account,the types of current account,sharia current accounts,deposit and withdrawal facilities,current account opening application requirements,fees etc.The PADG became effective on 29 December 2022.PADG_242122Regula

170、tions for Implementation of Current Accounts at Bank IndonesiaOn 29 December 2022,the Bank Indonesia issued the implementation regulation 24/22/PADG/2022 concerning Sharia Hedging Swap Transactions to Bank Indonesia to support the development and deepening of the Islamic financial market.Some key pr

171、ovisions are:Requirements for banks submitting sharia hedging swap transactions to Bank Indonesia;Requirements for underlying transactions that can be used in sharia hedging swap transactions to Bank Indonesia;Underlying types of transactions related to economic activities;Banks submit transactions

172、directly without going through intermediary institutions which are carried out through a dealing system facility determined by Bank Indonesia with a maximum nominal value of the proposed transaction being the nominal value of the underlying;Requirement to carry out the realisation of the deal(wad)in

173、 the form of submitting spot purchase bank transactions to Bank Indonesia on the due date of the forward agreement through the dealing system facility and/or other transaction facilities stipulated by Bank Indonesia no later than 15:00 WIB or other time as stipulated by Bank Indonesia;Bank Indonesia

174、 imposes administrative sanctions for violations related to obligations for underlying transactions,obligations for realisation of deal(wad),and obligations related to settlement of transactions in the form of administrative sanctions and payment obligations.PADG_242222Implementation Regulations of

175、Sharia Hedging Swap Transactions to Bank Indonesia1011 2023.For information,Contact Deloitte Touche Tohmatsu Limited.IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwan(China)VietnamContacts15Asia Pacific Financia

176、l Services Regulatory Update Q1 2023Japan(1/2)On 3 February 2023,the Japan Financial Services Agency(JFSA)published the draft Cabinet Orders to partially revise the Order for Enforcement of the Act on Prevention of Transfer of Criminal Proceeds for public consultation.Proposed revisions are:1.Revise

177、d the obligation of specified business operators.Defined businesses are obliged to prepare and maintain relevant transaction records;2.Revised the items to be notified and the definition of obligatory measures to adequately perform the verification and report suspicious transactions;and3.Revised the

178、 definition of methods and standards in conducting AML/CFT due diligence of the counterparty,etc.Publication of draft Cabinet Orders to partially revise the Order for Enforcement of the Act on Prevention of Transfer of Criminal Proceeds,etc.for public consultationRevision to the Order for Enforcemen

179、t of the Act on Prevention of Transfer of Criminal Proceeds1Customer-Oriented Business Conduct Task Force Interim Report4On 9 December 2022,the JFSA published the Interim report on Customer-Centric Business Operation compiled by the Customer-Oriented Business Conduct Task Force.The report was compil

180、ed based on the discussions held by the relevant Task Force on various topics,including financial sectors customer-oriented business conduct,as well as financial and economic education to the general public,to achieve stable asset building for households.Key findings/suggestions made in the discussi

181、ons:1.Ensuring business operations that consider the best interests of customers,etc.throughout the investment chain,by establishing a common obligation for a wide range of entities that offer asset formation related services2.Offering relevant information and advice to customers3.Ensuring the gover

182、nance and independence of the asset management company(as well as product governance)Publication of the Customer-Oriented Business Conduct Task Force Interim Report compiled by the Customer-Oriented Business Conduct Task Force of the Financial System CouncilOn 9 December 2022,the Kanto Local Finance

183、 Bureau issued 2 Orders to Suspend Business and an Order of Retention of Assets against a certain named organisation due to its failure to maintain a proper and reliable securities business system and cryptographic asset exchange business.The orders were effective from 10 December 2022 to 9 March 20

184、23.Administrative ActionsAdministrative Actions Against Certain Organisation2On 31 January 2023,the JFSA published the finalised amendments to the Cabinet Office Order on Disclosure of Corporate Affairs and other relevant and applicable cabinet office orders after public consultation.The revised Cab

185、inet Office Order amended the disclosure of sustainability-related information and corporate governance related information for listed companies.The finalised amendments took effect on 31 January 2023.Publication of the finalised amendments to the Cabinet Office Order on Disclosure of Corporate Affa

186、irs and other relevant and applicable cabinet office orders after public consultationAmendments to Cabinet Office Order on Disclosure of Corporate Affairs3 2023.For information,Contact Deloitte Touche Tohmatsu Limited.IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSou

187、th KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwan(China)VietnamContacts16Asia Pacific Financial Services Regulatory Update Q1 2023Japan(2/2)On 27 January 2023,the JFSA issued draft amendments to Comprehensive Guidelines for Supervision of Financial Instruments Business Operators,etc.for publi

188、c consultation.The proposed amendments are made in response to recommendations provided by the Financial Stability Board(FSB)and the International Organisation of Securities Commission(IOSCO).The amendments are:1.Require fund managers and specially permitted business for qualified institutional inve

189、stors(SPBQII)to file monitoring reports on the funds they manage;and2.Require MRF(money reserve fund)and MMF(money market fund)managers to develop contingency plans to address any vulnerabilities in their MRFs and MMFs.The consultation ended on 28 February 2023.Publication of the draft amendments to

190、 the Comprehensive Guidelines for Supervision of Financial Instruments Business Operators,etc.and others for public consultationAmendments to Comprehensive Guidelines for Supervision of Financial Instruments Business Operators,etc.6Discussion Paper on Ensuring Operational Resilience5On 16 December 2

191、022,the JFSA published the Discussion Paper on Ensuring Operational Resilience for public consultation.Concerning international developments including BCBSs Principles for Operational Resilience,the JFSA compiled the emerging issues under the rapidly changing financial environment and formulated the

192、 discussion paper.The discussion paper proposed a practical framework to ensure FIs operational resilience.Moreover,the discussion paper intends to facilitate dialogues between the JFSA and FIs to implement better operational resilience practices.The four key elements of the proposed framework:1.Ide

193、ntification of“Critical Operations”:Identify the financial services that are important in terms of financial system stability and users daily lives2.Tolerance setting:Set the minimum level of“Tolerance”that should be maintained on the premise that business interruption will inevitably occur3.Interco

194、nnection mapping and securing necessary management resources:Identify the necessities,procure,arrange,and allocate human resources,goods and money appropriately4.Additional Response to Appropriateness Verification:Under the commitment of the management team,through scenario analysis and business con

195、tinuity planning training,conduct appropriateness verification and take additional measures as necessaryThe consultation ended on 16 February 2023.Publication of the draft Discussion Paper on Ensuring Operational Resilience for public consultationOn 15 December 2022,the JFSA published the finalised

196、Code of Conduct for ESG Evaluation and Data Providers based on the Technical Committee for ESG Evaluation and Data Providers discussion results,and feedback collected from public consultation in July 2022.The Code of Conduct summarises the current status of ESG evaluation and datas provisions and is

197、sues in view of future market development.Furthermore,the Code of Conduct also outlines that ESG evaluation and data providers are expected to formulate their understanding of the developments in society as a whole regarding sustainability,and to provide evaluation and data based on reasonable groun

198、ds and professional judgment.The endorsement status of the Code of Conduct will be published in June 2023,and the endorsement status regarding the data provision will be published by June 2024.Finalisation of“the Code of Conduct for ESG Evaluation and Data Providers”Finalised Code of Conduct for ESG

199、 Evaluation and Data Providers7 2023.For information,Contact Deloitte Touche Tohmatsu Limited.IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwan(China)VietnamContacts17Asia Pacific Financial Services Regulatory U

200、pdate Q1 2023Malaysia(1/3)On 19 December 2022,the Bank Negara Malaysia(BNM)issued a policy document on Business Continuity Management(BCM).The policy document aims to support financial institutions(FIs)in developing and implementing a sound BCM framework,policies,and processes that incorporate the F

201、Is risk appetite and facilitate effective risk management practices.The policy document also aims to strengthen FIs capacity and preparedness to respond to and recover from operational disruption and ensure the continuity of critical business functions and services within a set timeframe in an opera

202、tional disruption event.Key requirements cover the following:The Board and senior managements responsibilities;andBCM framework and methodologyThe policy document will be effective from 19 December 2023,with exception to requirements on disaster recovery plan testing specified in paragraph 9.48,whic

203、h will be effective from 19 December 2025.Business Continuity ManagementBusiness Continuity Management1Capital Adequacy Framework3On 20 January 2023,the BNM issued the exposure draft of Capital Adequacy Framework(Basel III Risk-Weighted Assets):Standardised Approach for Credit Risk for public consul

204、tation.The exposure draft should be read with the BNMs Capital Adequacy Framework(Capital Components)and the Capital Adequacy Framework for Islamic Banks(Capital Components),issued on 9 December 2020.The exposure draft sets out the proposed requirements for calculating the capital charge under the S

205、tandardised Approach for Credit Risk in the Basel III reform package,intending to facilitate a safe and sound financial system.The proposed requirements apply to all financial institutions.The standards and guidelines are based on the BCBS Basel framework and the Islamic Financial Services Boards(IF

206、SB)standard.The BMN notes that the Basel framework and IFSB standard have been amended where necessary and suitable to account for the Malaysian economy and financial system.The consultation ended on 31 March 2023.FIs are also requested to respond to the specific questions and complete the Quantitat

207、ive Impact Study reporting template set out in the exposure draft.The proposed requirements expect to be effective from 1 January 2025.Capital Adequacy Framework(Basel III Risk-Weighted Assets):Standardised Approach for Credit RiskElectronic Know-Your-Customer(e-KYC)4On 23 February 2023,the BNM issu

208、ed the proposed enhanced requirements and guidance on Electronic Know-Your-Customer(e-KYC)Solutions for public consultation.Following the growing adoption and understanding of e-KYC solutions,the enhancement intends to ensure that e-KYC solutions remain relevant,robust and reliable.In addition,the s

209、cope of the requirements have been expanded to cover individuals and legal persons e-KYC applications.The policy document does not apply to agent banking channels governed under the Agent Banking policy document dated 30 April 2015.The consultation ends on 2 May 2023.Exposure draft Electronic Know-Y

210、our-Customer(e-KYC)Quality and Integrity of Currency 2On 22 February 2023,the BNM published the exposure draft on the Quality and Integrity of Currency for public consultation.The proposed policy document defines the criteria and requirements that FIs are expected to follow to preserve the quality a

211、nd integrity of Malaysian currency notes and currency coins per the Currency Act 2020.Key areas for consultation are as follows:Quality of currency in circulation;Integrity of currency in circulation;Operations of currency processing;Currency processing machine;and Competency of staff involved in cu

212、rrency processing.The consultation ends on 30 April 2023.Exposure Draft Quality and Integrity of Currency 2023.For information,Contact Deloitte Touche Tohmatsu Limited.IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippines

213、Taiwan(China)VietnamContacts18Asia Pacific Financial Services Regulatory Update Q1 2023Malaysia(2/3)On 28 February 2023,the BNM launched a public consultation on the exposure draft on Fair Treatment of Vulnerable Consumers.The proposed policy document seeks to ensure that vulnerable consumers receiv

214、e fair and equitable treatment and adequate support when engaging with financial service providers.The exposure draft will be incorporated into the policy document on Fair Treatment of Financial Consumers(FTFC PD)issued on 6 November 2019 by the BNM.The consultation ended on 14 April 2023.Exposure d

215、raft Fair Treatment of Vulnerable ConsumersFair Treatment of Vulnerable Consumers5Medical and Health Insurance/Takaful Business9On 30 December 2022,the BNM issued an exposure draft on the proposed requirements and guidance applies to licensed insurers and takaful operators(licensed ITOs)carrying out

216、 medical and health insurance/takaful(MHIT)business for public consultation.The proposed requirements update the existing requirements on the conduct of the MHIT business,aligning with the key strategies of BNMs Financial Sector Blueprint 2022-2026.The proposed requirements intend to address advance

217、ments in the MHIT industry and foster more innovative,inclusive and sustainable MHIT business models that better meet client needs and the current operating environment.The consultation ended on 15 March 2023.Exposure draft Medical and Health Insurance/Takaful BusinessHajah and Darurah6On 15 Decembe

218、r 2022,the BNM set out the proposed requirements and expectations for Islamic financial institutions(IFIs)use of hajah(need)and darurah(dire necessity)in carrying out Islamic banking and takaful business.The BNMs consultation sought IFIs feedback on the following:1.The parameters and application sco

219、pe of hajah and darurah;2.Requirements regarding the responsibilities of IFIs internal stakeholders;and3.Requirements and policy guidance relating to Shariah,hajah,and darurah processes and procedures in IFIs.The consultation ended on 28 February 2023.Exposure draft-Hajah and DarurahPayment System O

220、perator8On 22 December 2022,the BNM issued the policy document on Payment System Operator following conclusion of a consultation on 15 December 2021.The policy document outlines the regulatory requirements for payment system operators(PSO),and applies to approved operators of payment systems and ope

221、rators of designated payment systems.Relevant PSOs are required to comply with the requirements to achieve the following:Ensure the safety,efficiency and reliability of payment systems;Maintain public confidence in payment systems and the use of payment instruments;andEnsure payment systems alignmen

222、t with relevant international standards.The policy document became effective on 22 December 2022.Payment System OperatorThe BNM issued a policy document on 30 December 2022 to set out regulatory requirements on Electronic Money(e-Money)for approved electronic money issuers(EMI).The policy document a

223、ims to ensure the safety and reliability of e-money issued by EMIs,and maintain the confidence of customers and merchants in using or accepting e-money for goods and services.The requirements became effective on 30 December 2022,except paragraphs 15,16.2,18,19.6 19.15 and 27 31,which will come into

224、effect on 30 December 2023.Policy Document on Electronic Money(E-Money)Electronic Money(e-Money)7 2023.For information,Contact Deloitte Touche Tohmatsu Limited.IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwan(C

225、hina)VietnamContacts19Asia Pacific Financial Services Regulatory Update Q1 2023Malaysia(3/3)The BNM issued a discussion paper on 3 February 2023 to sets out its proposed 2nd Financial Inclusion Framework 2023 2026.The proposed Framework was developed to align with the Financial Sector Blueprint 2022

226、 2026,and it will serve as a 4-year strategic roadmap and principle-based guidance to establish financial inclusion.Despite significant progress made since the 1st Financial Inclusion Framework 2011-2020,the BNM noted there are still several barriers and challenges need to be addressed to achieve fi

227、nancial inclusion.The consultation ended on 31 March 2023.Discussion Paper on Financial Inclusion Framework 2023-2026Financial Inclusion Framework 2023-2026Universal Life BusinessOn 13 February 2023,the BNM issued a policy document on Universal Life Business with immediate effect.The policy document

228、 sets out the prudential and conduct requirements for universal life business.The requirements cover the following areas:Board and senior managements roles and responsibilities in the licensed insurers universal life business management;Overall governance in universal life business management,includ

229、ing product design,imposition and revision of fees and charges,and management of expenses;Investment,valuation and capital treatment of the universal life fund;andDisclosure requirements to promote transparency to universal life policy owners.Policy Document on Universal Life BusinessLiquidity Facil

230、ity to Licensed Insurers and Takaful OperatorsOn 10 February 2023,the BNM issued a policy document on the Liquidity Facility to Licensed Insurers and Takaful Operators with immediate effect.The BNM has extended a liquidity facility to all licensed insurers(including professional reinsurer)under the

231、Financial Services Act 2013(FSA),and all licensed takaful operators(including professional retakafuloperators)under the Islamic Financial Services Act 2013(IFSA).The extension provides the insurance and takaful industry with an additional liquidity management tool,improving their resilience and effi

232、ciency while complying with the conditions of accessing the liquidity facility.Policy Document on Liquidity Facility to Licensed Insurers and Takaful OperatorsInvestment-Linked BusinessOn 13 February 2023,the BNM issued a policy document on Investment-linked Businesswith immediate effect.The policy

233、document serves as the replacement document that supersedes the following:1.Investment-linked Business Policy Document issued on 11 January 2019(BNM/RH/PD 029-36);2.Specifications relating to Product Illustration Rate for Investment-Linked(IL)Insurance Policy/Takaful Certificate under the Policy Doc

234、ument on Investment-linked Business issued on 7 October 2020(JKAP7500/POL/4/3/7);and3.Specification pursuant to sections 47,123 and 143 of the FSA and sections 57,135 and 155 of the IFSA in respect of the Investment-linked Business Policy Document issued on 22 March 2021(JKAP7500/POL/4/3/7).The key

235、purpose of the updated policy document is to ensure licensees provide fair treatment to policy holders/takaful participants and maintain the value of policyholders/takaful participants investment-linked policies/takaful certificates.Key changes include:Implemented minimum allocation rates(MAR)as per

236、 the Life Insurance and Family Takaful Framework to protect policy owners/takaful participants account value;Introduced sustainability tests standards to ensure proper management of long-term persistency of investment-linked policy/takaful certificates;andEnhanced product illustration format.Policy

237、Document on Investment-linked Business10111213 2023.For information,Contact Deloitte Touche Tohmatsu Limited.IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwan(China)VietnamContacts20Asia Pacific Financial Servic

238、es Regulatory Update Q1 2023New Zealand On 24 January 2023,the Financial Markets Authority(FMA)published its 2022 annual report for the year to 30 June 2022.The report details the four main areas of focus for the regulator,including:1.Monitoring and oversight of financial market participants;2.Prepa

239、rations for new financial markets legislation;3.Building investor capability;and 4.Enforcement activity.During the 12 months to June 2022,a number of regulatory regimes and developments were implemented.Key updates include:Cyber and operational resilience was a focus area and one where the FMA is im

240、proving its monitoring approach.The Financial Markets(Conduct of Institutions)Amendment Act(CoFI)was passed into law in June 2022.Under CoFI,banks,insurers and non-bank deposit takers must treat consumers fairly by applying the fair conduct principle.The Financial Services Legislation Amendment Act

241、2019 introduced a new framework for giving financial advice which requires those giving advice to retail clients to hold a financial advice provider licence issued by the FMA.The Managed Investment Scheme(MIS)risk assessment was published by the FMA and identified areas in the MIS considered to be h

242、igher risk.The Anti-Money Laundering and Countering Financing of Terrorism policy was the focus of a statutory review led by the Ministry of Justice.The FMA published AML risk ratings for each monitored financial sector and included virtual asset service providers for the first time.The FMA and the

243、RBNZ operated as joint regulators for the first full year to 30 June 2022,following the new regime under the Financial Market Infrastructures Act 2021 coming into force on 10 May 2021.The Financial Sector(Climate-related Disclosures and Other Matters)Amendment Act introduced mandatory climate-relate

244、d disclosures.Activity to deter misconduct was also a significant part of the FMAs programme of work over the past year.The FMA has filed High Court proceedings against,or has issued warnings,to several financial institutions for contravening the fair dealing provisions in the Financial Markets Cond

245、uct Act 2013.The FMA also focused on deterring misleading advertising.FMA 2022 Annual ReportFinancial Markets Authority 2022 Annual Report Summary1The proposed scheme was intended to provide workers with a period of income if they were made redundant or were unable to work due to medical grounds.The

246、 scheme was modelled on similar social insurance schemes in Europe and would be managed by New Zealands Crown entity,the Accident Compensation Corporation.Employees and employers would need to both contribute 1.39%of all employment earnings to the income insurance scheme and in return,employees woul

247、d receive:4-weeks notice of redundancy;An additional 4-weeks pay,at 80%from the employer(a bridging payment);Up to 6 months pay,on up to 80%of normal earnings(subject to a cap of$2000 a week before tax).The 6 months may be extended under certain conditions.However,in a cabinet meeting on 8 February

248、2023,the Prime Minister advised that the insurance scheme would be put on hold and no legislation would be introduced this term.The rationale given was that the policy was not a current priority and that there would need to be“significant improvement”in economic conditions before the income insuranc

249、e scheme would advance.A New Zealand Income Insurance SchemeThe Proposed Income Insurance Scheme Put on Hold2 2023.For information,Contact Deloitte Touche Tohmatsu Limited.IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilipp

250、inesTaiwan(China)VietnamContacts21Asia Pacific Financial Services Regulatory Update Q1 2023Philippines(1/2)On 7 December 2022,the Bangko Sentral ng Pilipinas(BSP)issued a Reminder on Risk Management Measures Relative to Virtual Asset(VA)Safekeeping,Liquidity Requirements,and Third-Party Engagements.

251、The Reminder is made in response to the emerging threats and developments in the VA landscape,notably activities that jeopardise client moneys safety and security.All BSP-licensed virtual asset service providers(VASPs),especially those providing VA custodian,must ensure that all customer VAs should

252、only be used for safekeeping on the customers behalf.Furthermore,all VASPs are expected to employ an effective risk management system and practices in their liquidity,third-party,and operational risk management.Contingency funding plans should be established in the event of prolonged service deliver

253、y failure or untimely cessation of the third-party liquidity providers.Reminder on Risk Management Measures Relative to Virtual Asset Safekeeping,Liquidity Requirements,and Third-Party EngagementsOn 2 March 2023,the BSP issued a memo to BSFIs regarding the following FATF publications:1.High-risk jur

254、isdictions subject to a Call for Action oJurisdictions subject to a FATF call on its members and other jurisdictions to apply countermeasures(Democratic Peoples Republic of Korea(DPRK)and Iran);oJurisdictions subject to a FATF call on its members and other jurisdictions to apply enhanced due diligen

255、ce(EDD)measures proportionate to the risks arising from the jurisdiction(Myanmar).2.Jurisdictions under increased monitoring;and3.Statement on the Russian Federation.Financial Action Task Force(FATF)Publications 24 February 2023Risk Management Measures Relative to Virtual Asset Safekeeping,Liquidity

256、 Requirements,and Third-Party Engagements1Amendments to Miscellaneous Rules on Deposits4On 14 December 2022,the Monetary Board approved amendments to BSP Miscellaneous Rules on Deposits.The amendments intend to guide the handling of joint accounts and the acceptability of electronic signatures.The a

257、mendments clarify the following as enhancements to joint accounts opening a deposit account:1.Acceptance of e-signature;2.Acceptance of PhilSys Card Number(PCN)as official and sufficient proof of identity.The amended Rules are now in effect.Amendments to Miscellaneous Rules on DepositsAnti-Money Lau

258、ndering Council(AMLC)Resolution Nos.TF-63 and TF-64,Series of 20232On 3 February 2023,the BSP issued a circular concerning the Anti-Money Laundering Council(AMLC)Resolution Nos.TF-63 and TF-64 dated 25 January 2023-directing the issuing of a Sanctions Freezing Orders(SFO)against certain named indivi

259、duals and organisations with immediate effect.The BSP reminds all BSP-Supervised financial institutions(BSFIs)to submit the following to the AMLC:1.A written return,pursuant to,and containing the details required under Rule 16.c of the Implementing Rules and Regulations of Republic Act(R.A.)No.10168

260、(i.e Terrorism Financing Prevention and Suppression Act of 2012);and2.A Suspicious Transaction Report on all previous transactions of the subject of designations within 5 days from the effectivity of the SFO.Anti-Money Laundering Council(AMLC)Resolution Nos.TF-63 and TF-64,Series of 2023Proposed Tem

261、plates of Articles of Cooperation and By-Laws of Cooperative Banks5On 4 January 2023,the BSP issued the proposed templates of Cooperation(AOC)and By-Laws(BL)of Cooperative Banks.The proposed templates aim to ensure AOC and BL of cooperative banks to comply with the minimum requirements of Republic A

262、ct No.9520(The Philippine Cooperative Code of 2008)and the Manual of Regulations for Banks,and cooperative banks will be allowed to include additional provisions provided that the provisions are in accordance with existing laws and regulations.Proposed Templates of Articles of Cooperation(AOC)and By

263、-Laws(BL)of Cooperative BanksFinancial Action Task Force(FATF)Publications 24 February 20233 2023.For information,Contact Deloitte Touche Tohmatsu Limited.IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwan(China)

264、VietnamContacts22Asia Pacific Financial Services Regulatory Update Q1 2023Philippines(2/2)Amendments to the Regulations on Credit Exposure Limits to a Single Borrower and Definition of Capital6On 5 January 2023,the BSP issued the revised Regulations on Credit Exposure Limits to a Single Borrower and

265、 Definition of Capital,approved by the Monetary Board on 27 December 2022.Key amendments include:1.Loans and other credit accommodations,which are covered by adequate credit risk transfer arrangements,and meet the minimum operational requirements,shall be excluded when determining a customers borrow

266、ing limit.The portion not covered shall still form part of the total credit commitment of the bank to the protection provider/guarantor in calculating compliance with the SBL.2.Amended the definition of capital to“capital shall be synonymous to unimpaired capital and surplus,combined capital account

267、s,and net worth and shall refer to the total of the unimpaired paid-in capital,including paid-in surplus,retained earnings,and undivided profits.”The circular came into effect on 5 January 2023,with exception to Section 1 on credit risk transfer,which will come into effect on 1 July 2023.Amendments

268、to the Regulations on Credit Exposure Limits to a Single Borrower and Definition of CapitalOn 12 March 2023,the Philippines Insurance Commission published the Insurance Memorandum Circular 2023-01-Implementing Rules and Regulations of Republic Act No.11765,Otherwise known as the“Financial Products a

269、nd Services Consumer Protection Act”.The rules aim to protect the insured public(including life,non-life,pre-need,and Health Maintenance Organisations customers)interests and rights.The rules cover the governance structure,policies,processes,measurement and control procedures to ensure consumer prot

270、ection risks are identified,measured,monitored,and mitigated.The rules are now in effect and apply to all Insurance Commission governed-financial products and services(except reinsurance transactions).IMC 2023-01|Implementing Rules and Regulations of Republic Act No.11765,Otherwise known as the“Fina

271、ncial Products and Services Consumer Protection Act”Financial Products and Services Consumer Protection Act9On 21 February 2023,the BSP issued the amended Regulations on Personal Equity and Retirement Account(PERA).The amendments aim to reduce the security rate relating to the faithful performance o

272、f PERA Administrators duties and to increase the maximum annual PERA contribution amount.Accordingly,the security rate for all PERA administrators has been reduced to 0%of the book value of the total volume of PERA assets administered.The amendments came into effect on 1 January 2023.Amendments to t

273、he Regulations on Personal Equity and Retirement Account(PERA)Amendments to the Regulations on Personal Equity and Retirement Account(PERA)7On 19 January 2023,the BSP issued the approved amendments to the ceiling on interest or finance charges for credit card receivables.Key amendments include:Banks

274、 are required to impose an interest or finance charge on all credit card transactions that do not exceed an annual interest rate of 36%,except for credit card instalment loans which will be subject to monthly add-on rates not exceeding 1%.Apart from the applicable maximum interest rate,no other char

275、ges or fees shall be imposed except for the processing fee,which is a maximum PHP 200.00 per transaction.The amended Rules came into effect on 10 February 2023.Amendments to the Ceiling on Interest or Finance Charges for Credit Card ReceivablesAmendments to the Ceiling on Interest or Finance Charges

276、 for Credit Card Receivables8 2023.For information,Contact Deloitte Touche Tohmatsu Limited.IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwan(China)ContactsVietnam23Asia Pacific Financial Services Regulatory Upd

277、ate Q1 2023Singapore(1/2)On 23 February 2023,the Monetary Authority of Singapore(MAS)issued a Notice imposing baseline standards of due diligence and conduct requirements for corporate finance advisers.These requirements include raising the standards of conduct of advisers,whilst improving the quali

278、ty of disclosures and allowing investors to make informed decisions.Measures include conducting background checks with relevant stakeholders,assessing skills,knowledge and experience of third-party providers,and ensuring material issues are resolved and disclosed.It signifies the important role corp

279、orate finance advisers play in safeguarding investor interests and the integrity of capital markets.MAS Imposes Due Diligence Requirements for Corporate Finance AdvisersOn 15 February 2023,the Green Finance Industry Taskforce(GFIT)convened by MAS launched its final public consultation on a green and

280、 transition taxonomy for Singapore-based financial institutions.A key proposal of this public consultation is the adoption of a“measures-based approach”for the industrial sector.A key feature is the threshold and criteria it sets out for transition activities,that allow for a progressive shift towar

281、ds a net zero outcome across different activities in the industrial sector:Green Classification:Activities that contribute substantially to climate change mitigation and is consistent with a net zero outcome,or are on a pathway to net zero by 2050.Amber Classification:Transition activities,including

282、 those that are either transitioning towards green within a certain time frame,or enabling significant emissions reductions in the short termRed Classification:Harmful activities that are not currently compatible with a net zero trajectory.This third consultation builds on GFITs two earlier rounds o

283、f consultations,which proposed the threshold and criteria for the energy,transport and real estate sectors.The eight sectors covered within the taxonomy account for the majority of greenhouse gas emissions in South-East Asia.Industry Taskforce launches Third Consultation on Green and Transition Taxo

284、nomyGreen Taxonomy3Due Diligence Requirements for Corporate Finance Advisers1On 3 March 2023,the MAS issued a circular on Money Laundering and Terrorism Financing Risks in the Wealth Management Sector.The circular serves as a reminder for all financial institutions to stay vigilant to the ML/TF risk

285、s in wealth management.Some key recommendations include:Conduct added review and quality assurance testing such as taking added steps to review existing Customer Due Diligence practices in high growth areas.Continue to exercise vigilance over high risk customers and transactions:oAdded quality assur

286、ance testing to be done on key control areas relating to the identification of higher risk customers,including those that pose higher tax evasion-and corruption-related risks and corroboration of the source of wealth and source of funds of customers oTake note of prospective customers who withdraw t

287、heir applications due to an inability or unwillingness to provide mandatory Customer Due Diligence information.Financial institutions should have an established process to monitor such situations and consider the need to file a Suspicious Transactions Report in these cases.Financial institutions are

288、 strongly encouraged to make use of data analytics to strengthen their monitoring network for unusual transaction patterns as well as to identify customer networks of concern.Money Laundering and Terrorism Financing(ML/TF)Risks in the Wealth Management SectorAML/CFT Circular2 2023.For information,Co

289、ntact Deloitte Touche Tohmatsu Limited.IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwan(China)ContactsVietnam24Asia Pacific Financial Services Regulatory Update Q1 2023Singapore(2/2)On 21 February 2023,Singapor

290、es MAS and the Reserve Bank of India launched a real-time payments link to enable low cost cross-border remittances real-time payments link to enable low cost cross-border remittances.The linkage between Singapores PayNow and Indias Unified Payments Interface will enable customers of participating f

291、inancial institutions between the two countries to send and receive funds between bank accounts or e-wallets in real-time.The PayNow-UPI linkage is the worlds first real-time payment systems linkage to use a scalable cloud-based infrastructure which can accommodate future increases in the volume of

292、remittance traffic.Participating financial institutions have committed to ensuring that the service remains cost-efficient,and accessible to foreign workers and students residing in Singapore and India,enabling them to make and receive low-cost cross border remittances.Launch of Real-time Payments b

293、etween Singapore and IndiaPayment Linkage5On 11 January 2023,the MAS introduced amendments to the Code of Corporate Governance to introduce a nine-year tenure limit for independent directors and mandatory remuneration disclosure.The revisions to the Code and Listing Rules are in line with the recomm

294、endations made by the Corporate Governance Advisory CommitteeThe latest revisions are important steps to further strengthen director independence,encourage board renewal and improve market transparency.MAS revises the Code of Corporate Governance to reflect independent director tenure limit and mand

295、atory renumeration disclosure for directors and CEOsMAS Revises Code of Corporate Governance 4 2023.For information,Contact Deloitte Touche Tohmatsu Limited.2525IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwan(

296、China)VietnamContactsAsia Pacific Financial Services Regulatory Update Q1 2023South Korea(1/2)On 20 December 2022,the Korean Government approved the amended Enforcement Decree of the Financial Investment Services and Capital Act(FSCMA).The amended act serves as a follow-up to the Measures to Improve

297、 Protection for General Shareholder in IPO of Split-off Subsidiary announced on 5 September 2022.The three layers of general shareholder protection scheme for IPO of split-off subsidiary has been established and is in effect as of the end of 2022.The three layers are:Enhanced disclosure companies se

298、ek to split off a subsidiary will be required to disclose their business restricting plan from 18 October 2022;Right to request company to purchase shares shareholders who dissent from the companys split-off decision have the right to request the company to purchase their stocks when the companys bo

299、ard of directors resolves to make a split-off.Strengthened listing review From 28 September 2022,the effort of parent company in ensuring general investor protection are being investigated when split-off subsidiary plans to go public.The amendment is now in effect.Government Approves Revision Bill t

300、o Strengthen Rights of General Shareholders in Split-off of Listed CompanyStrengthen Rights of General Shareholders in Split-off of Listed Company3On 30 January 2023,the Korea Financial Services Commission(Korea FSC)issued its annual work plan for 2023.The 2023 work plan includes 12 specific policy

301、items under the following initiatives:1.Ensuring strong financial market stability;2.Strengthening the role of finance to shore up the growth of the real economy and peoples livelihoods;and3.Promoting the advancement of the financial industry into a high value-added strategic sector.Some key policy

302、items are:To manage and respond in advance to various risks in the financial market and real estate market,triggered by interest rate hikes;To support the expansion of future growth engines,the authorities will:oProvide policy funding to support the“New Growth Strategy 4.0”initiative,with the aim to

303、 support Korea to become worlds top 5 power exporter;oIntroduce business development companies to facilitate investment by retail investors in venture business and innovation firms with high growth potential;oSpecify corporations under duty and disclosure items for listed firms mandatory ESG disclos

304、ure of listed firms starting 2025.Promote the export of internationally competitive financial service infrastructures(such as the credit data system,payment and settlement system,etc.)to developing markets and offer fintech business support.FSC Unveils Work Plan for 2023Work Plan for 20231On 25 Janu

305、ary 2023,the FSC Korea announced measures to improve foreign investors access to Korean capital markets through deregulation.Key improvement measures are:1.Abolish the foreign investor registration requirement;2.Facilitate the use of omnibus account for foreign investors;3.Improve the convenience of

306、 OTC transactions for foreign investors;4.Expand the availability of English disclosures in phases.The authorities will revise the FSCMA Enforcement Order and Financial Investment Business Regulations in the first half of 2023 and commence implementation by the end of 2023 after building an IT syste

307、m.FSC Announces Measures to Improve Foreign Investors Access to Korean Capital MarketsImprove Foreign Investors Access to Korean Capital Markets2On 22 December 2022,the FSC Korea announced the improvement plan to corporate financial data infrastructure to support micro-enterprises,SMEs and innovativ

308、e businesses.Key improvements include:1.Update the corporate data management system of Korea Credit Information Services(KCIS);2.Expand data sharing with financial sectors on innovative businesses in new industries;3.Revision of entry regulations for business credit bureaus(business CBs),allowing CB

309、s to be selected as data-specialised institutions;and4.Review of ways to introduce MyData services designed for sole proprietorsThe improvements were discussed at the 5thfinancial regulatory innovation committee meeting on 20 December 2022.The FSC Korea will seek to prompt the implementation of the

310、detailed measures in the first half of 2023.FSC Unveils Measures to Improve Corporate Financial Data Infrastructure to Support More BusinessesMeasures to Improve Corporate Financial Data Infrastructure to Support More Businesses4 2023.For information,Contact Deloitte Touche Tohmatsu Limited.2626Intr

311、oductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaThailandNew ZealandSummaryIndiaPhilippinesTaiwan(China)VietnamContactsAsia Pacific Financial Services Regulatory Update Q1 2023South Korea(2/2)On 10 February 2023,the FSC Korea announced regulatory revisions in fiv

312、e major financial sectors(including banks,insurance companies,savings banks,specialised credit finance business companies and mutual finance unions)for the implementation of housing market-related measures introduced on 10 November 2022.Key revisions include:Permitted lenders to issue new home mortg

313、ages to multiple house owners intends to purchase new house in regulated areas;Permitted lenders to issue new home mortgages to entities registered as house rental business operators and house brokers;Lifted all home mortgage issuance restrictions on landlords intend to use the mortgages to return l

314、ease deposits to their tenants;Lifted the KRW200 million(per year)cap placed on home mortgages intended to be used for emergency livelihood expenses,and lenders will be permitted to issue home mortgages within the borrowers loan to value(LTV)ratio and debt service ratio(DSR);Temporarily apply(for on

315、e year)borrowers former DSR calculated at the time of original mortgage issuance when the borrower applies for a refinancing loan,to prevent a reduction in potential loan limit amid rate hikes and tightened DSR regulations;Lifted the current home mortgages(KRW600 million)cap on low-income households

316、 and non-speculative homebuyers who intend to purchase a new house in regulated areas,and permit lenders to issue home mortgages to the homebuyers within the LTV ratio and DSR of the borrower.The revision became effective on 2 March 2023.FSC Proposes Regulatory Revisions to Facilitate Prompt Recover

317、y of Demand in Housing MarketFSC Proposes Regulatory Revisions to Facilitate Prompt Recovery of Demand in Housing Market7On 6 March 2023,the FSC Korea held a meeting to review the corporate bond and short-term money market situation and risks in the real estate project finance(PF)market and discuss

318、responding measures with relevant authorities.Key discussion areas are:1.Current corporate bond and money market trends;2.Direction to address risks in the real estate PF market;3.Direction to revise the inter-creditor agreement in real estate PF;and 4.Measures to support private sector-led real est

319、ate PF restructuring.Concluding from the meeting,the government introduced the following responding measures:Authorities will examine each site of real estate PF and set up a quick reporting system for abnormal situations;Authorities will flexibly implement policies to accommodate special situations

320、 and characteristics of each real estate PF site;andAuthorities will increase the amount of policy funds supplied to construction companies and enhance risk management over real estate trust companies.To ensure the stability of real estate PF market and the financial market,the Korean government wil

321、l continue to actively pursue and implement these revised measures with existing programs.Furthermore,authorities will also review the market situation and extend the grace period of particular financial relief regulations if necessary.FSC Holds Meeting to Review Corporate Bond and Money Market Situ

322、ation and Real Estate PF RisksOn 31 January 2023,the FSC Korea and the Ministry of Justice announced a set of measures to improve rules regarding dividends.These measures intend to align companies procedures for distributing dividends with international standards.Key improvement measures include:1.A

323、uthorities issued an authoritative interpretation on the Commercial Act,and revised the FSCMA to improve the current dividend distribution procedure,through which enables investors to invest after determine the amount of dividend received.2.Revised model articles of association of listed companies t

324、o encourage adoption of the improved dividend distribution procedures.From 2024,listed companies will be required to disclose whether they have adopted the improved dividend distribution procedure on their corporate governance reports.Authorities Plan to Improve Rules Regarding Dividend in Line with

325、 Global StandardsNew Rules to Improve Distribution of Dividends6Corporate Bond and Money Market Situation and Real Estate PF Risks5 2023.For information,Contact Deloitte Touche Tohmatsu Limited.27IntroductionAustraliaMainland ChinaHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaTaiwan(China)T

326、hailandNew ZealandSummaryIndiaPhilippinesVietnamContactsAsia Pacific Financial Services Regulatory Update Q1 2023Taiwan(China)(1/3)On 23 December 2022,the Financial Examination Bureau(FEB)of the Financial Supervisory Commission(FSC Taiwan)announced its 2023 financial examination focusing on implemen

327、ting the Principles for Effective Financial Examinations principle of maintaining the transparency of examination procedure.The financial examination focuses intends to support FIs to understand the FSC Taiwans supervisory and examination focuses,as well as to strengthen business and operation to ac

328、hieve self-regulation.6 Key financial examination focuses in 2023 include:(1)Risk management in response to the development of domestic and international political and economic conditions;(2)concern of external stakeholders;(3)FSC Taiwan supervisory focuses;(4)other common examination focuses across

329、 industries;(5)new or revised examination items in each financial industry sector,and(6)other existing examination focuses.Having regard to the above focuses,the four of most concern to FSC Taiwan in 2023 are:(a)financial resilience(capital and financial resilience;internet security and information

330、resilience);(b)domestic and foreign investment risk management;(c)fraud prevention;and(d)financial consumer protection.FSC Taiwan announces 2023 financial examination focuses2023 Financial Examination Focuses1Regulations Governing Issuance of NTD Bank Debentures by Foreign Bank Branches3On 3 January

331、 2023,the FSC Taiwan launched a consultation on the amendments made to the Regulations Governing Issuance of NTD Bank Debentures by Foreign Bank Branches.To support Taiwans 2025 net zero target,the FSC Taiwan,Environmental Protection Administration(EPA),Ministry of Economic Affairs(MOEA),Ministry of

332、 Transportation and Communications(MOTC),and Ministry of the Interior(MOI)jointly issued the Criteria for Determining Whether Economic Activities Qualify as Sustainable on 8 December 2022 to encourage FIs to invest capital in sustainable economic activities.Following the Criteria,the FSC Taiwan prop

333、osed amendments to Article 2 and Article 4 of the Regulations Governing Issuance of NTD Bank Debentures by Foreign Bank Branches,intending to assist foreign banks branches in sustainable finance and carbon reduction.Key amendments include:Expanded the scope of the use of funds raised through bank debentures issued by foreign bank branches in Taiwan to cover general and forward-looking economic act