2022-05-11-德勤-2022年第一季度_亚太地区金融服务监管政策更新_32页_1mb

Asia Pacific Financial Services Regulatory Update – Q1 2022 Summary

Core Content

The Q1 2022 Asia Pacific Financial Services Regulatory Update outlines key regulatory developments across the region, focusing on financial stability, digital assets, climate risk management, and financial product transparency. These updates reflect the evolving regulatory landscape shaped by global economic uncertainties, technological advancements, and increased emphasis on sustainability and consumer protection.

Main Views

1. Global Economic Uncertainties and Their Impact on Regulation

• The global economy is facing heightened uncertainty due to the ongoing effects of the pandemic, the US Federal Reserve's interest rate hikes, and the Ukraine conflict.
• These factors are expected to influence financial stability, inflation, and energy security, prompting regulators to reconsider their priorities.
• The financial sector is under pressure to balance climate transition goals with maintaining price stability and energy security.

2. Climate and Sustainability Regulation

• Climate risk management has become a central theme for AP regulators, with several jurisdictions introducing stress tests and scenario analyses.
• Enhanced disclosure standards and guidelines for financial institutions are being developed to improve transparency and accountability.
• Authorities are exploring the creation of carbon credit markets to support sustainable practices and risk management.
• The pace of climate-related policy implementation may be adjusted in light of inflationary pressures and energy security concerns.

3. Digital Assets and CBDCs

• Digital asset regulation remains a priority, with a focus on anti-money laundering (AML), financial crime, and consumer protection.
• Regulators are assessing the risks associated with digital assets and their use in daily transactions and retail investment.
• Central Bank Digital Currencies (CBDCs) are being actively explored, with projects like 'Project Dunbar' aiming to facilitate cross-border payments using multiple CBDCs.
• Regulatory experimentation with digital technologies continues, with potential long-term impacts on the financial system.

4. Basel III Implementation and Regulatory Fragmentation

• While some global regulators are delaying Basel III implementation, several AP regulators are moving forward, with some setting deadlines as early as 2023.
• This uneven timeline may lead to regulatory fragmentation, particularly for banks operating across multiple jurisdictions.
• APRA is pushing for stronger capital rations and the embedding of Basel III reforms, emphasizing financial stability and resilience.

5. Superannuation Regulation

• APRA is enhancing transparency in the superannuation sector through the Superannuation Data Transformation Program (SDTP), aiming to improve member outcomes and industry performance.
• The publication of the inaugural Choice Heatmap has exposed poor performance and high fees in choice products, prompting potential reforms.
• APRA and ASIC have released a joint letter on the retirement income covenant, which requires superannuation licensees to publish retirement income strategies by 1 July 2022.

6. ASIC's Regulatory Focus

• ASIC has outlined its 2022 priorities, including combating financial scams, addressing misleading marketing, and protecting vulnerable consumers.
• New market integrity rules and amendments to existing regulations are being introduced to improve technological and operational resilience.
• ASIC has issued guidance for social media influencers and licensees, emphasizing legal obligations and the risks of misleading financial promotion.

Key Regulatory Updates

Australia

• ASIC and APRA Collaboration: Joint letter on retirement income covenant, updated ePayments Code, and publication of Choice and MySuper Heatmaps.
• APRA's Policy and Supervisory Priorities: Focus on financial stability, compliance risk, cyber risk, and risk culture.
• ASIC's Market Integrity Rules: New rules for technological and operational resilience, including changes to payment for order flow and IT outsourcing requirements.

China

• Joint Development Plan for Financial Standardisation: Aimed at establishing a modern financial standardisation system by 2025.
• Solvency Regulatory Rules II: Strengthening the insurance sector's focus on core business, risk prevention, and disclosure.
• Insurance Protection Funds Measures: Revisions to the administrative measures for insurance protection funds, including a base rate plus risk differential approach.
• Related-Party Transactions Rules: Designed to prevent tunnelling and improve transparency in banking and insurance institutions.
• IT Outsourcing Risk Management: New measures to strengthen IT outsourcing governance, including access, due diligence, and supervision requirements.
• Digital Transformation Guidance: CBIRC outlines steps for banks and insurers to enhance digital capabilities, including data governance, technological capacity, and risk management.
• Fintech Development Plan (2022–2025): Includes eight key tasks such as improving fintech governance, promoting data sharing, and enhancing regulatory technology.
• Three-Year AML Action Plan: A coordinated effort among multiple Chinese regulators to strengthen AML mechanisms and safeguard national security and public interest.

Hong Kong

• Pilot Climate Risk Stress Test (CRST): Conducted by the HKMA, it assessed the climate resilience of the banking sector and highlighted the need for improved climate risk measurement.
• Supervisory Policy Manual (SPM) GS-1: Provides guidance on climate risk management and sets expectations for financial institutions to implement relevant measures by the end of 2022.

Key Market Events

• Supervisory Roundtable (HKMA & MAS): Exchanged views on regulatory policies, derivatives market regulation, and green finance development, leading to consensus on enhancing cooperation and launching ETF connect products.

Conclusion

The Q1 2022 regulatory updates across the Asia Pacific region highlight a growing emphasis on financial stability, digital innovation, and climate risk. Regulators are actively working to address emerging challenges while promoting transparency, consumer protection, and sustainable practices. Institutions are advised to review and align their compliance and implementation strategies with these evolving regulatory frameworks.