《监管改革 亚太国家进展情况-Regulatory reform The Asia Pacific state of play》由会员分享，可在线阅读，更多相关《监管改革 亚太国家进展情况-Regulatory reform The Asia Pacific state of play（14页珍藏版）》请在金锄头文库上搜索。
1、Regulatory reform The Asia P acific state of playSeptember 2015ContentsIntroduction 03The international regulatory reform agenda 04Building resilient financial institutions. 04Ending too-big-to-fail. 07OTC derivatives. 08Transforming shadow banking into resilient market-based financing 11Conduct and
2、 wholesale markets. 11Conclusion. 12Endnotes 14Asia Pacific Centre for Regulatory Strategy. 15About the Centre 15Contacts 15The Asia P acific state of play | 3IntroductionIn the seven years since the onset of the financial crisis, regulation has emerged as a major strategic consideration for financi
3、al services firms. The reform agenda has fundamentally recast market structural parameters, such as those for banking services and over -the-counter (OTC) derivatives, and extended the regulatory perimeter to activities such as credit ratings and benchmarks.While many reforms have been completed, ou
4、r review of the current regulatory agenda indicates that it will remain full in coming years, particularly as existing standards are recalibrated or new topics of attention arise.We see multiple regulatory initiatives that represent the ongoing development and implementation of key post- crisis refo
5、rms, recalibrations of existing standards (notably the revisions to certain Basel standards, which are increasingly termed Basel IV) or theThe major FSB work-streams:Building resilient financial institutionsEnding too -big-to-failOTC derivatives$T ransforming shadow banking into resilient market-bas
6、ed financingConduct and wholesale marketsemergence of new areas of intense international regulatory focus (particularly on conduct). We do not see diminution in this activity for the foreseeable future.This paper briefly sets out the key elements of the current international reform agenda and highli
7、ghts the application of these elements in the Asia P acific region. It is organised around the major work-streams of the Financial S tability Board (FSB).4 | Regulatory reformBuilding resilient financial institutionsPart 1 Finishing Basel III The raft of changes under Basel III to the amount and qua
8、lity of required bank capital, and the introduction of new liquidity and leverage requirements, have been the foremost regulatory response to the financial crisis.However, Basel III is neither fully calibrated nor fully implemented. Outstanding policy decisions and implementation timelines include:T
9、he leverage ratio requirement is yet to be calibrated. Currently indicated at 3%, the final number may be higher. The requirement will impose a minimum ratio between a banks tier 1 capital and its exposures1. Under the Basel Committee on Banking Supervision (BCBS) standard, bank reporting on this ra
10、tio commenced in 1 January 2013 (with public reporting starting on 1 January 2015). Using this data, the BCBS intends to calibrate the final requirement in 2015, with the ratio becoming mandatory on 1 January 2018The Liquidity Coverage Ratio (LCR), which requires banks to have high-quality liquid as
11、sets that can be converted into cash to meet liquidity needs for a 30-day liquidity stress scenario2. Under the BCBS standard, this requirement is to be phased in over the five-year period commencing 1 January 2015The Net S table F unding Ratio (NSFR), which requires banks to maintain a stable fundi
12、ng position relative to their assets and off-balance sheet activities3. The NSFR supplements the LCR by looking at funding risk beyond the 30-day period covered by the LCR. The NSFR was finalised by the BCBS in October 2014 and is scheduled to become a minimum standard by 1 January 2018Basel III cap
13、ital definitions and risk-weighted standards were scheduled to come into effect on 1 January 2013, and we now have policyimplementation in all major jurisdictions . On some aspects, there is a transition period until 1 January42019. Uncertainty remains in individual jurisdictions on the counter-cycl
14、ical capital buffer, which is due to became a part of capital requirements from 1 January 2016.Throughout the Asia P acific region, the Basel III standards have been implemented on-time under the Basel schedule and, with transition periods minimised or removed, adoption across the region has largely
15、 been ahead of other major countries in the world.The international regulatory reform agendaThe Asia P acific state of play | 5Part 2 Moving to Basel IV? While Basel III is not yet fully implemented, we are already seeing proposed adjustments to Basel standards that are significant enough in combina
16、tion for many commentators to refer to them as Basel IV5.The Basel IV package includes new standardised models, reducing the variance across banks using internal models, constraining parameter choices and outputs available to banks, and removing some of the discretion the current standards give to national supervisors6. These revisions will ultimately make internal modelling choice
