Article
COVID-19：Updates on regulatory and supervisory responses in Asia Pacific Vol.2（as of 9 Apr）
Asia Pacific Centre for Regulatory Strategy（ACRS）
This is provided an overview on the regulatory and supervisory responses to COVID-19 in Asia Pacific since the pandemic began. Regulators in our region have responded in a number of ways and we have broken these categories up into five main categories.
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- 1. Capital
- 2. Liquidity
- 3. Provisioning, definition of default and non-performing loans (NPL)related measures
- 4. Consultations / implementation timetables
- 5. Other (reporting, stress testing, conduct, etc.)
1. Capital
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- (ID OJK, Mar 30) Countercyclical policy on the Impact of COVID-19 distribution, for Insurance Companies
- (AU APRA, Apr 7) APRA issues guidance to authorised deposit-taking institutions and insurers on capital management
- (SG MAS, Apr 7) MAS will allow banks to recognise as capital more of their regulatory loss allowance reserves
- (SG MAS, Apr 7) Utilisation of capital buffer to support lending activities
2. Liquidity
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- (IN RBI, Mar 27) NSFR Deferral
- (CN PBOC, Mar 29) Press conference on responding to Global COVID-19 outbreak and maintaining financial market stability
- (AU APRA, Mar 30) APRA advises regulatory approach to RBA Term Funding Facility
- (SK FSC, Apr 2) MAS and financial industry to support individuals and SMEs affected by the COVID-19 Pandemic
- (SK FSC, Apr 2) FSC's response to the COVID-19 outbreak
- (CN PBOC, Apr 3) Reserve Ratio Change
- (HK HKMA, Apr 3) Liquidity measures
- (SK FSC, Apr 6) Liquidity measures
- (SG MAS, Apr 7) To utilise liquidity buffers as necessary to meet liquidity demands
3. Provisioning, Definition of Default and NPL-related measures
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- (SG MAS, Apr 7) Guidance on estimating accounting loan loss allowances
- (SG MAS, Apr 7) Setting Accounting Loan Loss Allowances
4. Consultations / implementation timetables
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- (HK HKMA, Mar 30) Deferral of Basel III implementation and HKMA’s supervisory actions in response to COVID-19
- (JP JFSA, Mar 30) Basel deferral
- (AU APRA, Mar 31) APRA announces deferral of capital reform implementation
- (AU APRA, Mar 31) APRA postpones implementation of reporting standard on private health insurance reforms data collection
- (SG MAS, Apr 7) Deferral of Basel
- (SG ACRA, Apr 7) Deferral of certain licensing and conduct requirements
- (SG ACRA, Apr 7) Extension of deadline for holding Annual General Meeting and filing annual returns
- (AU APRA, ASIC RBA, Apr 8) Preparation for LIBOR transition ‘Dear CEO’ letter feedback
- (AU APRA, Apr 8) APRA temporarily suspends the issuing of new licences
5. Others (reporting, stress testing, conduct, etc.)
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- (HK HKIA, Mar 27) Temporary facilitative measures to tackle the outbreak of COVID-19
- (HK SFC, Mar 27) SFC issues guidance to fund industry amidst COVID-19 outbreak
- (HK SFC, Mar 27) Circular to Intermediaries - reminder of important obligations to ensure suitability and timely dissemination of information to clients
- (ID OJK, Mar 30) Countercyclical policy on the impact of COVID-19 Distribution for Pension Funds (deadline extension announcement)
- (ID OJK, Mar 30)Countercyclical policy on the impact of COVID-19 distribution for finance companies (deadline extension announcement)
- (JP JFSA, Mar 30) JFSA notice to financial institutions on BCPs
- (JP JFSA, Mar 30) Filing deadlines in light of COVID-19
- (HK SFC, Mar 31) Extended deadlines for implementation of regulatory expectations and reminder of order recording requirements under COVID-19 pandemic
- (IN BI, Mar 31) Bank Indonesia relaxes mandatory reporting and late penalties during COVID-19 pandemic
- (SG MAS, ACRA SGX, Mar 31) ACRA, MAS and SGX RegCo update guidance on general meetings
- (AU APRA, ASIC, Apr 1) APRA and ASIC release joint letter to superannuation trustees on COVID-19
- (AU APRA, Apr 1) APRA outlines changes in reporting obligations for ADIs and RFCs in response to COVID-19
- (HK SFC, HKEX, Apr 1) Joint Statement in relation to General Meetings in light of the Prevention and Control of Disease (Prohibition on Group Gathering) Regulation
- (SG MAS, Apr 3) Financial Services Remain Open and Available
- (HK HKMA, Apr 7) Coronavirus disease (COVID-19) and Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) measures
- (SG MAS, Apr 7) Latitude on submission timelines for regulatory reports.
- (SG MAS, Apr 7) Deferral of non-urgent industry projects.
- (SG MAS, Apr 7) Suspension of on-site inspections and supervisory visits
【Recommendations】
