2023年第一季度-亞太地區(qū)金融服務(wù)監(jiān)管政策更新（英）

Asia

Pacific

Financial

ServicesRegulatory

UpdateQ1

2023April2023IntroductionDear

clients

and

colleagues,These

issues

have

prompted

regulators

and

FSfirms

alike

torethink

how

they

balanceefficiency

and

resilience,

with

several

regulators

across

the

region

(e.g.

Japan,

Australia,Thailand)

publishing

consultation

papersaimed

at

increasing

operational

resilience

bystrengthening

operational

risk

management

and

business

continuity

practices.

Elsewhere,regulators

such

asIndonesia’s

OJKand

Malaysia’s

BNM

released

updated

regulationsduring

Q1with

afocus

on

managing

cybersecurity

and

resilience,

and

supporting

thedevelopment

of

robust

business

continuity

management

frameworks.IntroductionSummaryAustraliaThe

Deloitte

Asia

Pacific

Centre

for

Regulatory

Strategy

(ACRS)

is

pleased

toshare

withyouthe

key

regulatory

updatesfrom

our

region

for

Q12023.This

quarter,

wewould

like

towelcome

SeanMoore

(Partner,

Australia)

tothe

ACRS.Sean

joins

asthe

new

Australia

co-lead,

taking

over

the

position

from

Mike

Ritchie.

We’dlike

tothank

Mike

for

his

leadership

in

the

ACRS,

and

for

his

contribution

tothe

financialservices

industry

throughout

anexemplary

career

spanning

over

35

years.Climate

risk,

sustainability

and

green

finance:

The

first

quarter

of

2023

also

saw

arenewed

focus

on

managing

climate

change

and

transitioning

toagreener,

moresustainable

future.

Recognising

the

important

role

financial

institutions

have

insupporting

the

transition

towards

amore

sustainable,

low-carbon

future,

regulatorsacross

the

region

(such

asSingapore,

Taiwan

and

Thailand)

have

released

arange

ofpublic

consultations

on

their

proposed

green

taxonomy.Mainland

ChinaHong

Kong

SARIndiaReflecting

onthe

past,

focusingon

the

future:

The

first

quarter

of

2023

sawcontinued

uncertainty,

with

inflationary

pressures,

ongoing

supply

chain

issues,

naturaldisasters,

and

geopolitical

flashpoints

in

the

region

and

beyond.

Reflecting

on

theseissues

and

the

challenges

they

bring

whensetting

their

priorities

for

2023

and

beyond,governments

and

regulatory

agencies

across

the

Asia

Pacific

(AP)

region

continue

totakeactive

measures

tostrengthen

the

overall

resilience

of

the

financial

ecosystem,

whilstlooking

tothe

future.Key

themes

observed

within

the

proposed

taxonomies

include

afocus

on

the

promotionof

sustainable

financing,

and

measures

tosupport

industries

toreduce

greenhouse

gasemissions

and

transition

towardsalower-carbon

economy,

in

order

tomeet

many

of

thenet-zero

commitments

pledged

bycompanies

and

jurisdictions

globally

in

the

lead

up

tolast

year’s

COP27.

Asnoted

in

our

Q42022

update,

strengthened

cooperation

across

theregion

and

global

(for

example,

through

the

alignment

of

regulatory

standards),

aswellasimproving

datacomparability

and

availability

will

help

tosupport

efforts

tocombatclimate

change

and

build

amore

sustainable,

and

inclusive

future.IndonesiaJapanFor

example,

in

its

priorities

for

2023,

the

HKMA

noted

managing

climate

risk

andassisting

bankstotransition

towards

alow-carbon

economy

were

keydevelopmentpriorities

in

2023.

InAustralia,

the

prudential

regulator,

APRA,

noted

strengthening

theoverall

financial

and

operational

resilience

of

regulated

entities

was

akeypolicy

andsupervision

focus

for

2023.MalaysiaResponding

to

recent

market

eventsand

maintaining

focuson

managingfinancial

risk:

Events

such

asthe

recent

collapse

of

banksin

the

USand

EU

haveprompted

the

BCBS

and

regulators

across

the

AP

region

to

sharpen

their

focus

onassessing

the

riskstothe

financial

stability

of

the

global

banking

system,

due

todeteriorating

economic

conditions,

higher

interest

rates,

and

market

instability.Progressing

regulation

inresponse

tonew

technology

and

business

models:The

digital

revolution

continues,

and

the

rapid

pace

of

technological

change

hasprompted

regulators

across

the

AP

region

torelease

anumber

of

consultation

papersandguidelines

in

response.

For

example,

the

Bank

of

Thailand

launched

aconsultation

intothe

proposed

Virtual

Bank

Licensing

Framework,

which

aims

to

support

Thailand’stransition

towards

asustainable

digital

economy.NewZealandPhilippinesSingaporeSouthKoreaTaiwan

(China)ThailandInresponse

torecent

events,

the

BCBS

reaffirmed

their

expectation

that

bankscontinuewith

implementation

of

Basel

III

requirements

assoon

aspossible,

noting

that

severaljurisdictions

in

the

AP

region

(e.g.

Australia,

Singapore,

Japan,

Malaysia,

Philippines,China

Mainland

and

Hong

Kong

SAR)

have

recently

released

revised

capital

rules,

in

linewith

the

Basel

III

reform

package,

and

aim

tobe

compliant

between

2023

and

2025,

inalignment

with

the

US,

EU

and

UK.Onthe

digital

assets

front,

regulators

in

the

Philippines

released

a

guidance

note

on

riskmanagement

measures

relating

tosafekeeping,

liquidity

and

third-party

requirements

forvirtual

(digital)

assets,

highlighting

their

expectation

that

FS

firms

dealing

with

digitalassets

should

ensure

appropriate

measures

are

in

place

toeffectively

manage

risks

thatmay

jeopardise

the

safety

and

security

of

client

monies.

Elsewhere

in

the

region,regulators

such

asthe

Reserve

Bank

of

Australia

continue

toexplore

the

potential

usecases

and

benefits

of

a

Central

Bank

Digital

Currency

(CBDC),

which

providers

invited

toparticipate

in

alive

pilot

over

the

next

few

months

that

will

help

toinform

the

potentialrole

of

a

CBDC

in

the

Australian

economy.Elsewhere,

regulators

across

the

AP

region

have

directly

responded

torecent

marketevents.

For

example,

Australia’s

APRA

has

increased

the

frequency

of,

and

existingapproach

tostress

testing,

byincorporating

scenarios

that

capture

rapid

depositwithdrawals,

and

channels

for

contagion.VietnamFor

more

information

on

these

updates

or

other

regulatory

topics,

please

get

in

touch.Strengthening

operational

resilience:

Strengthening

operational

resilience

continuestobe

akeyarea

of

focus

byregulators

and

FS

firms

alike

in

the

post-COVID

era,particularly

amidst

ongoing

supply

chain

disruption,

and

the

occurrence

of

high-profileincidents

impacting

bothFS

providers,

and

their

third-party

vendors.?

2023.

For

information,

ContactDeloitte

Touche

Tohmatsu

Limited.Best

regards,ContactsThe

ACRS

Co-leadsAsia

Pacific

Financial

Services

Regulatory

Update

Q1

20232RegulatoryHot

Topics

–To

p

six

most

talked

aboutthemesthis

quarterIntroductionSummaryAustraliaOperational

RiskFinancial

Products,Instruments

&

ServicesSupervisoryApproach1024Data

&

Technology9Mainland

ChinaHong

Kong

SARIndia10UpdatesIndonesiaJapanUpdatesUpdatesUpdatesTaxonomy1.

Governance

&

Strategic

/ReputationalRiskMalaysia2.

Financial

RiskNewZealandPhilippinesSingaporeSouthKoreaTaiwan

(China)ThailandFinancial

Crime3.

Operational

Risk124.

Conduct

Risk5.

Financial

CrimeFinancial

Risk6.

Consumer

Protection7.

Data

&

Technology178.

Financial

Products,

Instruments

&

Services9.

Financial

Market

Infrastructure10.Systemic

/

Currency

Stability11.EnforcementUpdates12.Supervisory

Approach13.Climate

&

SustainabilityVietnamUpdatesContacts?

2023.

For

information,

ContactDeloitte

Touche

Tohmatsu

Limited.Asia

Pacific

Financial

Services

Regulatory

Update

Q1

20233Australia

(1/2)1APRA

Releases

Policy

and

Supervision

Prioritiesfor

20234ASIC

to

Expand

Enforcement

Focus

Areas

intheComing

YearIntroductionSummaryAustraliaMainland

ChinaHong

Kong

SARIndiaOn

2

February

2023,

Australian

Prudential

Regulation

Authority

(APRA)

released

apublication

detailing

itspolicy

and

supervision

priorities

for2023.

Ata

time

of

globaleconomic

uncertainty,

APRA’skeyfocuses

include

the

strengthening

of

the

financial

andoperation

resilience

forAPRA-regulated

entities,

the

progression

of

APRA’splantomodernise

the

prudential

architecture,

and

the

reviewof

core

standardsof

conglomerategroups.

APRA

hasalso

outlined

supervision

priority

areas

it

wishes

toleaninto,

whichinclude

afocus

on

cyber

resilience,

oversightof

trusteestoensure

the

bestoutcomes

forsuperannuation

membersand

addressing

challenges

of

affordability

and

sustainability

ininsurance.On

15

February

2023,

ASIC

issued

awarning

tobusinesses

thatgreenwashing

will

be

akeytargetarea

in

2023

asthe

regulator

continues

itsfocus

on

customer

protection.

Theregulator

hascommenced

significant

enforcement

actions

toaddressmisconduct,culminating

in

its

firstcourt

action

againstan

entity

forallegedly

making

false

andmisleading

statements

onthe

sustainable

nature

and

characteristics

of

itsinvestmentoptions.This

follows

arecentASIC

reviewinto

sustainability-related

disclosure

practices,

conductedin

December2022,

which

found

that

disclosures

broadly

continued

toimprove,

butinconsistencies

and

lack

of

comparability

betweenentities

remained

achallenge.APRA

releasespolicy

and

supervision

priorities

for

2023

|APRA23-026MR

ASIC

toexpand

enforcement

focus

areasin

the

coming

year|ASIC23-043MR

ASIC

launches

first

Court

proceedingsalleging

greenwashing

|ASICASIC’s

current

focus:

Whatarethe

regulator’s

expectationson

sustainability-relateddisclosures?

|ASIC2APRA

Publishes

Assessment

of

Macroprudential

SettingsIndonesiaJapanOn

27

February

2023,

APRA

published

anupdateonits

macroprudential

policy

settings.APRA

confirmed

thatexisting

policy

settings

remain

suitable

inpromoting

stability,including:ASIC

Callsfor

Improved

MaterialBusiness

Risk

Disclosure

n

AnnualReports5??aneutral

levelof

countercyclical

capital

bufferof

1percentof

risk

weighted

assets;anda3percentserviceability

buffer.On

10

February

2023,

ASIC

issued

areminder

forcompany

directorsto

ensure

adequatedisclosure

of

materialbusiness

risksin

annual

reports.This

comes

afterfinancial

reportinquiries

and

anongoing

surveillance

programled

toafurtherfour

listed

entities

disclosingmaterialbusiness

risks.ASIC

encouragesinvestors

of

these

companies

and

otherrelevantstakeholdersto

reviewthe

disclosure

of

the

newmaterials,

and

advocates

for

otherentitiestoreviewthe

additional

disclosures

to

strengthentheir

own

disclosures.

ASIC

will

continueusing

arisk-based

approachtoactively

monitor

annual

reportsfor

correctdisclosure

ofmaterialbusiness

risks.MalaysiaAPRA

acknowledged

itsconservative

approachtothese

settings,

noting

the

continued

riskfordomestic

and

global

economic

conditions

todeteriorate.APRA

Chair

John

Lonsdaleemphasised

these

policy

settings

aresubject

tofuturechange,

giventhe

fast-changingnatureof

currentmacroeconomic

conditions.NewZealandPhilippinesSingaporeSouthKoreaTaiwan

(China)ThailandAPRA

publishes

assessment

of

macroprudential

settings

|APRAASIC

Publishes

Report

onGood

Practicesfor

Handling

WhistleblowerDisclosures23-018MR

ASIC

calls

forimproved

material

business

risk

disclosure

in

annual

reports|ASIC3On

2

March2023,

Australian

Securities

and

Investments

Commission

(ASIC)

published

areportoutlining

good

practicesobserved

fromareviewof

whistleblower

programsacross

avariety

of

industries.

The

aimof

the

reportisto

assistentities

in

improving

their

handling

ofwhistleblower

disclosures,

and

to

ensure

stakeholders

feelencouraged

toreportworkplaceconcerns

and

issues.

In

itsreport,ASIC

noted

thatprograms

withconsidered

and

well-communicated

whistleblowing

procedures

received

useful

reportsand

tip

offs.ASICtherefore

encourages

firms

toconsider

how

theircurrent

whistleblowing

arrangementsmaybeuplifted,and

will

continue

toreviewentities’

whistleblower

policies

and

systems,andtake

remediation

action

whererequired.Vietnam23-046MR

ASIC

publishes

reporton

good

practicesfor

handling

whistleblower

disclosures

|ASICContacts?

2023.

For

information,

ContactDeloitte

Touche

Tohmatsu

Limited.Asia

Pacific

Financial

Services

Regulatory

Update

Q1

20234Australia

(2/2)6Research

Project

Exploring

Use

Cases

for

CBDC8APRA

Updates

Timeline

for

CPS

230–

Operational

Risk

ManagementIntroductionSummaryAustraliaMainland

ChinaHong

Kong

SARIndiaAfterpreviously

announcing

itsintention

to

explorea

central

bank

digitalcurrency

(CBDC),the

Reserve

Bank

of

Australia

(RBA)on

2March

2023

released

the

use

case

proposals

andprovidersinvited

toparticipate

in

alivepilot.

This

pilot

will

take

place

overthe

comingmonths

andwill

involvepartners

acrossavariety

of

industries.

The

variety

of

potential

usecasesforaCBDC

rangesfromOffline

Payments

and

Corporate

Bond

SettlementtoGoodsand

ServicesTax

(GST)automation

and

Tokenised

Bills,

and

this

researchaccording

toProgram

Director,

Dilip

Rao,

will

inform

nextstepsin

determining

the

role

of

aCBDC

in

theAustralian

economy.On

13

April

2023,

APRA

releasedanupdated

timeline

forthe

implementation

of

newcross-industry

Prudential

Standard

CPS

230

Operational

Risk

Management

(CPS

230).In

revising

its

timeline

forimplementation,

APRA

considered

feedback

received

fromregulated

entities

and

otherstakeholders

during

the

consultation

process

forCPS

230,which

closed

in

October2022.

Accordingly,

APRA

intends

to:??move

the

effectivedate

for

the

newstandard

to1

July

2025;

andprovidetransitional

arrangementsfor

pre-existing

contractual

arrangementswithservice

providers,with

the

requirements

in

the

standard

applying

from

the

earlierofthe

nextcontract

renewaldateor1July

2026.A

reporton

this

projectis

expected

tobepublished

laterin2023.Research

Project

Exploring

Use

Casesfor

CBDC

|MediaReleases|RBADigital

Finance

CRC

|Australian

Central

Bank

Digital

Currency

Pilot

ProjectAPRA

planstorelease

afinal

version

of

the

standard,togetherwith

draftsupportingguidance,in

mid-2023.APRA

update

on

the

implementation

of

newoperational

risk

prudential

standard

(CPS

230)Deloitte

response

toCPS

230

consultationIndonesiaJapan7APRA

Releases

Amendments

to

theInsurance

Capital

FrameworkOn

30

March

2023,

APRA

released

alettertothe

insurance

industry

responding

totheconsultation

onamendments

tothe

capital

and

reporting

framework,finalised

lastyear

inresponse

tothe

introduction

of

the

Australian

Accounting

StandardsBoard’snewstandard,AASB17Insurance

Contracts.MalaysiaAsoutlined

in

the

letter,the

targeted

consultation

received

eightresponses,

the

majority

ofwhich

wereopposed

tothe

changes.Key

issues

raised

included

a

potential

for

APRA

toinfluence

accounting

decisions,

and

apreference

for

APRA

toincorporate

the

requirementsaspartof

itssupervisory

approachratherthan

in

the

prudential

standards.NewZealandPhilippinesSingaporeSouthKoreaTaiwan

(China)ThailandAPRA

maintains

thatthese

additional

requirements

arenecessary

towarrant

thatregulatorycapitallevels

are

sufficient

and

will

continue

tomonitor

implementation

of

the

revisedrequirements

toensure

noundue

regulatory

burdens

are

imposed.APRA

releasesamendmentsto

the

insurance

capitalframework

|APRAAASB17

–

Finalisation

and

minor

amendmentsto

the

prudentialframework

|APRAVietnamContacts?

2023.

For

information,

ContactDeloitte

Touche

Tohmatsu

Limited.Asia

Pacific

Financial

Services

Regulatory

Update

Q1

20235Mainland

China

(1/3)1China

Financial

Regulatory

Regime

Reform

Program3“Three

Rules

andOne

Provision”IntroductionSummaryAustraliaOn

7

March2023,

the

State

Council

of

the

People’sRepublic

of

China

announced

itsplantoreformChina’s

financial

regulatory

regime.Underthe

reformprogram,aNational

FinancialRegulatory

Administration

will

beestablished,replacing

the

China

Banking

and

InsuranceRegulatory

Commission

(CBIRC).

The

proposed

administration

will

takeunifiedresponsibility

forthe

supervision

of

the

financial

industry,

except

for

the

securities

sector.The

China

Securities

Regulatory

Commission

(CSCR)

supervising

the

securities

sectorwillbemoved

directly

underthe

State

Council.

The

reformprogram

alsonoted

that

certainfunctions

of

the

People’sBank

of

China

(PBOC)

and

CSCR

will

be

transferred

tothe

NationalFinancial

Regulatory

Administration.On

6

January

2023,

the

CBIRC

launched

apublicconsultation

on

the

revised

creditmanagementrules

and

provisions.

The

revisions

aimtoenhance

the

creditriskmanagementcapabilities

of

banking

institutions,

improve

financial

servicesefficiency,

aswell

astoincrease

the

financial

sector's

supportfor

the

realeconomy.The

CBIRC

revised

the

existing

Rules

and

Guidelines,

including

(1)

Interim

Rules

onFixedAssetLoans;

(2)Interim

Rules

on

Working

Capital

Loans;

(3)

Interim

Rules

on

PersonalLoans;

and

(4)

Guidelines

on

Project

Financing

Business.

The

revised

Rules

and

Guidelinesformulates

the

below:Mainland

ChinaHong

Kong

SARIndiaThe

reform

proposal

waspresented

to

the

national

legislature

fordeliberation

during

China’sannual

parliamentary

meeting

–known

asthe

“Two

Sessions”

held

on7

March2023,

andapproved

on

10

March2023

byChina’s

National

Legislature.1.2.3.4.Rules

on

Fixed

AssetLoans

(for

Consultation);Rules

on

Working

Capital

Loans

(for

Consultation);Rules

on

Personal

Loans

(for

Consultation);Provisions

on

Project

Financing

Business

(for

Consultation).IndonesiaJapanChina

to

setup

national

financial

regulatory

administrationChina's

State

Council

institution

reformplan

approvedThe

keyrevisions

are:?Expanded

the

scope

of

working

loans’

and

fixedassetloans’

usage

and

borrowers

tofulfil

the

actualdemand

of

the

credit

market;Further

clarified

standardsand

appropriately

adjusted

the

time

limit

forentrustedpayments.Relevantprovisions

on

the

emergency

use

of

funds

areadded

toincreasethe

flexibility

of

entrusted

payments;Adjusted

and

specified

loanbusiness

handling

forms,

e.g.

videointerview

and

off-siteinvestigation,

toadapt

tonew

financing

scenarios;Optimised

the

working

capitalloan

calculation

requirements,

including

relevantcontent

of

handling

loans

by

creditto

better

tally

withthe

financing

reality;Clarified

loan

termrequirements,

provided

guidance

tocommercial

bankstoguardagainstthe

risk

of

maturity

mismatch

and

further

optimise

loan

structure;

andIntegrated

otherrelevantcreditmanagement

rulesto

make

them

more

systematic.2Risk

Classification

ofFinancial

Assets

of

Commercial

Banks?MalaysiaOn

11

February

2023,

the

CBIRC

and

PBOC

jointly

issued

the

Rules

on

Risk

Classification

ofFinancial

Assetsof

Commercial

Banks

to

strengthen

risk

managementof

commercial

banks.The

Rules

tightenrisk

managementrequirements

toenable

commercial

bankstoidentifyand

evaluatecreditrisksmore

accurately

and

to

better

reflectthe

true

assetquality.????NewZealandPhilippinesSingaporeSouthKoreaTaiwan

(China)ThailandThe

Rules

enhanced

the

scope

of

assetsand

setout

new

definitions

forrisk

classification.According

tothe

Rules,

commercial

banksshould

follow

the

principles

of

authenticity,timeliness,

prudence

and

independencetoclassify

all

financial

assets

(including

loans,bonds,and

all

on-

and

off-balancesheetassetsthat

bear

creditrisk)

into

fiverisk

levels.Furthermore,

the

Rules

emphasise

the

classification

centresaround

the

debtor'srepaymentcapacity

and

clarifies

the

objective

indicators

and

requirements

forrisk

classification.The

consultation

periodendedon6

February

2023.CBIRC

Solicits

Public

Opinions

on

"Three

Rules

and

One

Provisions"CBIRC

Officials

Respond

to

Media

Questions

on

the

"Three

Rules

and

One

Provisions"The

Rules

becomeseffectiveon1

July

2023.

Commercial

banksare

required

tore-classifyexisting

businesses

according

tothe

Rules

before31

December2025.CBIRC

and

PBOC

Release

the

Rules

on

Risk

Classification

of

Financial

Assetsof

CommercialBanksVietnamContacts?

2023.

For

information,

ContactDeloitte

Touche

Tohmatsu

Limited.Asia

Pacific

Financial

Services

Regulatory

Update

Q1

20236Mainland

China

(2/3)4Capital

Rulesof

Commercial

Banks5Promoting

Risk

Mitigation

inProperty

Insurance

IndustryIntroductionSummaryAustraliaOn

18

February

2023,

the

CBIRC

and

PBOCissued

ajoint

consultation

on

therevised

CapitalRules

of

Commercial

Banks.

The

revised

Rules

reflectsthe

latestinternational

standards(i.e.BaselIII

Accord),

in

combination

with

domestic

economicenvironment.

Proposed

amendments

are:On

30

January

2023,

the

CBIRC

issued

the

Opinions

onPromoting

Risk

Mitigation

inProperty

Insurance

Industry

tosupport

the

insurance

industry

in

carrying

out

risk

mitigationservices.According

tothe

Opinions,

insurance

companies

will

berequired

toexpand

their

scope

ofservice,including

actively

supporting

insured

enterprises

in

risk

managementsuch

asriskassessments.

In

addition,

insurance

companies

are

required

to

broadentheirservice

scopetoproviderisk

mitigation

and

protection

invarious

property

insurance

businesses,

such

asliability

insurance,

autoinsurance

and

agricultural

insurance.

The

Opinions

encourageinsurance

companies

tobroadenthe

risk

mitigation

typesavailable,and

increase

serviceaccessibility

and

convenience.

Insurance

companies

may

setup

aservice

teamorentrustprofessional

third-party

institutions

toprovidein-depth

and

refined

services.Lastly,

theinsurance

services

may

be

extended

to

the

upstreamand

downstream

industries

of

theinsured

enterprisesto

provideone-stop

service

solutions

to

customers.1.2.Establish

adifferentiated

capitalsupervision

systemthatis

proportionate

tothe

scalecomplexity

of

banks,reducing

the

compliance

costs

of

small

and

medium-sizedbanks.Revise

the

risk-weighted

asset(RWA)calculation

rules,including

the

credit

riskweightapproach

and

internal

rating

approach,marketrisk

standard

approachand

theinternal

model

approach,operational

risk

standard

method,

and

risk

sensitivity

ofcapitalmeasurement

.Require

bankstoestablish

effective

policies,

processes,systems

and

measures

tofully

grasp

customer

risk

changes

timely

and

thoroughly

and

ensure

the

applicabilityand

prudence

of

risk

weights.Strengthensupervision

and

inspection,

enhance

the

application

of

stresstesting,utilise

second

pillar

of

capital

regulation

tofurther

enhance

supervision

effectiveness;Enhance

information

disclosure

standards.More

than70

disclosure

templatesareintroduced,

wherecommercial

banksare

required

to

disclose

detailed

risk-relatedqualitative

and

quantitative

information,

strengthening

the

externa