1、Asia Pacific Financial Services Regulatory Updates April 2020 Q1 2020 Introduction Australia China mainland Hong Kong SAR India Indonesia Japan Malaysia Singapore South Korea Taiwan Contact New Zealand Asia Pacific Financial Regulatory Update Q4 20192 2020. For information, contact Deloitte Advisory
2、 (Hong Kong) Limited Introduction Dear clients and colleagues, The Deloitte Asia Pacific Centre for Regulatory Strategy is pleased to share with you the key regulatory updates from around our region from Q1 2020. The most impactful event this past quarter has of course been the spread of COVID-19 an
3、d the fall-out from the now global pandemic. It is therefore very natural that there has been a significant break between business as usual regulatory activities pre-COVID and post- COVID. This is particularly relevant for our own region, given that the impacts from COVID-19 were felt first here bef
4、ore spilling over to the rest of the world. You are able to see this abrupt break in each of the jurisdictions while there are still some business as usual updates, the majority of regulatory activity this quarter is tied to COVID-19. In light of this, both regulators and financial institutions have
5、 been making tough decisions about how to prioritise limited time in a volatile market. In the coming months financial institutions will need to focus on: Capital and liquidity stresses Operational resilience Risk and controls Supporting society through the economic disruption Many planned initiativ
6、es and deadlines both locally and globally have also been deferred. For example, the Bank of International Settlements has announced a delay which pushes back Basel III implementation deadlines to 2023. Other programmes are still very much on-track, but with an eye to how the situation will develop.
7、 An excellent example of this is the UKs Financial Conduct Authority has announcement that the end of 2021 remains the target for the discontinuation of LIBOR, though interim deadlines that may be impacted by the virus. We can see these trends closer to home where the bulk of regulatory attention ha
8、s been focused on ensuring financial stability. In this vein, many jurisdictions have madeadjustments to prudential standards or supervisory approaches, while there are still some key areas of focus that remain on-trend like data and technology. For example, both Singapore and Malaysia released upda
9、tes on digital banks, Hong Kong SAR looked at algorithmic trading, while Indonesia and South Korea released financial technology strategies. While therearechangesto regulatorypriorities,theabilityto respond at short notice to supervisory requests will be key for example, being able to deploy tactica
10、l scenario testing at short notice and having a well-developed set ofearly warning indicators is imperative. As well, regulators and wider society will be watching and wondering whether financial institutions can show their value as a social utility. In light of this, the Deloitte Asia Pacific Centr
11、e for Regulatory Strategy has been tracking COVID-19 developments on a bi-weekly basis. The latest issue and archive can be found here. For queries or more information on these updates, to subscribe to our COVID-19 updates, or other regulatory topics, please get in touch. Best Regards, The ACRS Co-l
12、eads 2020 Q1 Asia Pacific Regulatory Updates Updates are gathered from both before and after the spread of COVID-19; timelines may be subject to change as the situation progresses Introduction Australia China mainland Hong Kong SAR India Indonesia Japan Malaysia Singapore South Korea Taiwan Contact
13、New Zealand Asia Pacific Financial Regulatory Update Q1 20204 2020. For information, contact Deloitte Advisory (Hong Kong) Limited Australia In December 2019, the Australian Prudential Regulatory Authority (APRA) released an updated prudential standards on operational risk capital requirements (APS
14、115) and credit risk management (APS 220) as part of its initiative to further modernise the capital adequacy framework in Australia. APS 115 saw revisions to operational risk regulatory capital measurement requirements. Further clarifications can be expected given APRAs intention to publish a new p
15、rudential standard that will cover qualitative operational risk matters more broadly. Changes to APS 220 include revised credit risk management requirements for Authorised Deposit-taking Institutions (ADIs) to align with global standards, revised credit standards and simplified asset classification
16、for prudential reporting purposes. APRA modernises prudential standard on banking credit risk management APRA finalises updated prudential standard on operational risk requirements for ADIs At the end of January 2020, APRA released its policy and supervision priorities for the year ahead. Key themes
17、 include a continued focus on Governance, Culture, Remuneration and Accountability (GCRA) through updates to CPS 511 Remuneration, consultations on CPS 510 Governance and CPS 220 Risk Management and the extension of the Banking Executive Accountability Regime (BEAR) to the insurance and superannuati
18、on industries; greater focus on resilience to operational and other non-financial risks through formal overarching expectations; and, consultations on a new prudential practice guide covering climate change financial risk. APRA sets out policy and supervision priorities for 2020 In December 2019, th
19、e Australian Securities and Investments Commission (ASIC) published updated guidance on the responsible lending obligations within the National Consumer Credit Protection Act to clarify ASICs expectations of lenders and brokers. Key changes include a greater focus on ensuring a customer-centric appr
20、oach by promoting the extension of appropriate levels of credit through effective due diligence and assessments using sufficient and reliable information; clearer guidance on the usage of benchmarks in estimating expenses - a key topic during the Royal Commission; and, information on how consumer sp
21、ending reductions may be considered in assessing ability to pay. 19-342MR ASIC updates responsible lending guidance In December 2019, ASIC released for consultation its proposed approach to guidance for the upcoming design and distribution obligations effective in April 2021. These obligations aim t
22、o promote better outcomes for consumers and more effective management of financial and non-financial risk by ensuring products are fit-for-purpose at the design and distribution stages of the product lifecycle, and align Australia with comparable jurisdictions in Europe. The paper proposes guidance
23、over the necessary components of an effective product governance framework, as well as clarification of the obligations placed on product issuers and product distributors including the target market determination and what constitutes reasonable steps. 19-369MR ASIC consults on guidance for the new p
24、roduct design and distribution obligations In a statement by the Reserve Bank of Australia (RBA) Governor Phillip Lowe on 19 March 2020, it was unveiled that the RBA will now target yields for 3-year Australian Government bonds at the rate of 0.25%, the same as the cash rate. This comes after an eme
25、rgency meeting held on 18 March 2020 to determine the RBAs response to the economic fallout resulting from COVID-19. The meeting also saw the RBA lower the cash rate 25bps to 0.25%, a new historic low, and offer a AU$ 90 billion term funding facility to Authorised Deposit-taking Institutions (ADIs)
26、at a fixed interest rate of 25bps in order to reduce funding costs for ADIs and encourage ADIs to support businesses during the coming period. Statement by Philip Lowe, Governor: Monetary Policy Decision APRAs Modernisation of the Capital Adequacy Framework1 APRA Policy and Supervision Priorities fo
27、r 20202 ASIC Guidance on Responsible Lending Obligations3 ASIC Guidance on Design and Distribution Obligations4 RBA Unveils Package to Support Australian Economy Including QE5 Introduction Australia China mainland Hong Kong SAR India Indonesia Japan Malaysia Singapore South Korea Taiwan Contact New
28、Zealand Asia Pacific Financial Regulatory Update Q1 20205 2020. For information, contact Deloitte Advisory (Hong Kong) Limited China mainland In January 2020, the People Bank of China (PBOC) introduced guidance that give banking institutions incorporated in the Republic of China (PRC) the mandate to
29、 seize any counterfeit currency identified during the conduct of its business These measures apply to financial institutions engaged in activities such as deposit-taking, withdrawals, and currency exchange, as well as to the currency authentication. Currency Identification and Counterfeit Currency S
30、eizure and Authentication Administration of Currency Identification and Counterfeit Currency Seizure and Authentication Measures 1 These measures were promulgated in accordance with the Property Law of the PRC and other relevant laws and regulations with a view to regulate the registration of the pl
31、edge of accounts receivable, and to provide protection over the legitimate rights and interests of parties involved in pledges and of interested persons. Registration of the Pledge of Accounts Receivable Measures for Registration of the Pledge of Accounts Receivable2 The interim rules on financial l
32、easing companies (Draft for Comments) was promulgated by the China Banking and Insurance Regulatory Commission (CBIRC) to provide further guidance on the supervision and management of financial leasing companies. The drafted interim rules consist of six areas including general provisions, operating
33、rules, regulatory indicators, supervision, legal responsibilities, and supplementary provisions. The rules are an important measure to improve the regulation of the financial leasing sector and further broaden the financing channels for micro, small and medium-sized enterprises. Financial Leasing Co
34、mpanies Draft Interim Rules on Financial Leasing Companies3 The Implementation Rules of the CBIRC on the Administrative Licensing of Non-bank Financial Institutions focuses on further regulating and strengthening shareholding management of non-bank institutions to align with relevant policies, furth
35、er streamlining administrative procedures and approval items, delegating authority, and optimising licensing conditions and procedures. It also enhanced existing relevant rules and regulations as well as tackled emerging issues in the regulatory sphere. Administrative Licensing of Non-bank Financial
36、 Institutions Implementation Rules of CBIRC on the Administrative Licensing of Non-bank Financial Institutions 4 The CBIRC recently issued rules on handling reports on illegal acts of banking and insurance institutions that focused on the scope of application, basic principles, acceptance conditions
37、, cases of non-acceptance, and reporting procedures Reports on Illegal Acts of Banking and Insurance Institutions Rules on Handling Reports on Illegal Acts of Banking and Insurance Institutions 5 The interim rules clearly define the responsibilities of equity management for trust company shareholder
38、s, trust companies, and supervisors at all stages from entry to exit. It consists of six areas including general provisions, shareholder responsibilities of trust companies, duties of trust companies, supervision and management, legal responsibilities, and supplementary provisions. Equity Management
39、 of Trust Companies Interim Rules on Equity Management of Trust Companies6 The CBIRC issued actuarial provisions to provide better protection over the rights and interests of insurance consumers, to develop more risk protection products, and to improve the actuarial regulation of insurance products.
40、 These provisions supplement the current supervision policy system by focusing on enhancing three aspects of regulatory objectives including integrating and refining regulatory provisions as well as strengthened the weak links in the actuarial regulatory system. Actuarial Provisions on Ordinary Life
41、 Insurance Products Actuarial Provisions on Ordinary Life Insurance Products7 Introduction Australia China mainland Hong Kong SAR India Indonesia Japan Malaysia Singapore South Korea Taiwan Contact New Zealand Asia Pacific Financial Regulatory Update Q1 20206 2020. For information, contact Deloitte
42、Advisory (Hong Kong) Limited Hong Kong SAR Climate change is one of the major risks threatening the well-being of mankind. The Hong Kong Monetary Authority (HKMA) adopts a three-phase approach to promote green and sustainable banking. Phase 1 is the development of a common framework to assess the “G
43、reenness Baseline” of individual banks. Phase 2 involves soliciting feedback from the industry and other relevant stakeholders. Phase 3 revolves over monitoring implementation progress. The HKMA has recently in December 2019 released the common assessment framework. The self-assessment should be app
44、roved and signed by the Chief Executive or the Alternate Chief Executive. Common Assessment Framework on Green and Sustainable Banking Common Assessment Framework on Green and Sustainable Banking 1 Countercyclical Capital Buffer (CCyB) Ratio for Hong Kong 5 Revisions and clarifications were made to
45、the following Supervisory Policy Manuals and BELR to enhance measurement and monitoring of large exposure across the AIs books and operations: CR-G-8 “Large Exposures and Risk Concentrations” CR-G-9 “Exposures to Connected Parties” CR-L-1 “Consolidated Supervision of Concentration Risks: BELR Rule 6
46、” CR-L-3 “Letters of Comfort: BELR Rule 57(1)(d)” CR-L-4 “Underwriting of Securities: BELR” BELR Rule 29(2) Life Insurance Policy as Acceptable Security. Supervisory Policy Manual (SPM): CR-G-8 “Large Exposures and Risk Concentrations”, CR- G-9 “Exposures to Connected Parties”, CR-L-1 “Consolidated
47、Supervision of Concentration Risks: BELR Rule 6”, CR-L-3 “Letters of Comfort: BELR Rule 57(1)(d)” and CR-L-4 “Underwriting of Securities: BELR” Revision to the Banking (Exposure Limits) Rules (“BELR”)3 In view of the global coronavirus (COVID-19) pandemic and the recent spike in COVID-19 cases in Ho
48、ng Kong SAR, the HKMA and the Insurance Authority (HKIA) announced measures to ease the pressure on the citys monetary and banking systems. The HKIA allows AIs to adopt temporary facilitative measures such as non-face-to-face method disclosures of product information of Qualifying Deferred Annuity P
49、olicy. The HKMA welcomes measures from AIs such as providing principal moratorium for residential and commercial mortgages, reducing fees for credit card borrowing, and restructuring repayment schedules for corporate loans to help businesses. The HKMA also announced the deferment of the implementation of the final Basel III reform package by one year to 1 January 2023 to allow AIs to respond to the immediate financial stability priorities resulting from the impact of the coronavirus on the global banking system. Deferral of Basel III implementation and HKMAs supervisory actions i
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