德勤：2022年第二季度亚太地区金融服务监管政策更新（EN）_28页_1mb

Asia Pacific Financial Services Regulatory Update – Q2 2022 Summary

Introduction

The Asia Pacific (AP) region has continued to face significant challenges in Q2 2022, including the ongoing effects of the COVID-19 pandemic, geopolitical conflicts, supply chain issues, and inflation. Despite these uncertainties, regulators and financial institutions remain focused on financial stability, resilience, and trust-building. The quarter saw a notable emphasis on climate change, digital assets, and RegTech adoption, alongside consumer protection and governance improvements.

Core Regulatory Themes

1. Focus on Conduct and Culture

• Regulators across the AP region have maintained a strong focus on conduct and culture, especially in the context of financial services and digital assets.
• New or revised guidelines and FAQs were issued to ensure transparency, fair treatment of consumers, and ethical practices.
• ASIC and APRA have taken active roles in addressing misleading marketing and conflict of interest management in superannuation and managed funds.

2. Climate Change and Sustainability

• A long-term strategic focus on climate-related disclosures and sustainability has been reinforced across the AP region.
• New Zealand introduced legislation requiring certain financial institutions to disclose climate-related risks starting from 2023, in line with TCFD recommendations.
• China Mainland, Malaysia, Australia, and Singapore have all published guidance and frameworks to support climate risk management and green finance.
• The CBIRC issued Green Finance Guidelines to guide banks and insurers in developing sustainable practices and achieving carbon neutrality.

3. Digital Assets and RegTech

• Digital assets, particularly cryptocurrencies and stablecoins, continue to be a key area of focus for regulators.
• APRA outlined risk management expectations and a policy roadmap for crypto-activities.
• AUSTRAC released guides to help financial institutions detect and prevent financial crimes using digital currencies.
• ASIC updated the ePayments Code to improve consumer confidence in electronic payments.
• RegTech adoption is being encouraged to modernise regulatory processes, with automation and efficiency improvements being seen as key benefits.

4. Operational and Conduct Risk

• Operational resilience and business continuity planning have been highlighted as critical areas for improvement.
• HKMA introduced SPM OR-2 and TM-G-2, aligning with Basel Committee guidance on operational resilience.
• Superannuation trustees in Australia were urged to improve conflict management and governance practices to ensure fair treatment of investors.

Key Regulatory Updates by Jurisdiction

Australia

• APRA finalised a macroprudential policy framework to enhance financial stability and housing lending risk management.
• ASIC launched a surveillance initiative on managed fund marketing and released FAQs and guidance on retirement income covenant.
• ASIC updated the ePayments Code and issued an information sheet on avoiding greenwashing in sustainability-related products.
• ACCC announced an investigation into anti-competitive practices in the payments sector.

China Mainland

• CBIRC issued several regulatory notices, including rules on entrusted investment, internal control for wealth management companies, and accounting treatment for asset management products.
• The CBIRC also released guidelines on green finance and draft rules on consumer rights protection.
• A public consultation was launched on the draft law for financial stability, aiming to enhance financial rule of law and sustain financial stability.

Hong Kong SAR

• The HKMA launched a RegTech Knowledge Hub and published a discussion paper on e-HKD (electronic Hong Kong dollar).
• SPM OR-2 and TM-G-2 were introduced to implement operational resilience standards.
• SPM TB-1 was released to strengthen trust business regulation and ensure client asset protection.
• Guidance on customer data protection was also issued, focusing on cybersecurity and data governance.

Conclusion

Q2 2022 marked a period of increased regulatory focus on resilience, sustainability, digital innovation, and consumer protection in the Asia Pacific financial services sector. Regulators have been proactive in addressing new risks and emerging technologies, while also reinforcing existing frameworks to ensure financial stability and ethical conduct. The adoption of RegTech, enhanced climate disclosures, and improved governance practices are key trends that are expected to continue shaping the regulatory landscape in the coming months.