德勤：2022年第三季度亚太地区金融服务监管政策更新_35页_1mb

Asia Pacific Financial Services Regulatory Update – Q3 2022 Summary

Core Content Overview

This document provides a comprehensive overview of key regulatory updates across the Asia Pacific region in Q3 2022, focusing on prudential regulation, financial services support, digital innovation, and consumer protection. It highlights the efforts of regulatory bodies to enhance financial system resilience, support economic recovery, and adapt to emerging risks and technologies.

Main Regulatory Updates

Australia

• APRA and ASIC Corporate Plans

  • APRA released its updated Corporate Plan for 2022-23, emphasizing the resilience of financial institutions, modernization of prudential architecture, and cyber resilience.
  • ASIC published its Corporate Plan for 2022-26, focusing on design and distribution, sustainable finance, retirement decision-making, and technology risks such as cyber risk and digitally enabled misconduct.

• Cybersecurity Response to Optus Data Breach

  • APRA advised all regulated entities to review and strengthen controls on high-risk processes following a major cyber-attack on Optus. This includes digital customer onboarding and setting up first-time payees.

• Enhancements to Strategic Planning and Member Outcomes

  • APRA proposed changes to SPS 515 Strategic Planning and Member Outcomes to improve board oversight, ensure timely action on underperformance, and enhance outcomes for members.

• Operational Risk Management Standard (CPS 230)

  • APRA is consulting on a new cross-industry prudential standard to consolidate existing standards on outsourcing and business continuity. The final version is expected in early 2023, with implementation from 1 January 2024.

• Financial Contingency and Resolution Planning

  • APRA consulted on CPG 190 and CPG 900 to provide clarity on financial contingency and resolution planning. These standards aim to ensure orderly resolution in case of failure, with implementation from 1 January 2024.

• Modernizing the Prudential Architecture

  • APRA outlined a multi-year initiative to make the regulatory framework "clearer, simpler and more adaptable," focusing on better regulation, digital-first approaches, and new risk management strategies.

• CBDC Pilot and Remediation Guidance

  • The Reserve Bank of Australia is exploring use cases for a central bank digital currency (CBDC) with a white paper outlining technological, legal, and regulatory considerations.
  • ASIC released RG 277, a new remediation guide, replacing RG 256. It outlines nine core principles for consumer remediation, including timely action, fairness, and transparency.

• Quality of Advice Review

  • The Australian Treasury is reviewing financial advice quality and seeking feedback on proposed reforms to simplify the regulatory framework and improve access to high-quality financial advice.

China Mainland

• CBIRC Solvency Supervisory Committee Meetings

  • CBIRC held two meetings to assess the solvency and risk conditions of the insurance industry, highlighting stability and controllable risks.

• Insurance Asset Management Companies Rules

  • New rules were issued to strengthen the regulation of insurance asset management companies, covering governance, risk management, and compliance.

• Internal Control of Wealth Management Companies

  • CBIRC issued rules to establish a comprehensive internal control framework for wealth management companies, aligning with existing regulations and improving oversight.

• Credit Card Business Standards

  • CBIRC and PBC issued a notice to standardize and promote the healthy development of credit card businesses, focusing on interest collection, consumer protection, and online service convenience.

• Capital Management of Financial Asset Investment Companies

  • CBIRC introduced provisional rules on capital management for financial asset investment companies, covering regulatory requirements, risk-weighted asset calculation, and supervisory responsibilities.

• Insurance Sales Conduct and Information Disclosure

  • CBIRC consulted on rules for insurance sales conduct and life insurance product information disclosure, aiming to protect policyholders and promote industry sustainability.

• Systemically Important Insurance Companies (D-SIIs) Assessment Methodology

  • CBIRC proposed rules for assessing D-SIIs, clarifying the scope, methods, and threshold standards for identifying systemically important insurance companies.

• Mid-Year Work Conferences

  • CBIRC and PBC held mid-year work conferences, outlining progress in financial risk prevention, service quality improvement, and macro-prudential policy reforms.

• Systemically Important Banks (SIBs) List 2022

  • PBC and CBIRC released the 2022 list of SIBs, designating 19 banks, including state-owned, joint-stock, and city commercial banks, to enhance macroprudential management.

Hong Kong SAR

• Consumer Credit Data Sharing Policy

  • HKMA revised SPM Module IC-6 on consumer credit data sharing, requiring authorized institutions to participate in personal credit data sharing via CRAs through the CRP, which is expected to launch by the end of 2022.

• AML/CTF Risk Assessment Report

  • The HKMA published the 2022 HRA report, identifying high ML/TF risks in the local banking system and outlining actions to address these risks, including collaboration with licensed financial institutions.

• Operational Risk Management Module (OR-1)

  • HKMA updated OR-1 based on BCBS principles, requiring AIs to implement the revised module by 25 January 2024, with alignment to SPM OR-2 for operational resilience.

• Payment Operations Sound Practices

  • HKMA issued sound practices for payment operations to prevent incidents, monitor closely, and implement robust business continuity plans. These practices are in response to increased payment-related incidents.

• Cloud Computing Guidance

  • HKMA published guidance on cloud computing, emphasizing governance, risk management, and legal rights. The guidance complements existing HKMA policies on outsourcing and technology risk management.

• e-HKD Policy Position

  • HKMA outlined a three-rail approach for the potential implementation of e-HKD, including establishing a legal and technological foundation, examining use cases, and setting a timeline for launch. The initiative is part of the Fintech 2025 strategy.

• Consumer Protection for BNPL Products

  • HKMA issued a circular to enhance consumer protection for BNPL products, addressing concerns around transparency, fairness, and risk management.

Key Themes in Regulatory Discussions

Conclusion

The regulatory landscape in the Asia Pacific region continues to evolve with a focus on enhancing financial system resilience, supporting economic recovery, and adapting to digital transformation. Key areas of emphasis include prudential regulation, operational risk management, consumer protection, and the development of new financial technologies such as CBDC and BNPL. Regulatory bodies are actively consulting on new standards and frameworks to ensure compliance, transparency, and stability in the financial sector.