德勤-2020年第三季度亚太地区金融服务监管政策更新_19页_1mb

Asia Pacific Financial Regulatory Update – Q3 2020 Summary

Core Content

This summary outlines key regulatory updates across the Asia Pacific region during Q3 2020, focusing on how regulators responded to the ongoing challenges of the COVID-19 pandemic, supported financial stability, and adapted to the evolving economic and technological landscape.

Main Regulatory Themes

• Supervisory Approach: Regulators are increasingly focused on ensuring financial stability while adapting to the new normal post-pandemic.
• Operational & Conduct Risk: There is a heightened emphasis on operational resilience, risk management, and the use of technology to enhance compliance and supervision.
• Financial Crime & AML/CFT: Regulators have continued to refine anti-money laundering and counter-terrorism financing frameworks, particularly in response to the pandemic.
• Consumer Protection & Financial Products: New guidance has been issued on financial products, dispute resolution, and transparency in fee disclosure.
• Liquidity & Capital Management: Policies to support liquidity and capital adequacy, especially for SMEs and stressed borrowers, have been extended and enhanced.
• Regulatory Technology (Regtech): The adoption of Regtech has gained momentum, with regulators in Hong Kong, Singapore, and South Korea promoting its use in various areas.

Key Regulatory Updates

Australia

1. APRA's Response to the Pandemic

   • Extended temporary capital treatment for loans with deferred or restructured payments.
   • Introduced a new regulatory reporting standard for pandemic-related loan deferrals.
   • Published FAQs on superannuation pandemic data collection and extended streamlined customer verification rules.

2. JobKeeper Payment Review

   • The Australian Treasury completed a three-month review, confirming the program met its initial objectives but noted the need for continued support.

3. Corporate Plans for 2020-21

   • APRA, ASIC, and the Australian Treasury released their 2020-21 and beyond corporate plans, focusing on economic recovery and financial system stability.

4. Fee and Cost Disclosure Guidance

   • ASIC updated guidance on fee and cost disclosure, including transition periods and requirements for significant event notices.

5. Dispute Resolution Revisions

   • Revised regulatory guides on internal and external dispute resolution, introducing new definitions, response timeframes, and systemic issue management.

China Mainland

1. CBIRC's Financial Services for MSEs

   • Released provisional rules to improve financial services for micro and small enterprises, focusing on increasing credit supply and reducing costs.

2. CBIRC's Supervisory Rating of Financial Leasing Companies

   • Introduced new rules to enhance the regulatory framework for financial leasing companies.

3. Benchmark Interest Rate System

   • The PBC published a white paper on its participation in international benchmark interest rate reform and improvements to its domestic system.

4. Loan Prime Rate (LPR) Reform

   • Continued reforms to the LPR formation mechanism, including expanding the number of quoting banks and incorporating LPR into macroprudential assessments.

5. Securities Investment Fund Custody Business Rules

   • Revised rules allowing foreign bank branches to apply for custody permits and integrating regulatory requirements for non-bank financial institutions.

Hong Kong SAR

1. AML/CFT Measures

   • Updated guidelines for AML/CFT in response to the pandemic, including customer due diligence, transaction monitoring, and new definitions of complaints.

2. Climate Risk Management

   • Published a white paper on green and sustainable banking, outlining plans for governance, strategy, risk management, and disclosure.

3. Pandemic Relief Measures

   • Extended principal payment holidays for trade loans and temporary measures for insurance sales to reduce face-to-face interactions.

4. Regulatory Technology (Regtech) Adoption

   • Announced a stock-take on regtech adoption and released the fourth issue of Regtech Watch, focusing on conduct risk management.

5. Interest Rate Benchmark Reform

   • Updated survey results on the transition to alternative reference rates, aligning with the global end of LIBOR in 2021.

6. Financial Sanctions Guidance

   • Clarified the distinction between targeted financial sanctions and unilateral foreign sanctions, emphasizing fair treatment of customers.

7. Supervisory Policy Manual Updates

   • Revised policies to reflect Basel III liquidity standards and updated margin requirements for OTC derivatives.

Regulatory Technology (Regtech) Focus

• Regulators across the region are increasingly adopting Regtech to improve risk management, compliance, and supervision.
• The HKMA, in particular, has been proactive in promoting Regtech applications, including in AML/CFT and conduct risk management.
• There is a growing expectation for institutions to integrate technology into their operations and respond to regulatory changes swiftly.

Conclusion

The Q3 2020 regulatory updates highlight a continued focus on financial stability, resilience, and adaptation to the challenges posed by the pandemic. Regulators are balancing short-term relief measures with long-term strategic priorities, while also promoting the use of technology to enhance oversight and efficiency. The emphasis on Regtech, AML/CFT, and consumer protection underscores a broader shift towards more proactive and innovative regulatory approaches in the region.