Asia Pacific Regulatory Update
A regular publication from Deloitte’s Asia Pacific Centre for Regulatory Strategy, which provides an overview of the significant local and international regulatory developments impacting financial services firms operating in the region.
A year after the original target date for completion, the BCBS announced that agreement had been reached on the remaining elements of the Basel III post-crisis bank capital framework. The start date for most of the new standards is 1 January 2022. Beyond Basel III, financial technology (FinTech) issues were very prominent in another busy period of policy activity in the region. Regulators in Singapore, Malaysia, Korea and Japan all hosted FinTech events, and throughout Asia Pacific supervisors continue to express concerns and extend regulatory regimes with regard digital currencies. China and Singapore’s central banks became founding members of a network for greening the financial system, while regulators in Australia and Singapore further elaborated on measures that will be implemented to ensure climate-change related risks are being considered by firms. China, India and Korea announced reforms or plans to ease entry of foreign financial companies into domestic markets. The Australia Government announced a wide ranging Royal Commission into alleged misconduct by financial service entities, meaning conduct and culture will be front of mind for regulators and industry in Australia.