Article
COVID-19：Updates on regulatory and supervisory responses in Asia Pacific Vol.6（as of 4 June）
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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- (JP JFSA, 27 May) Amendment to the “Act on Special Measures for Strengthening Financial Functions”
2. Liquidity
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- (IN RBI, 23 May) COVID-19 Regulatory Package / Reduction in Marginal Standing facility rate, Policy Repo Rate and Reverse Repo Rate under the Liquidity adjustment facility (LAF) / ‘Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt – relaxations / Large Exposures Framework – Increase in Exposure to a Group of Connected Counterparties / Pre-shipment and Post-shipment Export Credit – Extension of Period of Advance
- (HK HKMA, 29 May) Enhancement Measures to 80% and 90% Guarantee Products under SME Financing Guarantee Scheme
- (SG MAS, 3 june) Additional Loan and Cashflow Support for Landlords and Businesses Affected by COVID-19
- (KR FSC, 3 June) Korean government proposes KR₩ 4.7 trillion in additional financial support
- (JP BOJ, 22 May) The BOJ introduces a new fund to support SMEs
3. Provisioning, Definition of Default and NPL-related measures
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- (INRBI, 23 May) Review of Resolution Timelines under the Prudential Framework on Resolution of Stressed Assets
- (CH PBOC, 1 June) Notice Concerning Expanding Credit Loan Support to Micro and Small Enterprises
4. Consultations / implementation timetables
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- (IN SEBI, 22 May) Extension on Implementation of Circular on ‘Margin obligations to be given by way of Pledge/Re-pledge in the Depository System’ / Extension on Implementation of provision regarding Power of Attorney
5. Others (reporting, stress testing, conduct, etc.)
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- (INSEBI, 22 May) Regulatory measures introduced by SEBI to continue in view of ongoing uncertainty
- (JP JFSA, 25 May) Statement by the Minister for Financial Services on the complete lifting of the state of emergency responding to the spread of COVID-19 / Statement by Minister for Financial Services on the second supplementary budget and financial support to the SMEs
- (AU ASIC, 1 June) Easing access to financial advice during COVID
- (CH PBOC, 2 June) Guidance opinions concerning further strengthening micro, small and medium-sized enterprise financial services
- (KR FSC, 2 June) Review of the current status of the COVID-19 financial support for businesses and households / FSC to work on turning crisis situation into opportunity for digital innovation
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