2023年第一季度-亚太地区金融服务监管政策更新（英）-35页

Asia Pacific Financial Services Regulatory Update Summary Q1 2023

The Q1 2023 regulatory update highlights key developments in the Asia Pacific financial services (FS) sector, focusing on enhancing resilience, managing risks from economic uncertainties, and adapting to digital and sustainability challenges. Regulators across the region intensified efforts to strengthen financial stability, operational resilience, cybersecurity, and climate-related risks following global events like the collapses of major banks.

Overarching Themes:

• Economic Uncertainty and Resilience: Regulators emphasized strengthening financial and operational resilience due to ongoing inflation, supply chain issues, and geopolitical tensions. For example, APRA and HKMA prioritized climate risk management to support a low-carbon transition.
• Digital Transformation: Increased focus on virtual assets, with new regulatory frameworks in jurisdictions like Thailand and the Philippines addressing safekeeping, liquidity, and third-party risks. CBDC pilots in Australia aim to inform future digital currency implementations.
• Cybersecurity and Operational Risk: Regulations reinforced operational risk management and business continuity practices, especially after supply chain disruptions and high-profile incidents. The BCBS principles for operational resilience guided updates in multiple countries.
• Sustainability and Green Finance: Climate risk and sustainable finance gained prominence, with regions like Singapore, Taiwan, and Hong Kong consulting on green taxonomies to promote sustainable investments and align with net-zero goals.
• Recent Market Responses: Events such as US and EU bank failures prompted regulators to accelerate Basel III reforms, including capital rule updates in several AP jurisdictions, with many jurisdictions aiming for compliance by 2023–2025.
• Consumer Protection and Governance: Enhanced measures for fair treatment of vulnerable consumers, whistleblower protection, and corporate governance reforms were noted, improving transparency and investor rights.

Key Updates by Region:

• Australia: APRA updated priorities for resilience and CBDC exploration; ASIC enforced greenwashing rules and improved whistleblower protections.
• Mainland China: Proposed financial regulatory reforms, including a national administration, and revised capital and risk classification rules for banks.
• Hong Kong SAR: Focused on crypto asset standards, anti-money laundering (AML) updates, and sustainable banking; reviewed virtual asset trading platforms.
• Indonesia: Strengthened cyber resilience requirements, aligned Basel III capital rules, and updated guidelines for debt trading and anti-money laundering.
• Japan: Enhanced AML/CFT measures, customer-oriented business conduct, and operational resilience frameworks amid global regulatory synchronicity.
• Malaysia: Rolled out business continuity management, updated capital adequacy requirements, and introduced fair treatment for vulnerable consumers.
• New Zealand: Addressed cyber resilience and enacted policies like fair conduct principles, though a proposed income insurance scheme was deferred.
• Philippines: Emphasized VA risk management, strengthened AML controls, and updated debt regulations.
• Singapore: Mandated corporate governance enhancements, imposed due diligence standards for advisers, and facilitated real-time cross-border payments.
• South Korea: Improved shareholder protections in IPOs, deregulated foreign investments, and launched measures for housing market recovery amid rate hikes.
• Taiwan (China): Prioritized financial resilience, sustainable finance taxonomy, and cyber security frameworks in line with regional climate goals.
• Thailand: Consulted on virtual bank licensing to foster digital finance and introduced a taxonomy for green investments.
• Vietnam: Drafted circulars on credit information and corporate bond guidelines, aiming to strengthen debt trading and anti-money laundering compliance.

The Deloitte Asia Pacific Centre for Regulatory Strategy provides insights into these updates to assist financial institutions in navigating regulatory impacts.