EY+2023年全球金融服務(wù)監(jiān)管展望-2023 Global financial services regulatory outlook

22023GlobalregulatoryoutlookIntroduction3Geopoliticsandregulatoryfragmentation4Economicenvironmentandcustomerimpact5Digitalassets7Digitizationoffinancialservices10Environmental,socialandgovernance(ESG)12Financialcrime15Strategicagilityandoperationalresilience17Prudential18Conclusion20IntroductionAtthebeginningofitmayhaveseemedtosomeasifthefinancialservicesindustrywasthroughtheworstoftheosomethingapproachingsteadyationsHoweveraswenotedinouroutlookandscapevironmenthassharplydeteriorated,withgeopoliticalrisks,highinflation,monetarypotentialforafullblownrecessioninmanycountries.Thatallgincomedisparitypartisanshiprapidlyevolvingtechnologiesagreaterpushforenvironmentalsustainability,cryptoassetrisksandcyberthreats.Inall,thecomplexityofthesetmanagersandotherfinancialservicesfirms—collectivelyreferredtoas“firms”tertodaythanatanydecadesmitigatetherisksofthisnewenvironment,regulatorscancreateanadditionallayerofcomplexityforleadershipteamsintheindustry.Atthesametime,byanticipatingregulatorychanges,newgrowthareasandreinforcecompetitivestheyectsoftheregulatoryenvironmentthatwebelievewillbekey?Geopoliticsandregulatoryfragmentationomerimpact?Thedigitalizationoffinancialservices?StrategicagilityandoperationalresiliencePrudentialtlookGeopoliticsandregulatoryfragmentationenvironmentandcustomerimpactreoflegislationandbyitsnatureidersocietalandgeopoliticalconcernsandregionalsecurity.WehaveseenanumberofstrategicrulesandlawsproposedorpassedinrecentyearsthatareheavilyinfluencedbystrategicautonomyorwiderpoliticalenWeseethesepressuresincreasingintheshorttermandmanifestingthemselvesindifferentways,evenwheretherearestrongargumentsandincentivesforglobalcooperation;forexample,whenaddressingclimatechangeandwhereglobalbodies,suchastheFinancialStabilityBoard(FSB)ortheInternationalOrganizationofSecuritiesCommissions(IOSCO),havesoughttoinfluencestandards.Manyoftheexamplesinthefollowingsectionsshowhowdifferentjurisdictionsareapproachingkeyissuesindifferentways.Thiscanleadtobothadditionalregulatorycostsforfirmsandgreateroperationalrisks.mshavebeenabletoremainlargelyneutraloninternationallysignificantwhethertheycanaffordtooperateinalljurisdictions,fromndstakeholderperspective?Payinggreaterstrategicattentiontothedivergenceofregulationamongjurisdictionsandeffectivelymanagingthosedifferences.?Assessingthechallengesthatmayinfluencewhereandhowtheyinvestoroperateinternationally.Regulationandpoliticalriskshouldbeseenaskeyfactorsinsuchdecisions,alongsidethecoreeconomicsofrunningafirm.Aswenotedinthe2022globalregulatoryoutlook,difficultsaroundtheworldbeyondtheirpreviousfocusonfinancialinclusiontothebroaderconceptofcustomerimpact.TheyarenotjustaofuntryButinmostdevelopedmarketscchallengeswillkeepthetopicofcustomerimpactatthetopofregulatoryagendas.thoritysnewConsumerDutyrules.1TheruleswerefinalizedinJuly2022andtakeeffectin2023.TheypushfirmstoshiftawayfromacompliancemindsetolisticassessmentoftheoverallimpactoftheirproductsandhatfirmshavetocentertheirattentiononconsumeroutcomesatproductandservicelifecycleresultinginafcludeconsumerunderstandingthespecificimpactofTheConsumerDutywillrequirefirmstoofferproductsthatarefitforpurposerepresentfairvalueandfocusontheactualuceeringcustomersbyaddingboardchampionswithinfirmstoimpacttheirculture.“ConsumerDuty,”FCA.org,.uk/firms/consumer-duty,accessedDecember22,2022./about-us/newsroom/cfpb-research-shows-banks-deep-dependence-on-overdraft-fees/,December1,2021.TheFinancialConsumerProtectionFrameworkhttpswwwcanada.ca/en/financial-consumer-agency/services/banking/rights-new-protections/consumer-protection-framework.html,accessedDecember22,2022.vhttpsasicgovauregulatoryresources/financial-services/financial-advice/your-obligations-when-giving-financial-advice/design-and-distribution-obligations/,accessedDecember22,2022.Otherjurisdictionsarebeginningtoshowinterestinsimilarrules.IntheUS,forexample,theConsumerFinancialProtectionBureau(CFPB)ispayingmoreattentiontooverdraftandinsufficient-fundfees—andparticularlythelargeshareofoverallfeevolumecomprisedbythesetwocategories.2TheCanadiangovernmentintroducedsweepingconsumerprotectionreformthatcameintoeffectin2022.Amongthenewrequirementsareconsiderationofwhetheraretailbankingproductisappropriateandmandatorynamingforfirmsfoundinviolationoftheserequirements.3Australiaimplementedproductdesignanddistributionobligations(DDO)inOctober2021whichaimtosupportbetterconsumeroutcomes.4Conversely,regulatorsinotherjurisdictions,primarilyinalofandthedigitizationoffinancialservicesInHongKong,forexample,thedutytoactfairlyandinthebestinterestsofcustomersessentiallyincorporatesthisnotion,butyetarticulatedtheConsumerconvertedtograntsandforgiven(providedsmallfirmsmetHoweverinothermarketsthosekindsoferandarestilllatorshavesentanexplicitsignalthatthroughDearCEOletterstobankingleadershipteamsstoidentifyvulnerablecustomersordetectunfairtreatment)andremindedbanksina“DearChair”lettertoensurefairtreatment?Emphasizingthebalancebetweentheresponsibilitytoshareholdersandtreatmentofcustomers—particularlyretailcustomersandsmallfirms.?Evolvingbeyondastrict,box-tickingmindsetofcompliance,andinsteadassessingthebroaderstrategicimplicationsoftheirproductsandservices.Digitalassetsstablecoinsandotherltaketimetoestablishtherightlevelofregulatoryclarityandbalancetheopportunitiesfromdigitalassets(e.g.,financialinclusion,esiliencyandcostreductionwiththepotentialdownsiderisksspectacularcollapseofoneofthebiggestnmindedvirtualassetexchangeseofclientassetspoorcreditriskandconflictsofinterestmayobligeregulatorsointerveneFurthertheplungeinthepriceescopeofmostrisksandtepstoprotectinvestorsStillsomefirmshavealreadyimplementedtargeteddigitalassetstrategiesduetoincreasedcustomerinterest,buttheyareover-regulatingmayhamperinnovation,whileunder-regulatingleadstomarketinstabilityandleavescustomersunprotected.Forregulators,interveningwithoutasufficientunderstandingsunderstandingthenuancesanddistinctionsbetweencryptoandwiderdigitalassetsandensuringtheycanfostertheositiveandrecentdigitalassetintermediaryturmoilandallegationsmayhavesignificantlytippedthedebateinfavorofstringentregulation.rdregulatoryclarityfordigitaltandardizerulesforcryptoionsforcustomerswalletsantifraudmeasuresandoonereservesforstablecoinsTheMonetaryAuthorityEY.com,/en_gl/public-policy/what-actions-can-drive-responsible-innovation-in-digital-assets,September30,2022.(MiCA)”,CounciloftheEU,https://www.consilium.europa.eu/en/press/press-releases/2022/06/30/digital-finance-agreement-reached-on-european-crypto-assets-regulation-mica/,accessedDecember22,2022.ofSingaporeMASalsoprovidedclaritybutnotthetypethatyhaveanticipateditissuedguidelinestolimitthepromotionofcryptotoSingaporeresidents.7MASissuedtwomoreconsultationpaperstomoretightlyregulatereduceriskstoconsumersfromcryptocurrencytradinganddsofstablecoinrelatedactivitiesIntheUS,severalbillsaremovingthroughCongresswiththegoalofcreatingacomprehensivepolicyframeworkfordigitalassets,thoughtheyfaceanunclearpathforwardinthecurrentpoliticalenvironment.AmorelikelydirectionoftravelintheUSisthatregulatorswillprovideoversightusingexistingpolicies,undertheprincipleof“sameactivities,samerisks,samerulesandsamesupervision.”8TheFinancialStabilityBoard(FSB)recentlyproposedaframeworkwiththesameunderlyinglogic.9TheUSOfficeoftheComptrolleroftheCurrency,whichoverseesnationalcharteredbanks,hasonlyauthorizedspecificallyprescribedtypesofactivityfordigitalassets:reservesforstablecoins,participatinginnodesforvalidationandcustodyofdigitalassets.Wenotethatfewnationalbanksareactivelypursuingcrypto-relatedbusinesses.TheCommodityFuturesTradingCommission(CFTC)isaskingfortheauthoritytoregulatespotmarkets,whichiscurrentlyaholeintheregulatoryperimeter.SimilarlyregulatorsarestillwatchingandwaitingintermsryptoexchangesTheesinNovember2022islikelytoopenadebateabouttightergov,.sg/news/media-releases/2022/mas-issues-guidelines-to-discourage-cryptocurrency-trading-by-general-public,accessedDecember22,2022.ialMeeting,”SEC.gov,/news/speech/gensler-statement-fsoc-meeting-100322,October3,2022.FSB.org,/2022/10/fsb-proposes-framework-for-the-international-regulation-of-crypto-asset-activities/,October11,2022.2023Globalfinancialservicesregulatoryoutlook|7Singaporeareconsideringthetighterregulationofvirtualprohibittheofferingofcryptoservicestoretailinvestors,andthatwouldrestrictcryptoprovidersfromofferingvirtualasset-relatedproductstoretailinvestors.Oneareaofgrowingclarityistheregulatoryrequirementsforstablecoins.Althoughthereissomequestionaroundwhichtypesofinstitutionscanissuestablecoins—banks,non-banks,otherindustryparticipants—thereisgrowingagreementthattheyshouldbe100%backedbyfiatcurrency,resultingingreatertransparencyanddisclosure.Forexample,theHongKongMonetaryAuthority(HKMA)issuedadiscussionpaperfortheregulationofstablecoins,indicatingapolicyintentiontoregulatepartiesinvolvedinmaterialstepsinthelifecycleofastablecoin.10argetsreghcementactionButinuchtectproposedaframeworkfortheinternationalregulationofcrypto-assetactivities.13I.hk/eng/news-and-media/press-releases/2022/01/20220112-3/,January12,2022./news/press-release/2022-183,October3,2022.Ethereum,”B,/news/articles/2022-05-01/bored-ape-metaverse-frenzy-raises-millions-disrupts-ethereum?leadSource=uverify%20wall,May1,2022.setActivitiesFSBorghttpswwwfsborgwpcontent/uploads/P111022-2.pdf,accessedOctober11,2022.ateofCBDCsinmajorfinancialmarketscentralbanksoftheeuroareaareinatwo-yearinvestigationphaseofthedigitaleuro,lookingatissuesregardingdesignanddistribution.TheEuroRetailPaymentsBoard(ERPB)isallowingmarketparticipants,includingbanks,paymentserviceproviders,consumerrepresentativesandmerchants,toprovidetheirviewsonadigitaleuro.14China:ChinaisamongthefurthestalongindevelopingaCBDC.AsofAugust2022,transactionsusingthedigital360mtransactionsinpilotareasin15provincesandmunicipalities.Morethan5.6millionmerchantscouldnowacceptpaymentswiththedigitalcurrency.Thegovernmentisconsideringlinkingittothecountry’stwobiggestpaymentplatforms,Tencent’sWeChatPayandAlipay,runbyAlibabaaffiliateAntGroup.15Cross-borderinAPAC:Inlate2022,HKMA,theBankforInternationalSettlementsInnovationHub(BISIH),HongKongCentre,theBankofThailand,theDigitalCurrencyInstituteofthePeople’sBankofChinaandntralBankoftheUnitedArabEmiratespublishedtheresultsofapilotcalled“ProjectmBridge.”Aspartofthesix-weekpilot,20banksinfourjurisdictionsconductedmorethan160paymentandforeignexchangetransactionstotalingmorethanHK$171m—oneofthefirstmulti-CBDCprojectstosettlecross-bordertransactionsforcorporates.16InSingapore,theMASisworkingonasimilarcross-borderCBDCinitiative.17eUSlagsmostgovernmentsintermsofCBDCsalthoughthereisaprivately-run“DigitalDollar”project.InNovember,theNewYorkInnovationCenter,parterveBankofNewYorkannouncedaproof-of-conceptprojecttoexplorethefeasibilityofaninteroperablenetwork,includingbothcentralbankwholesaledigitalmoneyandcommercialbankdigitaloughdistributedledgershttps://www.ecb.europa.eu/paym/digital_euro/investigation/governance/shared/files/ecb.degov220929.en.pdf?8eec0678b57e98372a7ae6b59047604bCNBCcom,/2022/01/11/china-digital-yuan-pboc-to-expand-e-cny-use-but-challenges-remain.html,January11,2022.mentandforeignexchangetransactions,”HKMA.gov,.hk/eng/news-and-media/press-releases/2022/10/20221026-3/,October26,2022.inWholesaleCBDCs,”MAS.gov,.sg/news/media-releases/2022/mas-launches-expanded-initiative-to-advance-cross-border-connectivity-in-wholesale-cbdcs,November3,2022./aboutthefed/nyic/facilitating-wholesale-digitalassetsettlementCBDCsintroducearangeofchallenges,includingmajorquestions,suchasmonetarypolicyandprivacy.InmostG20countries,therearealsoconsiderationsofthetypeofCBDC(wholesale,retailorhybrid)andtheinteractionwiththeprivatesector.Atahighlevel,allcustomerinteractionswouldstillhappenthroughthebankingsystem,withtransactionsrecordedbythecentralbank.Thegovernmentwoulddevelopabase-layerplatformandbankswouldbeabletoinnovateandcreateapplicationsbuiltonthatplatform.Usagerestrictedtopermittedinstitutionsasasettlementassetforlargebusinesstransactions(e.g.,wholesaleinterbankpayments,securitiessettlementsandpaymentsbetweenlargecorporations).Seenaslessofapriorityglobally,whichisreflectedinongoingprojects.3WidelyaccessibleUsagerestrictedtopermittedinstitutionsasasettlementassetforlargebusinesstransactions(e.g.,wholesaleinterbankpayments,securitiessettlementsandpaymentsbetweenlargecorporations).Seenaslessofapriorityglobally,whichisreflectedinongoingprojects.3?Traditionalfinancefirms?Traditionalfinancefirmsmustdecidehowandwhytoengageprudentlywithdigitalassets,includingCBDCs,inamannerconsistentwiththeirriskandcomplianceframeworks.?Cryptonativesmustdeterminehowtoadapttheiroperatingmodelstoaddressrisksthataretopofmindforpolicymakers,aswellaslikelynewregulations.ndrequisitedesignchoicesanyreortechnologicaldetailcomeswithimplicitpolicytrade-offsandrequiresspecificattention.tlook?Increasingtechnologyunderstandingamongseniormanagersandboardmembers.?Incorporatingdigitalactivityintoexistingriskmanagementandcomplianceframeworks,especiallyoperationalresilience.?Consideringthebroaderethicalandantitrustimplicationsassociatedwithdigitalservices.DigitizationoffinancialservicesDigitalinnovationcontinuestoreshapethefinancialservicessector,withthepaceandscaleoftechnologicalchangeonlylikelytoincreaseduetofactorssuchasartificialintelligence(AI),cloudandthemarketentryofnew,non-bankplayersAI,thereisaclearacknowledgmentofthepotentialforconsumerharmbutlittleinthewayofregulatoryclarityabouthowtomitigateit.IntheUS,CongressintroducedabillcalledtheAlgorithmicAccountabilityActthatwouldapplytoprofiletargetstoassessautomateddecisiontechnologiesforbiasandotherfactors.EnforcementwouldhappenthroughtheFederalTradeCommission,19butthebillwilllikelynotadvancetolaw.striesbuthasspecificimplicationsforfinancialservicecompanies.High-riskactivities,creditrecords,wouldhavemandatoryrequirements,includingopinionsandamendmentsontheAct,whichwillbecomelawjointconsultationonAIandethics.directivesmostregulatorsconceptofsamerulesforsamerisksandseekingtoregulatebankandnontraditionalmarketentrantconductthathappensthroughthetechnology,ratherthantheebanksareembeddingtheisksfromAIintotheirestablishedpracticesaroundTheregulationofcloudmigrationisfollowingasimilarpath.Inmostjurisdictions,therearefewspecificrequirementsaboutcloud.Existingregulationsinareassuchasresiliency,businesscontinuityandcybersecuritytheoreticallycovercloud,butthoserequirementsaregeneralandnotspecifictocloudtechnology,whichcouldintroducenewvulnerabilitiesandrisks.HongKongisanotableexception,wheretheHKMAhasintroducedacircularoncloudadoptionbybanks.21Somebankshavebeensanctionedorfinedbecausetheyofferedcloudserviceswithouttherightcontrolsoroversight,andtheyarenowhavingtoretrofitsomeofthoseontocloudinfrastructures—acostlyandunwieldyprocess.Similarly,applyingAIormachinelearningtoestablished,analogmodelswithoutthinkingthroughtheramificationswillnotonlyreplicaterisksbutlikelyexacerbatethem.Astechnologiesevolveandbankscontinuetodevelopnewofferings,asmarterapproachistoembedcontrolsandoversightintonewsolutionsfromthestart,aconceptknownasriskmanagementbydesign.Trackcomhttpswwwgovtrack.us/congress/bills/117/hr6580,accessedDecember23,2022.httpswwwhkmagovhkmediachidockeyinformationguidelines-andcircularhttpswwwhkmagovhkmediachidockeyinformationguidelines-andcircular/2022/20220831c1.pdfaccessedDecember23,2022.ookplayers,aredrivingdigitizationinthefinancialservicessectorinareassuchaslending,assetmanagementandinsurancecloud-basedservicestoimproveefficiencyandsecurity)ordatamachineintofinancialservicesandtheirinterconnectednesswiththesofrisksAccordingnalMonetaryFundIMFregulatorsmayaddebigtechfirms;b)increasedisclosurerequirementsforthesesactivitiessuchassksorfirmobligationsorcsetupcodesspilloverrisksfromunregulatedactivitiesofbigtechnologyfirmswillbeessential.Asidefromtheimplicationsofnewertechnologies,certainproductareasarelikelytobesubjecttofurtherchangeanddisruption.Attheforefrontofthesearepayments.Althoughmarketsgloballyarelikelytoexperiencemorechange.22Forrdersasmostdomesticpaymentsolutionsarebasedoncardsorinstantpayments.Authority(CMA),arealsoincreasinglyactiveonissueslinkedtoreceivenewcompetitionpowers,whichwouldallowittoapplycodesofconducttolargetechnologyfirmsandsetgentrequirementsonmergersIntheEUtheDigitalMarketsActwillbecomeeffectiveinMay2023.IntheUS,beenintroducingtougherpenaltiesforunfairpricingandfailuretonotifymergers;Australiaisconsideringanewregimefordigitalplatforms.Environmental,socialandgovernancegrowinvolumeandcomplexityForthinkingrequiredtoembedclimateinvirtuallyeverydecisionmaintaintheintegrityoftheESGashingamidgrowingstmentproductsTheRegulation(SFDR)LevelII,effectiveJanuary2023),andtheEuropeanCommissionhasaskedbanking,insuranceandinvestmentsupervisoryauthoritiesinEuropetoprovidenggreenwashingrisksItwillconsidern2023andafinalreportbytheendofMay2024.BeyondtheEU,othernationalregulatorsandsupervisorybodieshavetakenactionorintroducednewpoliciestocountergreenwashing,includingtheUSSEC,theUKFCAandtheInternationalOrganizationofSecuritiesCommissions(IOSCO).Regulatorsarelikelytointroducesustainableinvestmentproductlabels,restricthowcertainsustainability-relatedtermscanbeusedinproductnamesandrequiremoredetaileddisclosures.RegulatorsacrossjurisdictionsareincreasinglyrequiringtransparencyonESGmatterswherebyscopeandapplicabilityvaryacrossjurisdictions.Forexample,theEU—thefront-runneringlobalsustainabilityreportingstandards—issuedtheEUCorporateSustainabilityReportingDirective(CSRD),whichwillapplystartingbetween2024and2028.24ItintroducesmoredetailedreportingrequirementsasfirmswillberequiredtoreportundertheEuropeanSustainabilityStandards(ESRS)oncompanies’impactontheenvironment,humanrightsandsocialstandards.Incomparison,theUSSECfocusesonspecificESGtopics,ratherthanmandatingthepublicationofbroadESGreportsasintheEU.AfinalUSruleisexpectedinthefourthquarterof2022,asisaproposalforenhancedhumancapitaldisclosures.frameworksandincreasedmultilateralcooperationwilleortingovidemoretransparencyonphysicalclimaterisks,aswellastheirfinancialeffects.Thefinalstandardsareexpectedtobepublishedinearly2023andmorethematichttps://www.eba.europa.eu/sites/default/documents/files/document_libraryAbout%20Us/Missions%20and%20tasks/Call%20for%20Advice/2022/CfA%20on%2greenwashing/1036482/Report%20request%20to%20ESAs_greenwashing%2monitoring%20and%20supervision.pdfchanger,”,/en_gl/assurance/how-the-eu-s-new-sustainability-directive-is-becoming-a-game-changer,August1,2022.ookdgiveconsiderableweighttothatframeworkandlikelyencourageitsadoptionbyothernationalandregionalregulatorydsbothregimesitwillbekeytounderstandthesimilaritiesanddevelopthenecessaryreportingstrategydatadcontrolsarelikelytoupdatetheirscenarioanalysistointegratethethirdversionofclimatescenariosforforward-lookingclimatepolicycommitmentsandmodelsionsForthefirsttimethescenariosincludeprojectionsofthepotentiallossesfromextremeweathereventsie,representedwithincreasedgranularityincertainsectorsInthedecreasingpricesenergymixdetermineimplicationsofthelow-carbontransition,physicalmicimpactsofbothdmatescenarioanalysisoolformacroprudentialpurposesandtoincorporatesystemicrisksthatarisefromclimatechange.usedforbanksandinsurersbutudesingofimpactsonfinancialrisksanddirectwiththeframeworkfromtheTaskforceonNature-relatedbiodiversityandecosystems.26AbetaversionoftheTNFDframeworkisnowavailableanditwilllikelybedevelopedinsuresTCFDthroughaquasipublicprivateinitiativethatleadstoavoluntarystandardfordisclosure.TheTNFDiscurrentlyfarbehindclimate-relateddisclosuresintermsofstandardizationandclarity,butitwillbringnewSGregulationoveralltheunderlyingqualityofthedatathattheyuseinlinewiththeestablishedoreenregulatorsandindustrytos?Recognizingthatnetzerowillrequiretotaltransformationandafocusontacklinggreenwashing.Understandingwhatthiswillmeanforthebusinessmodeloverthenext5,10and15yearsanddevelopingafully-fundedtransformationstrategywhichiscommunicatedtostakeholders.?Assessingtheresilienceofthebusinesstoarangeofphysicalandtransitionriskscenarios.Understandinghowriskappetitesneedtochangeandhowtheorganizationcanbuildresilience.?DissectingreportingchangesandpreparingforISSBtoensurethatthefirmisreadytoreportonpeopleandplanetaryvalue,notjustfinancialvalue.Aligningstructuresandprocessesaroundnewdisclosureswilltaketimeandeffort.Nowisthetimeforaction.regulationstakeholdersatCOP26)nowhas550financialinstitutionsaroundthelinstitutionsacceleratethetransition,withmeasurestod?TheISSBreaffirmeditscooperationwiththeEuropean?Regulatoryandpolicyeffortstostampoutgreenwashingcontinuetogainmomentum.TheEUsupervisoryauthorities(EuropeanBankingAuthority(EBA),EuropeanInsuranceandOccupationalPensionsAuthority(EIOPA)andEuropeanSecuritiesandMarketsAuthority(ESMA))publishedacallforevidenceongreenwashingtogatherinputfromstakeholdersonhowtounderstandthekeyfeatures,driversandrisksassociatedwithgreenwashing.Forexample,ESMAreleasedaconsultationtoaddressfunds’namesbyproposingquantitativethresholdscriteriafortheuseofESG-andsustainability-relatedterminology.ookFinancialcrimeWhilefinancialcrimehasalwaysbeenamajor