1、Asia Pacific Financial Regulatory Update December 2020 Q4 2020 Australia China mainland Hong Kong SAR Indonesia Japan Malaysia Singapore South Korea Taiwan Contact New Zealand Introduction Asia Pacific Financial Regulatory Update Q3 20202 2020. For information, contact Deloitte Advisory (Hong Kong)
2、Limited Summary 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 for Q4 2020. COVID-19 is now entering a second or third wave around the region, with several geographies s
3、eeing daily infection cases figures spiking along with lockdowns and restriction on economic and social activities. China mainland and Taiwan are perhaps the exceptions to this pattern and are now seeing robust economic recovery and social activity returning to (a new) normal. Despite this, financia
4、l systems in Asia Pacific are generally operating smoothly thanks to the assistance from the temporary relaxation of financial regulations. The first wave of more tactical measures to ensure financial stability has been fully implemented; regulatory and monetary support is continuing, with some adju
5、stment at the margins and representing a significant number of the updates this quarter. However, this does not imply that these measures will continue indefinitely; eventually they will be rolled back. China mainland is perhaps the best example of how regulators may attempt this. The Peoples Bank o
6、f China (PBOC) noted in their Q3 2020 Monetary Policy Report (published in Nov. 2020) that the Bank would “improve the systems of financial risk prevention, early warnings, resolution and accountability”, and also look to support banks “to step up efforts to set aside loss provisions for non- perfor
7、ming loans and carry out write-offs”. This suggests that the PBOC may begin normalising its financial supervisory policies given China mainlands robust economic recovery. The timing and manner of the exit from the current policy support will vary by geography, but the work being done by the PBOC cou
8、ld serve as an important model for other regulators in the region. As well, we also saw a number of updates that are connected with emerging risk areas, such as climate change, operational resilience, or non-financial risk management, signaling the importance regulators are giving to these more long
9、-term challenges. Some important examples of this from this quarter include the Hong Kong Monetary Authority (HKMA) officially inviting selected Authorized Institutions (AIs) to take part in the climate risk stress test pilot in 2021 and the Australian Prudential Regulatory Authority (APRA) plan to
10、move to a new supervision risk and intensity (SRI) model, which will see a “greater elevation of non-financial risks whilst preserving the importance of financial resilience”. What has been particularly notable this quarter was the number of announcements made about the use of technology in financia
11、l services perhaps unsurprising given that both the Hong Kong SAR and Singapore fintech weeks were held in November. An exciting development in this vein was the announcement that that users of Singapores PayNow and Thailands PromptPay will be able to send money instantly and securely across the two
12、 countries using their phone numbers at competitive rates from mid-2021. Such a linkage of national faster payments systems is the first of its kind in the world. Not to be outdone, both Hong Kong SAR and Japan announced progress in their activities to investigate, pilot, and develop a central bank
13、digital currency (CBDC). In Hong Kong SAR, a proof of concept has been developed and next steps include exploring business use cases such as cross-border trade settlement and capital market transactions that may involve bringing banks and large corporates into the project to undertake testing using
14、actual trade transactions. The Bank of Japan released its Approach to Central Bank Digital Currency, a report that discussed the background of CBDC as well as the preliminary research work the BOJ has undertaken with other central banks in North America and Europe, including the UK. While Hong Kong
15、SAR and Japan made announcements on CDBC this quarter, more generally it is a rapidly developing area in our region. China mainland is already piloting the technology while Singapore, Hong Kong SAR, Thailand, Cambodia, and Vietnam all following quickly behind in various stages of development. For qu
16、eries or more information on these updates or other regulatory topics, please get in touch. In the meantime, we wish everyone safe and peaceful holidays, and the very best for 2021. Best Regards, The ACRS Co-leads Asia Pacific Financial Regulatory Update Q3 20203 2020. For information, contact Deloi
17、tte Advisory (Hong Kong) Limited Summary Australia China mainland Hong Kong SAR Indonesia Japan Malaysia Singapore South Korea Taiwan Contact New Zealand Introduction Regulatory Hot Topics Top six most talked about themes this quarter Climate Risk 5 Updates Financial Risk 8 Updates Supervisory Appro
18、ach 8 Updates Data and Technology 6 Updates 1.COVID-19 Measures 2.Governance ARS 220.3 Prescribed Provisioning; and ARS 220.5 Movements in Provisions for Impairment). The framework includes a risk-based approach based on the complexity of the ADI, meaning less sophisticated ADIs have reduced reporti
19、ng requirements. Proposed revisions to the credit risk management framework for authorised deposit-taking institutions Proposed revisions to the credit risk management framework for authorised deposit-taking institutions 7 On 11 December 2020, ASIC released the final version of Regulatory Guide 274:
20、 Product Design determine whether their decisions about choice products and broader business operations are delivering quality outcomes for members; and, make decisions that are evidence-based and to monitor and review their product offerings and operations on an ongoing basis. APRA and ASIC will co
21、ntinue to engage with the industry over the coming months on the interaction between the two regimes. Prior to commencement of the DDO regime on 5 October 2021, product issuers (including superannuation trustees) should assess their product governance framework to ensure it is aligned to ASICs expec
22、tations (as outlined in RG 274), and if applicable, consider how DDO may impact obligations under the executive accountability regimes (BEAR/FAR) for the end-to-end management of a product or product group (e.g. a cohort of MySuper members). Letter to RSE licensees on Member Outcomes and Design and
23、Distribution Obligations Letter to superannuation trustees on Member Outcomes obligations and Product design and distribution obligations 20-320MR ASIC releases regulatory guide on product design and distribution obligations Regulator guidance relating to superannuation member outcomes and product d
24、esign and distribution obligations 6 On 3 December 2020, ASIC released Consultation Paper 335 Consumer Remediation: Update to RG 256 (CP 335), outlining proposed updates to Regulatory Guide 256: Client review and remediation conducted by advice licensees (RG 256). The proposed changes to RG 256 outl
25、ined in CP 335 includes clarification on how RG 256 applies all financial services licensees, credit licensees and superannuation trustees. As part of the consultation process, ASIC encourages industry and stakeholders the opportunity to provide feedback about the challenges they face in designing a
26、nd executing remediations. Submissions on CP 335 are due by 26 February 2021. 20-308MR ASIC consults on consumer remediation guidance Regulator consultation ASIC Regulatory Guide 2569 China mainland Asia Pacific Financial Regulatory Update Q3 20206 2020. For information, contact Deloitte Advisory (H
27、ong Kong) Limited Australia Hong Kong SAR Indonesia Japan Malaysia Singapore South Korea Taiwan Contact New Zealand Summary Introduction China mainland The PBOC and the China Banking and Insurance Regulatory Commission (CBIRC) have jointly developed a regulatory framework to identify and evaluate sy
28、stematically important banks. The main content of the Measures includes: Clarification of the assessment purpose to identify systemically important banks in China mainland (to be published as a list annually) in order to conduct differentiated supervision to effectively maintain financial stability;
29、 Set the evaluation method Lay out the quantitative indicators that will be used to calculate the systemic importance of participating banks as well as any other information that will be used to inform supervisory judgements; and, Clarify the evaluation process - The scope of participating banks wil
30、l be determined annually and the data of participating banks will then be collected and analysed. The initial list of systemically important banks will be proposed and then released publicly after confirmation by the Financial Stability and Development Committee of the State Council. The Peoples Ban
31、k of China and the China Banking and Insurance Regulatory Commission issue the Measures for the Evaluation of Systemically Important Banks Notice of the Peoples Bank of China and China Banking and Insurance Regulatory Commission on Issuing the Measures for the Evaluation of Systemically Important Ba
32、nks Evaluating systemically important banks1 On 21 October 2020, the National Peoples Congress published the Draft Personal Data Protection Law for public consultation (closed 19 November 2020). Once the draft becomes law, this will be the first comprehensive personal data protection law in China ma
33、inland. Three key aspects of the law are: Extraterritoriality the draft law is applicable to foreign companies that process the data of individuals physically located in China mainland in order to provide them with goods and services. Similarly, the law applies if a foreign company processes data to
34、 analyse the behaviour of customers located physically within China mainland. The law applies even if analysis takes place outside of China mainland; Cross-border transfers the draft law continues to limit data transfer, requiring that all personal information collected within China mainland be stor
35、ed there. Cross- border transfer is allowed in such cases where security assessments can be obtained from the cybersecurity authorities; and, Lawful basis Rather than relying on consent of the data subject, the lawful basis to process data rests in areas like the performance of a contract to which t
36、he data- subject is a party; fulfilling legal duties or obligations; responding to a public health crisis; protecting the life, health or property of an individual under emergency circumstances; or any processing considered necessary for protecting the public interest. Draft Personal Data Protection
37、 Law Data privacy3 The PBOC and the CBIRC released a consultation paper Interim Measures for the Management of Online Small Loan Business order to better regulate online micro-credit companies, mitigate online micro-credit business risks, protect the legitimate rights and interests of micro-credit c
38、ompanies and customers, as well as promote the healthy development of online micro-credit business. The draft, which closed for public comment on 2 December, set a new requirement for online micro-credit companies to provide at least 30% of any loan they fund in conjunction with a banking institutio
39、n. As well, a RMB 5 billion registered capital threshold was set for micro-credit companies that offer products across multiple provinces within China mainland. While the current threshold varies between provinces, in general it is now well below RMB 1 billion. Interim Measures for the Management of
40、 Online Small Loan Business Strengthening the supervision of online micro-credit companies2 The CBIRC released a Circular on Matters concerning the Optimization of Regulation of the Investment Management Capacity of Insurance Institutions. The circular looked to improve operations at insurance firms
41、 in five areas: Optimise and integrate investment management capacity Clarify the regulatory requirements for investment activities (ex. investment in stocks, bonds, equity, real estate etc.) Intensify the supervision of in-process and ex-post investment activities Help insurance firms build capacit
42、y in investment management Refine disclosure requirements Notice of the China Banking and Insurance Regulatory Commission on Matters concerning the Supervision of Optimizing the Investment Management Capability of Insurance Institutions Improving investment management at insurance firms2 Hong Kong S
43、AR Asia Pacific Financial Regulatory Update Q3 20207 2020. For information, contact Deloitte Advisory (Hong Kong) Limited Australia China mainland Indonesia Japan Malaysia Singapore South Korea Taiwan Contact New Zealand Summary Introduction Hong Kong SAR (1/2) On 3 November 2020, the Hong Kong Mone
44、tary Authority (HKMA) introduced the Cybersecurity Fortification Initiative 2.0 and the associated implementation timeline. The initiative is underpinned by three pillars: (i) Cyber Resilience Assessment Framework; (ii) Professional Development Programme; and, (iii) Cyber Intelligence Sharing Platfo
45、rm. Key changes were made to the original fortification efforts to reflect the latest developments in overseas cyber practices include an enhanced version of cyber incident response and recovery, threat intelligence changes, attack simulations. Cybersecurity Fortification Initiative 2.0 Cybersecurit
46、y2 On 17 December, the Green and Sustainable Cross-Agency Steering Group (financial regulators and relevant government agencies) announced its green and sustainable strategy for Hong Kong SAR. The plan has five action points: Climate-related disclosures aligned with the Task Force on Climate- relate
47、d Financial Disclosures (TCFD) recommendations will be mandatory across relevant sectors no later than 2025 Adoption of a green taxonomy to classify investments as green or not Work towards creation of uniform sustainability standards Promote climate-focused scenario analysis Establish a platform to
48、 encourage knowledge sharing for government agencies, regulators and industry stakeholders On 4 December 2020, the HKMA formally invited Authorized Institutions (AIs) to participate in the pilot exercise on climate risk stress testing in 2021. The main objectives of the exercise are to assess the cl
49、imate resilience of the banking sector as a whole and to increase capability building of participating banks for measuring climate risks. To facilitate this exercise, the HKMA has released physical and transition risk scenarios that are based on the scenarios created by the Network for Greening the
50、Financial System. The HKMA encouraged participating AIs to explore new methodologies for measuring climate risk and share insights back to the regulator. On 29 October 2020, the Securities and Futures Commission (HK SFC) published a consultation on proposed requirements for fund managers to take cli
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