德勤：2022年第四季度亚太地区金融服务监管政策更新_32页_1mb

Asia Pacific Regulatory Update Q4 2022 Summary

Core Content

This summary outlines key regulatory developments in the Asia Pacific region during Q4 2022, focusing on digital asset regulation, digital payments, climate and sustainability, and the implementation of Basel III reforms. It also includes updates from Australia and Mainland China, as well as Hong Kong SAR, highlighting the evolving regulatory landscape and its implications for financial institutions and the broader financial ecosystem.

Main Points

Digital Asset Regulation

• Key Markets: Hong Kong SAR and Singapore have continued to refine digital asset regulation in response to global crypto failures.
• Consumer Protection Measures: Enhanced disclosures, safeguarding of customer assets, stablecoin naming conventions, and robust anti-money laundering (AML) and cybersecurity controls are being introduced or proposed.
• Objective: To create responsible digital asset ecosystems that remain innovative and transformative.

Digital Payments

• New Payment Options: Authorities are updating regulatory frameworks to accommodate digital wallets, buy-now-pay-later (BNPL), stablecoins, and crypto-assets.
• Central Bank Sandboxes: Central banks are launching more sandboxes to test use cases for central bank digital currencies (CBDCs).
• Cross-border Payments: Greater cooperation is being explored to improve speed, cost, transparency, and inclusivity of cross-border small value payments. An example is the MoU between five ASEAN central banks in November 2022.

Climate and Sustainability

• Accelerated Efforts: Climate-related financial disclosures and green finance initiatives are gaining momentum, with a focus on physical and transition risks.
• Australia: The Australian Treasury released a consultation paper on climate-related financial disclosure, aiming to align with international standards. APRA also conducted a Climate Vulnerability Assessment (CVA) on Australia’s five largest banks.
• Mainland China: CBIRC introduced statistical rules for green insurance business and revised governance evaluation methodologies to support sustainable development.

Basel III Implementation Delays

• Hong Kong and Singapore: Both regulators delayed the implementation of the remaining Basel III reforms to no earlier than 1 January 2024, aligning with global timelines.
• Australia: Australia moved forward with the implementation of most reforms on 1 January 2023.

Key Regulatory Updates by Jurisdiction

Australia

1. APRA and ASIC Annual Reports: Released for FY 21/22, highlighting key regulatory activities and enforcement priorities for 2023.
2. Modernising Prudential Architecture: APRA outlined a multi-year plan to improve the clarity, simplicity, and adaptability of the prudential framework.
3. Bank Board Directors Guide: APRA published a guide for bank board directors to enhance oversight and performance.
4. Recovery and Exit Planning: Final Prudential Standard CPS 190 introduced, effective from 1 January 2024.
5. Market Resilience Consultation: ASX responded to ASIC’s report with a consultation paper on enhancing market resilience.
6. BNPL Regulation: Consultation on options for regulating BNPL in Australia, with submissions closed on 23 December 2022.
7. Insurance Risk Self-assessment: APRA published findings from a thematic review on insurance risk management.
8. Superannuation Transfer Planning: APRA proposed enhancements to transfer planning guidance, with submissions open until 10 March 2023.
9. Financial Resources for Risk Events: APRA updated prudential standards for managing financial resources in superannuation, with submissions open until 17 March 2023.
10. Strategic Plan for Payments System: Consultation paper released to inform the government’s strategic plan for the payments system, with submissions open until 6 February 2023.
11. Modernising Financial System: Government priorities include strengthening the payments system, improving financial market infrastructure, and regulating BNPL and cryptocurrency service providers.

Mainland China

1. Banking Regulation and Supervision Law: CBIRC issued a revised draft for consultation, aiming to improve prudential rules, strengthen conduct supervision, and enhance consumer protection.
2. Corporate Governance Evaluation Methodology: Revised rules introduced to improve corporate governance supervision and effectiveness.
3. Insurance Security Fund Rules: Updated to enhance stability, quality, and protection of policyholders' rights.
4. Green Insurance Business Statistical Rules: Insurance companies required to collect and report green insurance data systematically.
5. Personal Pension Business Notice: Clarified requirements for insurance companies to offer personal pension products and manage them effectively.
6. Corporate Group Finance Companies Rules: Revised to strengthen supervision and risk control.
7. Interim Rules on Personal Pension Business: Draft rules issued for commercial banks and wealth management companies, with consultation closed on 13 November 2022.
8. Commercial Bills Acceptance, Discount, and Rediscount Rules: Jointly issued by PBC and CBIRC to regulate bill market activities and promote healthy development.
9. Commercial Bank Off-balance Sheet Management Rules: Revised to expand definitions and improve risk management for off-balance sheet business.

Hong Kong SAR

1. Basel III Final Reform Implementation: HKMA delayed implementation of remaining Basel III reforms to 1 January 2024.
2. AML and CTF Amendment Bill: Introduced licensing regime for virtual asset service providers and a two-tier registration system for precious metals and stones dealers.
3. AMLab Series with Cyberport: Continued efforts to combat fraud using regtech and synthetic data.
4. Due Diligence for Green and Sustainable Products: HKMA shared best practices to prevent greenwashing and ensure proper management of green products.
5. Risk-based Supervisory Approach: Revised SPM module SA-1 added climate risk as an emerging risk, integrating it into supervisory frameworks.
6. HKFRS/IFRS 17 Implementation: IA issued clarifications on reporting requirements under the Insurance Ordinance.

Conclusion

The Q4 2022 regulatory update in the Asia Pacific region reflects a continued focus on digital innovation, consumer protection, climate resilience, and alignment with global standards. Financial institutions are being urged to adapt to these changes, ensuring robust governance, risk management, and compliance with emerging regulatory frameworks.