德勤：2021年第四季度 亞太地區金融服務監管政策更新（23頁）.pdf

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1、Asia Pacific Financial Services Regulatory UpdateQ4 2021December 2021Asia Pacific Financial Regulatory Update Q4 20212 2021. For information, contact Deloitte Advisory (Hong Kong) LimitedIntroductionAustraliaChina mainlandHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaTaiwanThailandContactNe

2、w ZealandSummaryIndiaPhilippinesVietnamIntroductionDear clients and colleagues,The Deloitte Asia Pacific Centre for Regulatory Strategy is pleased to share with you the key regulatory updates from our region for Q4 2021.COVID-19 in a new phase: Incremental COVID-19 impacts have started to fade as in

3、fections from the Delta variant gradually come under control, even in the severely affected jurisdictions such as Thailand and Indonesia. Though regulators are still cautious about the next wave of new cases, the number of pandemic-related measures is relatively small in this quarter. Rather, regula

4、tors attention has now shifted to the “back to normal” topics such as Basel III implementation and financial supervisory frameworks.New threats to the financial systems came arise as the Omicron variant, in a much faster pace, began to spread. Particularly, emerging economies with lower vaccination

5、rates could be more vulnerable to the new wave. Effectively, the new variant could have a backspinon the resumption of economic and social activities. Furthermore, outlook for the U.S. monetary policy for interest rate hikes may cause devaluation of the emerging currencies.We believe the regulatory/

6、monetary/fiscal policies in Asia Pacific (AP) have remained on their way to normalization in Q4, however there are still uncertainties lying ahead.Climate and sustainability: Climate risk has been a focus area with increasing importance in AP. UK/EU regulators are leading key topic areas such as cli

7、mate and social taxonomies. UK regulators indicated in Q4 their intention of potentially setting capital requirements on climate risk.In AP, the majority of jurisdictions are prone to natural disasters (Typhoon, earthquake, and floods), while their economies rely heavily on natural resources. On the

8、 other hand, a range of fragmented regulatory frameworks are being formed across the AP region. To address regulatory fragmentation, Association of Southeast Asian Nations (ASEAN) proposed an initiative to establish a common climate taxonomy for member states that reflects the unique geographical an

9、d social characteristics of the region.Technology and data: Data protection is another focus area of regulators, reflecting governments stances to ensure national security against the backdrop of geopolitical developments within and outside of AP. In 2021, several personal data protection rules have

10、 come into effect, for example in China and India. Governments are also keen to protect intellectual property rights and enhance cybersecurity.In the meantime, governments are utilising new technology and data to empower economic growth. A number of AP jurisdictions, such as Singapore and Hong Kong

11、SAR, have put forward initiatives to promote fintech or non-bank payment systems. Financial supervisors are now required to cover a wider scope of financial industries, including digital payments, digital currencies, and non-bank financial intermediaries. AP regulations, as well as those of other gl

12、obal regions, are expected to modernise their supervisory frameworks to stay aligned with the evolving financial business landscape.In 2022, we expect that the economic recovery will be stabilised, and that regulators and the FS firms will have more time to take the “new-normal” into consideration f

13、or the financial system. The financial sector will need to bear more social and environmental responsibilities, as the clock is ticking toward 2030, the target deadline for emission reduction committed by many nations. FS firms will play an important role in the green transition, through providing f

14、inancing, bond arrangements, and other financial schemes. It may be challenging to achieve those targets with entirely market-based tools such as carbon-taxes, therefore policymakers will need to utilise their institutional or supervisory powers to prompt market participants commitments to concrete

15、plans and actions. FS firms will be key actors, in collaboration with regulators, to incentivise the agents and monetise de-carbonisation for the coming decades.For queries or more information on these updates or other regulatory topics, please get in touch.Best regards,The ACRS Co-leads 2021. For i

16、nformation, contact Deloitte Advisory (Hong Kong) LimitedIntroductionAustraliaChina mainlandHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaTaiwanThailandContactNew ZealandSummaryIndiaPhilippinesVietnamAsia Pacific Financial Regulatory Update Q4 2021Regulatory Hot Topics Top six most talked a

17、bout themes this quarterOperational & Conduct Risk10UpdatesData & Technology8 UpdatesFinancial Products, Instruments & Services17UpdatesClimate & Sustainability8Updates1.COVID-19 Measures2.Governance & Strategic / Reputational Risk3.Financial Risk4.Operational & Conduct Risk5.Financial Crime6.Consum

18、er Protection7.Data & Technology8.Financial Products, Instruments & Services9.Financial Market Infrastructure10. Systemic / Currency Stability11. Enforcement12. Supervisory Approach13. Climate & SustainabilityTaxonomySupervisory Approach12UpdatesFinancial Market Infrastructure8Updates4 2021. For inf

19、ormation, contact Deloitte Advisory (Hong Kong) Limited4Asia Pacific Financial Regulatory Update Q4 2021IntroductionAustraliaChina mainlandHong Kong SARIndonesiaJapanMalaysiaSingaporeSouth KoreaTaiwanThailandContactNew ZealandSummaryIndiaPhilippinesVietnamAustralia (1/2)After four years of consultat

20、ion, on 29 November 2021, the Australian Prudential Regulation Authority (APRA) finalised its new bank capital framework, designed to embed unquestionably strong levels of capital and align Australian standards with the internationally agreed Basel III requirements.The new framework comes into effec

21、t from 1 January 2023, and is designed to:Increase flexibility, through larger capital buffers that can be used by banks to support lending during periods of stress;Enhance risk sensitivity, including through a reduction in capital requirements for lower-risk residential mortgages and small business

22、 lending, and an increase for higher-risk mortgages;Support competition, building in safeguards to ensure that capital requirements for advanced banks that use internal models do not become excessively low, relative to standardised banks that use APRA-prescribed risk weights;Improve transparency, by

23、 increasing the alignment of APRAs standards with the international Basel framework, and making it easier to compare capital strength across advanced and standardised banks through better disclosures; andIncrease proportionality, through the introduction of simplified capital requirements for smalle

24、r, less complex banks relative to larger, significant financial institutions.To help regulated institutions understand the new capital framework and the regulatory standards that will apply, APRA has released the following information paper outlining the objectives of the framework and its key featu

25、res:APRA Information Paper: An Unquestionably Strong Framework for Bank CapitalAlongside the new framework, APRA also published the following updated prudential standards for capital adequacy and credit risk capital:APS 110: Capital Adequacy;APS 112: Capital Adequacy (Standardised Approach to Credit

26、 Risk); andAPS 113: Capital Adequacy (Internal Ratings-based Approach to Credit Risk)Draft guidance to support the new prudential standards within the capital framework have also been released for consultation, with written submissions requested by 11 March 2022:Draft PPG APG 110: Capital Adequacy;D

27、raft PPG APG 112: Capital Adequacy (Standardised Approach to Credit Risk); andDraft PPG APG 113: Capital Adequacy (Internal Ratings-based Approach to Credit Risk)APRA Finalises New Bank Capital Framework Designed to StrengthenFinancial System Resilience 1On 26 November 2021, APRA released its final

28、prudential practice guide on climate change financial risks which is designed to assist banks, insurers and superannuation trustees to manage the financial risks of climate change. CPG 229 imposes no new regulatory requirements or obligations but will instead assist APRA-regulated entities to manage

29、 climate-related risks. The objective of the guide is to help APRA regulated institutions:Understand the risks and opportunities that may arise from a changing climate;Ensure investment, lending and underwriting decisions are well-informed; andImplement proportionate governance, risk management, sce

30、nario analysis and disclosure practices.The guide also outlines APRAs view of what constitutes better practice in the management of climate change financial risks, which include (but are not limited to):Having processes in place to identify and measure risks, including high exposure sectors, to unde

31、rstand the potential impact of climate change on business and operating models;Monitoring risks through regularly updated metrics, both qualitative and quantitative;Using scenario analysis to inform understanding of long-term risks and opportunities;Develop and evidence plans to manage climate relat

32、ed risks through mitigation plans, developed through engaging customers and counterparties;Evidence the management of climate risks within its written risk management policies, regularly report relevant information to the board and senior management, and consider external market disclosures.APRA Med

33、ia Release - New Prudential Guidance on managing climate change financial risksAPRA Prudential Practice Guide - CPG 229: Climate Change Financial RiskGuidance Released on Managing the Financial Risks of Climate Change2In October 2021, the Australian Governments Senate Select Committee on Australia a

34、s a Technology and Financial Centre (“Senate Select Committee”) released its final report, focused on key areas affecting the competitiveness of Australias technology, finance and digital asset industries, namely:The regulation of cryptocurrencies and digital asset industries;Issues relating to de-b

35、anking of Australian fintechs and other companies; The policy environment for neobanks in Australia; andOptions to replace the Offshore Banking Unit regime.The Senate Select Committee made 12 recommendations, focused on updating Australias regulatory frameworks, driving innovation and enhancing comp

36、etitiveness.Final Report: Australia as a Technology and Financial CentreFinal Report Released on Australia as a Technology Centre35 2021. For information, contact Deloitte Advisory (Hong Kong) Limited5Asia Pacific Financial Regulatory Update Q4 2021IntroductionAustraliaChina mainlandHong Kong SARInd

37、onesiaJapanMalaysiaSingaporeSouth KoreaTaiwanThailandContactNew ZealandSummaryIndiaPhilippinesVietnamAustralia (2/2)APRAOn 23 November 2021, APRA released a short report outlining the results of their recently completed pilot initiatives outlined in their 2020-2024 Cyber Security Strategy:A data col

38、lection initiative focused on technology resilience; andAn independent assessment of a pilot set of entities compliance with CPS 234, APRAs information security prudential standard.APRA noted that the results and insights gained from the two pilots (in addition to ongoing supervisory activities) rei

39、nforce APRAs existing view that boards need to strengthen their ability to oversee cyber resilience. Ultimately, APRA expects boards to have the same level of confidence in reviewing and challenging information security issues as they do when governing other business issues. In APRAs view, boards ne

40、ed to play a more active role in:Reviewing and challenging information reported by management on cyber resilience;Ensuring their entities can recover from high-impact cyber-attacks; and Ensuring information security controls are effective across the supply chain.A summary of APRAs insights and expec

41、tations with respect to information security and enhancing cyber resilience throughout the financial sector can be viewed below:APRA Insight Newsletter - Improving cyber resilience: the role boards have to playASICOn 6 December 2021, the Australian Securities & Investments Commission (ASIC) publishe

42、d its 2020-21 report on cyber resilience of firms operating in Australias financial markets. Overall, results from ASICs review found that whilst management of cybersecurity risk was steadily improving overall, there was still opportunity for improvement across the entire sector. Unsurprisingly, the

43、 COVID-19 pandemic had a detrimental impact on planning improvements and investment and planned expenditure was reprioritised to address and mitigate other emerging cyber risks.A summary of ASICs key findings and insights can be viewed below:ASIC Report - Cyber resilience of firms in Australias fina

44、ncial markets: 202021Improving Cyber Resilience Across Australia4ASIC Releases Guidance on Crypto-Asset Related Investment Products5On 29 October 2021, ASIC released information for product issuers and market operators on how they meet their regulator obligations regarding crypto-asset exchange trad

45、ed products (ETPs). The information covers good practices for market operators in how they admit and supervise these products, and good practices for product issuers in how they establish and operate these products. Key matters covered by ASICs good-practice guide include admission and monitoring st

46、andards, custody of crypto-assets, pricing methodologies, disclosure and risk management.Media Release - ASIC releases guidance on crypto-asset related investment productsASIC Information Sheet 225: Crypto-assetsASIC Information Sheet 230: Exchange traded products Admission guidelinesOn 2 December 2

47、021, APRA commenced a five-month consultation on new prudential standards to strengthen the preparedness of banks, insurers and superannuation trustees to respond to future financial crises. Written submissions are requested by 29 April 2022.Two new prudential standards are proposed, and are aimed a

48、t ensuring entities are prepared to deal with threats to their viability, thereby reducing the risk of negative consequences resulting from failure:CPS 190: Financial Contingency Planning (CPS 190) would ensure all APRA-regulated entities have plans for responding to severe financial stress; andCPS

49、900: Resolution Planning (CPS 900) would require large or complex APRA-regulated entities to take pre-emptive actions to minimise adverse impacts in the event of failure, including ensuring that critical financial services can continue to be provided with minimal disruption.The new prudential standa

50、rds are proposed to come into effect from 1 January 2024 for banks and insurers, with CPS 190 commencing one year later (on 1 January 2025) for superannuation trustees.Media Release - APRA moves to strengthen crisis preparednessAPRA Discussion Paper and Draft Prudential Standards for ConsultationAPR