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Asia Pacific Financial Services Regulatory Update – Q3 2022 Summary

Core Content

This summary outlines key regulatory updates in the Asia Pacific region for Q3 2022, focusing on prudential reforms, risk management, financial services innovation, and consumer protection across Australia, China Mainland, and Hong Kong SAR.

Main Regulatory Themes

• Prudential Regulation: Continued focus on enhancing resilience, modernising regulatory frameworks, and strengthening cyber and operational risk management.
• Economic Recovery Support: Central banks and regulators are implementing measures to support economic recovery through financial incentives while managing risks.
• Digital Finance: Increased attention to payment systems, cloud computing, and BNPL services, with new guidelines and standards to ensure operational resilience and consumer protection.
• Consumer Remediation and Advice Quality: Regulatory bodies are improving mechanisms for consumer remediation and reviewing the quality of financial advice to ensure it is accessible and affordable.
• Systemically Important Institutions (SII): Enhanced frameworks for identifying and managing risks associated with SII, including insurance and banking sectors.
• Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF): Ongoing efforts to strengthen AML/CTF regimes and address evolving risks.

Key Information

Australia

1. APRA and ASIC Corporate Plans:

   • APRA updated its 2022-23 Corporate Plan, focusing on resilience, modernisation, and cyber security.
   • ASIC released its 2022-26 Corporate Plan, with an emphasis on sustainable finance, retirement decision-making, and technology risks.
   • Both regulators continue to consider litigation as a tool for enforcement.

2. Operational Risk Management:

   • APRA consulted on a new cross-industry prudential standard, CPS 230, which consolidates five existing standards.
   • The final version is expected in early 2023, with effect from 1 January 2024.

3. Financial Contingency and Resolution Planning:

   • APRA released draft guidance on financial contingency and resolution planning.
   • These guidelines are intended to improve preparedness and ensure orderly resolution in case of failure.
   • Final standards are expected to come into force on 1 January 2024.

4. Modernising Prudential Architecture:

   • APRA outlined a multi-year initiative to make the regulatory framework "clearer, simpler and more adaptable".
   • The initiative includes better regulation, digital-first approaches, and new risk management strategies.

5. Consumer Remediation:

   • ASIC released new remediation guidance, RG 277, replacing RG 256.
   • The guidance outlines nine core principles for effective consumer remediation, including fairness, transparency, and accountability.

6. Quality of Advice Review:

   • The Australian Treasury is reviewing financial advice quality and seeking feedback on proposed reforms.
   • The consultation period ended on 23 September 2022, with a report due by 16 December 2022.

China Mainland

1. Insurance Asset Management Companies:

   • CBIRC issued new rules to strengthen regulation and promote high-quality development in the sector.
   • The rules include corporate governance, risk management, and compliance measures.

2. Internal Control of Wealth Management Companies:

   • CBIRC introduced new rules to refine internal control frameworks.
   • The rules consist of 46 articles across six chapters, effective from 25 August 2022.

3. Credit Card Business Standardisation:

   • CBIRC and PBC issued guidelines to standardise credit card practices and protect consumer interests.
   • The notice became effective on 7 July 2022 with a 2-year transition period.

4. Capital Management of Financial Asset Investment Companies:

   • CBIRC introduced provisional rules on capital management to enhance supervision and promote stability.
   • The rules came into effect on 8 July 2022.

5. Online Lending Management:

   • CBIRC issued guidelines to improve the management of online lending by commercial banks.
   • The rules aim to enhance quality and efficiency of financial services, consumer protection, and digital transformation.

6. Insurance Sales Conduct and Information Disclosure:

   • CBIRC consulted on rules for insurance sales conduct and life insurance product information disclosure.
   • These rules aim to protect policyholders, insured, and beneficiaries while promoting industry sustainability.

7. Systemically Important Insurance Companies (D-SIIs):

   • CBIRC consulted on the assessment methodology for D-SIIs.
   • The consultation period ended on 8 August 2022.

8. Mid-Year Work Conferences:

   • CBIRC and PBC held mid-year conferences, outlining priorities for the remainder of the year.
   • Key priorities include financial stability, macro-prudential management, and international cooperation.

9. Systemically Important Banks (SIBs) List:

   • The 2022 list of SIBs was released, identifying 19 banks, including six state-owned, nine joint-stock, and four city commercial banks.

Hong Kong SAR

1. Consumer Credit Data Sharing:

   • HKMA revised SPM Module IC-6 to clarify expectations for authorised institutions (AIs) on data sharing via CRAs.
   • The Credit Reference Platform (CRP) is expected to launch by the end of 2022.

2. AML/CTF Risk Assessment Report:

   • HKMA published the 2022 HRA, highlighting increased ML/TF risks due to digital transformation.
   • Corresponding circulars were issued by HKMA, SFC, and IA to address these risks.

3. Operational Risk Management:

   • HKMA updated SPM OR-1 to align with BCBS principles.
   • AIs must implement the revised module by 25 January 2024.

4. Payment Operation Sound Practices:

   • HKMA released guidelines on payment operations to ensure operational resilience.
   • The guidelines include incident prevention, monitoring, and business continuity planning.

5. Cloud Computing Guidance:

   • HKMA issued guidance on cloud computing, outlining key principles such as governance, risk management, and legal rights.
   • The guidance complements existing SPM modules on outsourcing and technology risk management.

6. e-HKD Policy Stance:

   • HKMA outlined a three-rail approach for e-HKD implementation, including technology and legal foundation, use case examination, and outcome consolidation.
   • The position paper was published as part of the Fintech 2025 strategy.

Regulatory Hot Topics

Taxonomy of Regulatory Topics

1. COVID-19 Measures
2. Governance & Strategic / Reputational Risk
3. Financial Risk
4. Operational & Conduct Risk
5. Financial Crime
6. Consumer Protection
7. Data & Technology
8. Financial Products, Instruments & Services
9. Financial Market Infrastructure
10. Systemic / Currency Stability
11. Enforcement
12. Supervisory Approach
13. Climate & Sustainability

Conclusion

The Q3 2022 regulatory update highlights a continued focus on prudential reform, operational resilience, and consumer protection across the Asia Pacific region. Regulators are responding to the evolving financial landscape by introducing new standards, enhancing oversight, and promoting innovation while maintaining stability and risk control.