2020年亞太地區可持續金融監管狀況- 亞洲證券業與金融市場協會（英文版）（50頁）.pdf

1、 Sustainable Finance in Asia Pacific Regulatory State of Play 3 March 2020 Page 2 Disclaimer The information and opinion commentary in this ASIFMA White Paper (Sustainable Finance in Asia Pacific: Regulatory State of Play) was prepared by the Asia Securities Industry and Financial Markets Associatio

2、n (ASIFMA) to reflect the views of our members. ASIFMA believes that the information in the Paper, which has been obtained from multiple sources believed to be reliable, is reliable as of the date of publication. As estimates by individual sources may differ from one another, estimates for similar t

3、ypes of data could vary within the Paper. In no event, however, does ASIFMA make any representation as to the accuracy or completeness of such information. ASIFMA has no obligation to update, modify or amend the information in this Paper or to otherwise notify readers if any information in the Paper

4、 becomes outdated or inaccurate. ASIFMA will make every effort to include updated information as it becomes available and in subsequent Papers. Page 3 ASIFMA is an independent, regional trade association with over 125 member firms comprising a diverse range of leading financial institutions from bot

5、h the buy and sell side including banks, asset managers, law firms and market infrastructure service providers. Together, we harness the shared interests of the financial industry to promote the development of liquid, deep and broad capital markets in Asia. ASIFMA advocates stable, innovative and co

6、mpetitive Asian capital markets that are necessary to support the regions economic growth. We drive consensus, advocate solutions and effect change around key issues through the collective strength and clarity of one industry voice. Our many initiatives include consultations with regulators and exch

7、anges, development of uniform industry standards, advocacy for enhanced markets through policy papers, and lowering the cost of doing business in the region. Through the GFMA alliance with SIFMA in the US and AFME in Europe, ASIFMA also provides insights on global best practices and standards to ben

8、efit the region. Page 4 Contents 1 OVERVIEW . 7 2 CHALLENGES FOR POLICYMAKERS AND REGULATORS . 8 2.1 Consistent and Representative Taxonomy . 9 2.2 Reliable Data and Harmonised Disclosure . 10 2.3 Common Approach to Prudential Risk Assessment and Stress Testing . 11 2.4 Interplay between Industry-de

9、veloped Initiatives and Policy . 11 2.5 Concluding Remarks . 12 3 KEY POLICY SUMMARY . 13 3.1 Taxonomy/Classification Systems for Green Assets or Products . 13 3.2 ESG Disclosure . 13 3.3 Integration of Climate-related Risk in Supervisory Mandates of Central Banks . 14 3.4 Matrix of Key Themes by Ju

10、risdiction . 15 4 INTERNATIONAL REGULATORY DEVELOPMENTS . 16 4.1 Initiatives by the International Organization of Securities Commissions (“IOSCO”) . 16 4.1.1 Disclosure of ESG Matters by Issuers . 16 4.1.2 Recommendations for Emerging Markets and the Role of Securities Regulators . 16 4.1.3 Sustaina

11、ble Finance Network. 17 4.2 Initiatives by the FSB . 17 4.2.1 TCFD Final Recommendations . 17 4.2.2 TCFD 2019 Status Report . 18 4.2.3 Work programme for 2020 . 18 4.3 ISO standard . 19 4.4 NGFS Initiatives . 19 4.4.1 A Call for Action: April 2019 Recommendations . 19 4.4.2 Technical Document on SRI

12、 Approaches . 20 4.4.3 Next Steps for NGFS . 20 4.5 International Green Bond Standards or Certifications . 20 4.5.1 Green Bond Principles (“GBP”), Social Bond Principles (“SBP”) and Sustainability Bond Guidelines (“SBG”) (all together, “the Principles”) . 20 4.5.2 Climate Bonds Initiative . 21 4.5.3

13、 ASEAN Green Bond Standards . 22 Page 5 4.6 Green Loan Market . 22 4.6.1 Green Loan Principles . 22 4.6.2 Sustainability Linked Loan Principles (“SLLPs”) . 23 4.7 Further International Regulatory Initiatives . 23 4.8 European Commission Initiatives . 24 4.8.1 EU Taxonomy Regulation . 25 4.8.2 EU Dis

14、closure Regulation . 26 4.8.3 Climate-related Benchmarks. 27 4.8.4 EU Green Deal . 28 4.9 Prudential Regulation . 29 4.9.1 Prudential Regulation Authority . 29 4.9.2 Stress Testing . 30 4.9.3 European Prudential Regulation . 31 5 ASIA PACIFIC REGULATORY DEVELOPMENTS . 32 5.1 Asia Pacific Regional Bo

15、dies . 32 5.1.1 Association of Southeast Asia Nations (ASEAN) . 32 5.1.2 Asian Development Bank (ADB) . 32 5.1.3 Asia Infrastructure Investment Bank (AIIB) . 33 5.2 Developed Markets . 33 5.2.1 Mainland China . 33 5.2.2 Hong Kong . 34 5.2.3 Singapore . 35 5.2.4 Japan . 36 5.2.5 Australia . 37 5.2.6

16、New Zealand . 38 5.3 Emerging Markets . 39 5.3.1 Indonesia . 39 5.3.2 Malaysia . 40 5.3.3 India. 41 5.3.4 Thailand . 41 5.4 Other Asia Pacific Jurisdictions . 43 APPENDIX A: SURVEY OF OTHER INTERNATIONAL BODIES . 44 Page 6 ASIFMA would like to extend its gratitude to Herbert Smith Freehills and its

17、Indonesian associate firm Hiswara Bunjamin and Ensure that they take a coordinated regulatory approach internationally, with commitment from regulators in all major jurisdictions to achieve greater international consistency, ranging from approaches towards taxonomies and corporate disclosure to meas

18、urement of climate- related risks and use of incentives and other mechanisms to prevent market failure. Not only would a coordinated and holistic approach catalyse innovation and incentivise greater participation from the private sector, but also support continued growth and development of sustainab

19、le finance in markets. Indeed, a key objective of this paper is to draw attention to the variety of approaches and frameworks being implemented, and to highlight the need for greater consistency and compatibility between regimes, including with respect to economies at different stages of development

20、. ASIFMA encourages policymakers in Asia Pacific jurisdictions to coordinate with each other and apply the following principles: 1. Avoid requirements that are unduly complex or prescriptive, while being aware of unintended consequences of regulation such as market distortion and fragmentation; 2. S

21、trive for consistency and compatibility whilst allowing for the variation of economic and capital markets development, a key feature of the Asia Pacific region; 3. Where possible, align policies and frameworks with international standards to avoid unnecessary complexity and unlevel-playing-field iss

22、ues for market participants operating globally; and 4. Where international standards are not yet under development, seek to encourage and catalyse development of such standards, particularly as Asia Pacific jurisdictions have unique perspectives in not only being significant recipients of sustainabl

23、e finance, but also being most impacted by sustainability challenges. Global coordination is essential because like climate change, investing and financing do not take place within the bounds of clear borders, and cross-border capital flows are so vital. Indeed, while most of the investment needed t

24、o achieve the Paris Agreements goals will come from developed economies, emerging markets, including those in Asia, are often most in need of investment and will be impacted heavily by regulation impacting investment decisions. This must be taken into account during policy design, which should suppo

25、rt the appropriate flow of funding to maximise investment in sustainability. Page 9 We encourage Asia Pacific policymakers to engage actively with their international counterparts, and to represent this regions perspective prominently in global fora. The European Union (“EU”) is today at the forefro

26、nt of international policy development and, while such leadership is to be commended, it is not prudent for the industry and policymakers to leave standard-setting to any one jurisdiction alone, or for standards to be established without due consideration of unintended consequences and potential mar

27、ket distortions. By actively sharing perspectives with others and contributing to policymaking elsewhere, this can also help to ensure compatibility and interoperability between regimes. Active and early-stage participation in international coordinating forums such as the Network for Greening the Fi

28、nancial System (“NGFS”) by regulators in the Asia Pacific region are highly welcome. In addition, Asia Pacific regulators may also consider forming a specific regional task force with sub- groups targeting specific issues such as regulatory disclosure, ESG scoring, risk management, etc., or working

29、through other existing industry structures and in order to achieve the level of coordination needed for an effective regional approach to sustainability, and engagement globally. 2.1 Consistent and Representative Taxonomy Currently, there exist a wide range of taxonomies developed by different jurisdictions, organisations, and individual firms with substantively differing interpretations of what makes a product or activity sustainable. In September 2019, the industry, through ASIFMAs sister organisation Association for Financial Markets in Europe (“AFME”), re