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2022年第二季度 亚太地区金融服务监管政策更新(英).pdf
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2022年第二季度 亚太地区金融服务监管政策更新(英).pdf
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Asia Pacific Financial Services
Regulatory Update
Q2 2022
July 2022
© 2022. For information, contact Deloitte Touche Tohmatsu Limited. 2
Introduction
Australia
China Mainland
Hong Kong SAR
Indonesia
Japan
Malaysia
Singapore
South Korea
Thailand
New Zealand
Summary
India
Philippines
Contacts
Asia Pacific Financial Services Regulatory Update Q2 2022
Taiwan (China)
Introduction
Dear clients and colleagues,
The Deloitte Asia Pacific Centre for Regulatory Strategy is pleased to
share with you the key regulatory updates from our region for Q2 2022.
Resilience in a time of ongoing uncertainty: The first six months of 2022
has been extraordinarily challenging, and the impacts of ongoing disruption
from the COVID-19 pandemic, geopolitical conflicts, supply chain issues, and
inflation continue to be felt throughout the region. However, our regulators
and the industries they supervise continue to adjust rapidly to these changing
events, whilst maintaining a focus on ensuring financial stability across the
region. There has also been the adoption of a long-term view on key
developments that may impact the regulatory landscape in the Asia Pacific
(AP) region, such as climate change and sustainability, the rise of RegTech
and digital assets, and resilience.
Despite the sharp deterioration in market outlooks and an uncertain recovery
pathway and timeframe, the focus on conduct and culture remains across the
AP region. Over the last quarter, several AP regulators released new or
revised guidelines relating to consumer and public protection for consumers of
financial services (FS) and digital assets – highlighting the important role of
conduct and culture in strengthening trust and resilience in the FS industry.
Focus on uplifting climate related disclosures and transitioning to a
more sustainable, resilient and green economy: As the region grapples
with turbulence in energy markets and the growing impact and increasing
frequency of natural disasters, regulators across the AP region continue to
focus their efforts on the transition to a more sustainable, resilient and green
economy. Regulators are largely looking to facilitate this transition through
the development and implementation of regulation and guidance, and uplifts
to climate related disclosures.
Over the last quarter, New Zealand introduced new legislation, requiring
certain financial institutions to make climate related disclosures from financial
years commencing in 2023, in alignment with recommendations from the
Task Force on Climate-Related Disclosures (TCFD). In addition, regulators in
China Mainland and Malaysia published guidance to support financial
institutions with the implementation of climate-related disclosures, joining
regulators in jurisdictions such as Australia and Singapore in publishing
guidelines to support better practice in relation to climate disclosures.
There is no doubt transitioning to a more sustainable, resilient and green
economy remains at the top of the agenda for many across the region, with a
number of jurisdictions such as Singapore, Japan, China Mainland, and the
Philippines releasing information papers and guidelines on what ‘good
practice’ looks like in relation to climate risk management, and embedding
sustainability considerations for financial institutions across the banking and
insurance sectors.
The evolution and growth of the digital wave continues: Technology
continues to have an increasing impact on the AP region in terms of how
regulators will look to address and adopt rapidly growing digital assets. AP
regulators have been, and continue to, pay close attention to the potential
risks Decentralised Finance (DeFI) and digital assets (such as crypto assets
and stablecoins) may pose, whilst also appreciating the potential of these
assets to transform the operation of not only financial markets, but also how
consumers engage with the FS industry.
Over the last quarter, regulators in Australia, Thailand and South Korea
published several letters to industry outlining their perspectives on the risks
digital assets may pose, and expectations for financial institutions when
engaging with consumers and activities associated with digital assets. In
addition, regulators across the region have been assessing how these
technologies can be used in financial services, with both Hong Kong SAR and
Japan releasing the results of recent studies on the development and usage of
central bank digital currencies.
In a separate capacity, regulators are also looking to parallel the industry's
digital innovation through the adoption of increasing prevalent variations of
'RegTech'. The various challenges of ensuring regulation in its current state is
ready to transition remains. However, the anticipated benefits of automation
and enhancements to burdensome regulatory activities encourage the
continued exploration of RegTech.
For queries or more information on these updates or other regulatory topics,
please get in touch.
Best regards,
The ACRS Co-leads
© 2022. For information, contact Deloitte Touche Tohmatsu Limited.
Introduction
Australia
China Mainland
Hong Kong SAR
Indonesia
Japan
Malaysia
Singapore
South Korea
Thailand
New Zealand
Summary
India
Philippines
3
Contacts
Asia Pacific Financial Services Regulatory Update Q2 2022
Taiwan (China)
Regulatory Hot Topics – Top six most talked about themes this quarter
Governance & Strategic /
Reputational Risk
9
Updates
Data & Technology
13
Updates
Financial Products,
Instruments & Services
16
Updates
Climate &
Sustainability
7
Updates
1. COVID-19 Measures
2. Governance & Strategic / Reputational
Risk
3. Financial Risk
4. Operational & Conduct Risk
5. Financial Crime
6. Consumer Protection
7. Data & Technology
8. Financial Products, Instruments &
Services
9. Financial Market Infrastructure
10. Systemic / Currency Stability
11. Enforcement
12. Supervisory Approach
13. Climate & Sustainability
Taxonomy
Supervisory
Approach
11
Updates
Financial Risk
8
Updates
© 2022. For information, contact Deloitte Touche Tohmatsu Limited. 44
Introduction
Australia
China Mainland
Hong Kong SAR
Indonesia
Japan
Malaysia
Singapore
South Korea
Thailand
New Zealand
Summary
India
Philippines
Contacts
Asia Pacific Financial Services Regulatory Update Q2 2022
Taiwan (China)
Australia (1/2)
The Australian Prudential Regulation Authority (APRA) has finalised its prudential framework
on macroprudential policy measures. The new framework, which has been given effect
through new requirements in Prudential Standard APS 220 (Credit Risk Management), and
will come into effect from September 2022, outlines new requirements which aim to
strengthen transparency, implementation and enforceability of future policy responses
reducing financial stability risks.
Authorised deposit-taking institutions (ADIs) must be prepared to implement certain
macroprudential policy measures and have systems in place to limit growth in higher risk
residential mortgage lending.
In a letter to ADIs, issued 14 June 2022, APRA outlines its expectations emphasising the
importance of lenders actively managing the risks within their loan portfolios and to closely
monitor housing lending risks to ensure that aggregate portfolio risks remain within their
risk appetite.
APRA's new macroprudential policy framework
APRA finalises framework on macroprudential policy measures
1
APRA and ASIC have issued FAQs on the implementation of the retirement income covenant
subsequent to the letter issued to RSE licensees in March 2022. The FAQs published assist
registrable superannuation entity (RSE) licensees in developing their Retirement Income
Strategies to meet the requirements of the Retirement Income Covenant.
FAQs to assist RSE licensees develop Retirement Income Strategies
APRA Letter to RSE licensees: implementation of the Retirement Income Covenant
APRA and ASIC release joint FAQs on the implementation of the
retirement income covenant
3
In March 2022, the Australian Securities and Investments Commission (ASIC) commenced a
surveillance into the marketing of managed funds, in order to identify the use of misleading
representations relating to performance and risk, in both traditional and digital marketing
material. Due to the current highly volatile and low-yield environment, consumers who seek
reliable or high returns may be misled about the performance and risks of the funds which
they are investing in. ASIC warns that if misleading conduct is identified, it will take action
to disrupt behaviours, by deploying regulatory tools, including enforcement actions, if
warranted.
Promoters of financial products and services, such as managed funds, should therefore
ensure compliance with the principles and guidance set out in RG 234.
22-061MR ASIC scrutinises marketing of managed fund performance and risks
RG 234 Advertising financial products and services: good practice guidance
Marketing of managed fund performance and risks scrutinised by
ASIC
2
In April 2022, ASIC wrote to 23 trustees, outlining its concerns regarding oversight and
control measures in relation to investment switching. ASIC requested trustees take steps to
improve existing policies and procedures, due to deficiencies in conflicts management
arrangements.
In response to ASIC’s concerns, trustees have committed to implement a range of changes
to improve arrangements for managing conflicts. These include:
• Updating or establishing policies and practices to address the deficiencies outlined by
ASIC relating to investment switching, inappropriate trading and conflict
arrangements;
• Increase engagement, oversight, input and direction by board. For instance,
increased monitoring of staff transactions and reporting back to the board, including
on switching activity;
• Increase the staff awareness of policies through communication and training; and
• Undertake an independent review of the trustee’s broader conflicts management
framework
Superannuation trustees strengthen governance practices
23 Superannuation trustees to strengthen conflict management
arrangement
4
© 2022. For information, contact Deloitte Touche Tohmatsu Limited. 55
Introduction
Australia
China Mainland
Hong Kong SAR
Indonesia
Japan
Malaysia
Singapore
South Korea
Thailand
New Zealand
Summary
India
Philippines
Contacts
Asia Pacific Financial Services Regulatory Update Q2 2022
Taiwan (China)
Australia (2/2)
Update on crypto-assets and payments
5
Greenwashing information sheet for superannuation and investment
products
6
Over the past quarter, Australian regulators have issued a number of regulatory updates
regarding digital assets (including crypto) and payments:
APRA’s risk management expectations and policy roadmap for crypto-assets
In April 2022, APRA outlined its expectations when engaging with activities associated with
crypto assets. All regulated entities must adopt a prudent approach if they undertake
activities associated with crypto-assets and ensure that “any risks are well understood and
well managed before launching material new initiatives” across operational, investment, and
credit risk.
In addition, APRA presented its policy roadmap to develop the longer-term prudential
framework for crypto-assets. The longer-term plan is in consultation with other regulated
entities to ensure consistency in approach. The roadmap lays out the path ahead for
consultation and reviews regarding crypto-activities, operational risk and stablecoins.
APRA Letter to Industry: Crypto-assets - Risk management expectations and policy roadmap
AUSTRAC releases two financial crime guides to stop ransomware attack
payments and the criminal use of digital currencies
In April, the Australian Transaction Reports and Analysis Centre (AUSTRAC) released two
guides on stopping ransomware attacks, and the use of digital currencies to commit
financial crime. The guides contain practical information and indicators to help businesses
identify and report if payments could be related to ransomware attacks, or in the event that
someone is using digital currencies to commit financial crime. AUSTRAC encourages
financial services institutions to use this guidance, alongside existing monitoring systems to
help spot potential illegitimate use of digital currencies, and report any suspicious activity to
AUSTRAC.
AUSTRAC Media Release: Working with businesses to target ransomware and criminal use of
digital currencies
AUSTRAC Guide: Detecting and stopping ransomware financial crime
AUSTRAC Guide: Preventing the criminal abuse of digital currencies financial crime guide
ACCC investigates anti-competitive conduct in payment markets
In May 2022, the Australian Competition and Consumer Commission (ACCC) announced
that it will be investigating allegations of anti-competitive conduct in payments markets,
and will over the next year focus on ACCC’s financial services enforcement and policy work.
ACCC Media Release: Competition issues with shift to digital payments
ASIC has released an information sheet (INFO 271) for superannuation and managed funds
to avoid ‘greenwashing’ when offering or promoting sustainability-related products.
Additionally, INFO 271 provides guidance to product issuers to ensure information that is
included in publications is sufficient to help current and prospective investors to make
informed decisions. Some of the guidance includes:
• Using clear labels
• Defining the sustainability terminology which is used
• Clearly explaining how sustainability considerations are factored into the investment
strategy
ASIC Media Release: 22-141MR How to avoid ‘greenwashing’ for superannuation and
managed funds
INFO 271 - How to avoid greenwashing when offering or promoting sustainability-related
products
ASIC releases updated ePayments Code as a result of the Review of the Australian
Payments System
On 2 June 2022, ASIC published an enhanced ePayments Code to provide clarity and
confidence for consumers when making electronic payments. The update comes as a
response to one of the recommendations in Treasury’s Review of the Australian Payments
System in August last year.
ASIC Media Release: 22-125MR ASIC releases updated ePayments Code
ePayments Code
Update on crypto-assets and payments (continue)
5
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