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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.

1. Capital

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  • (JP JFSA, 27 May) Amendment to the “Act on Special Measures for Strengthening Financial Functions”

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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

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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

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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

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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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