2023年第一季度-亚太地区金融服务监管政策更新（英）-35页-WN6.pdf

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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