2022-01-28-德勤-2021年第四季度_亚太地区金融服务监管政策更新_26页_2mb

报告摘要

Asia Pacific Financial Services Regulatory Update - Q4 2021 Summary

Core Content

The Deloitte Asia Pacific Centre for Regulatory Strategy has compiled key regulatory updates from Q4 2021, focusing on Basel III implementation, climate and sustainability, data and technology, and financial market resilience. The report highlights how regulators across the region are adapting to the post-pandemic environment and addressing emerging risks such as climate change, cyber threats, and technological innovation.

Main Themes and Key Information

1. Post-COVID Normalization and Financial System Resilience

Regulatory focus has shifted from pandemic-related measures to "back to normal" topics such as Basel III implementation and financial supervisory frameworks.
Omicron variant has raised concerns about economic and social disruptions, with emerging economies potentially more vulnerable due to lower vaccination rates.
Monetary policy in the U.S. may lead to currency devaluation in emerging markets, impacting financial stability.

2. Climate and Sustainability

Climate risk is a growing regulatory concern, especially in Asia Pacific (AP) where natural disasters and reliance on natural resources are prevalent.
UK and EU regulators are leading the development of climate taxonomies and may set capital requirements on climate risk.
ASEAN has proposed a common climate taxonomy to address regulatory fragmentation and reflect the region's unique characteristics.
APRA has released guidance to help institutions manage climate change financial risks, emphasizing scenario analysis, risk management, and disclosure.

3. Technology and Data Protection

Data protection and cybersecurity are key regulatory priorities, with geopolitical developments increasing the focus on national security.
China and India have implemented personal data protection rules in 2021.
Fintech and digital payments are being promoted by jurisdictions like Singapore and Hong Kong SAR.
APRA has emphasized the need for boards to oversee cyber resilience more actively, including recovery from cyber-attacks and supply chain security.

4. Financial Market Infrastructure

ASIC published its 2020-21 cyber resilience report, noting improvements but also opportunities for enhancement.
ASIC released guidance on crypto-asset related investment products, covering admission, custody, pricing, and risk management.
APRA launched a consultation on new prudential standards to improve crisis preparedness, including financial contingency planning (CPS 190) and resolution planning (CPS 900).

Regulatory Updates by Jurisdiction

Australia

APRA finalized a new bank capital framework aligned with Basel III, effective from 1 January 2023.
The framework aims to increase flexibility, enhance risk sensitivity, support competition, improve transparency, and increase proportionality.
APRA also released a final guidance on managing climate change financial risks and a report on cyber resilience.
ASIC published a report on cyber resilience and guidance on crypto-asset related investment products.

China Mainland

CBIRC updated insurance group company regulations, emphasizing governance, risk management, and non-insurance subsidiaries.
CBIRC introduced accident insurance supervision measures to address issues like low payout ratios and excessive commissions.
CBIRC launched the carbon emission reduction facility (CERF) to support the green transition.
CBIRC published a report on lessons learned from the pandemic, outlining best practices for operational resilience and SME support.

Hong Kong SAR

The HKMA updated the Code of Banking Practice, enhancing customer protection, digital banking, and financial inclusion.
The SFC published a report on operational resilience and remote working, emphasizing cybersecurity and business continuity.
HKMA continued to focus on fintech development, including regtech initiatives, cross-boundary fintech cooperation, and data interchange platforms.
HKMA designated five D-SIBs effective from 1 January 2022, reducing the number from six.
HKMA launched a green finance strategy, including the Climate Action Plan 2050, green bond tokenization, and the Managed Co-Lending Portfolio Program (MCPP).

Key Market Events

On 17 December 2021, the CSRC released a consultation paper on interconnection mechanisms between Mainland and Hong Kong stock markets.
Mainland investors will no longer be able to trade through SH-HK Stock Connect, with a one-year transition period.
The HKMA completed a Proof-of-Concept study on Commercial Data Interchange (CDI), aiming to improve financial intermediation and inclusion.

Conclusion

The financial services sector in the Asia Pacific region is adapting to a post-pandemic environment, focusing on resilience, technology, and sustainability. While regulatory normalization is progressing, uncertainties remain, particularly regarding climate change, cybersecurity, and monetary policy. FS firms are expected to play a key role in the green transition, working closely with regulators to incentivize and monetize de-carbonization efforts. The regulatory landscape is evolving rapidly, with a strong emphasis on modernizing frameworks to align with new business realities.