2023年第三季度亚太地区金融服务监管政策更新-英

Asia

Pacific

FinancialServicesRegulatory

UpdateQ3

2023October

2023Table

of

Contents01090910111213Introduction

andSummary3-

45-

11NewZealandPhilippinesSingaporeTaiwan3536

-

3738

-

414202030405060708AustraliaChineseMainlandHongKong

SARIndia12

-

1516

-

2122

-

2424

-

2829

-

3233

-

34ThailandVietnam43IndonesiaJapan44

-

45Malaysia©

2023.

For

information,

ContactDeloitte

Touche

Tohmatsu

Limited.IntroductionIntroductionSummaryAustraliaDear

clients

and

colleagues,The

Deloitte

Asia

Pacific

Centre

forRegulatory

Strategy

is

pleased

toshare

withyouthe

key

regulatory

updates

from

ourregion

forQ32023.Toharness

the

potential

of

digital

advancements,

Financial

Institutions

need

tocontinuously

investinkey

areas,

such

asenhancing

user

experience

and

trust,securely

adopting

advanced

technologies,

and

cultivating

talent

in

relevantdomains.Regulatory

developments

strengthening

AML/CFT

controlsand

practices

todetectand

mitigate

riskswere

at

the

forefront.

Controls

have

been

tightened

across

AsiaPacific

including

Philippines,

Singapore

and

Vietnam.

InSingapore,

the

MonetaryAuthorityof

Singapore

(MAS)

collaborated

with

the

Commercial

AffairsDepartment

toinvestigate

a

criminal

and

money

laundering

syndicate

that

led

tothe

seizure/freezing

of

SGD$2.8

billion

worthof

assets.MC

hainelasnedMCahininl

aandHong

Kong

SARIndiaCybersecurity

measures

need

tomaintain

agility

inthe

ever-evolvinggeo-politicalclimate

and

the

increased

use

of

distributed

ledger

technology.

Therecentcybersecurity

stock

take

completed

inAustralia

exposed

several

control

gaps:(i)

incomplete

identification

and

classification

of

critical

and

sensitive

informationassets;

(ii)

limited

assessment

of

third-party

informationsecurity

capability;

and(iii)

inadequate

definitionand

execution

of

control

testing

programs.

FinancialInstitutions

need

to

enhance

their

practices

to

combat

heightened

risks.TheSecurities

and

Exchange

Board

of

India

has

issued

a

consultation

paper

ontheConsolidated

Cybersecurity

and

Cyber

Resilience

Framework

that

proposes

acommon

structure

to

cybersecurity

usinga

graded

approach.Regulators

have

also

issued

additional

guidance

onrisk

assessment

andreporting,

proliferation

financing,

misuse

of

legal

persons

and

arrangements,

anddigital

assets.IndonesiaJapanDigital

Finance

and

Technology

is

another

topic

that

is

top

of

mind

forregulators.Australia

released

a

report

withfindings

from

a

jointresearch

project

whichexplored

the

potential

fora

central

bank

digital

currency

(CBDC).

Whilst

CBDCscan

facilitate

‘smarter

payments’,

legal

and

operational

issues

would

need

tobeaddressed.

In

Hong

Kong,

the

Hong

KongMonetary

Authority

(HKMA)

unveiled

a‘FinTech

Promotion

RoadMap’,

withthe

goal

of

promoting

collaboration

andbuilding

a

sustainable

fintechecosystem.MalaysiaFor

queries

or

more

information

onthese

updates

or

other

regulatory

topics,please

get

in

touch.NewZealandPhilippinesSingaporeTaiwan

(China)ThailandBest

regards,Policyinitiativesare

continuously

being

rolled

out

across

markets

tofoster

aconducive

environment

fordigital

transformation.

These

policyinitiativeshaveemphasised

promoting

fintech

adoption,

nurturing

the

fintech

ecosystem,enhancing

data

infrastructure,

and

cultivating

talent

with

fintech

expertise.The

ACRS

Co-leadsVietnamContacts©

2023.

For

information,

ContactDeloitte

Touche

Tohmatsu

Limited.Asia

Pacific

Financial

Services

Regulatory

Update

Q3

20233RegulatoryHot

Topics

–Top

six

most

talked

aboutthemesthis

quarterIntroductionSummaryAustraliaSupervisory

ApproachFinancial

Products,Instruments

&

Services8Systemic

andCurrency20Data

&

TechnologyMC

hainelasnedMCahininl

aandHong

Kong

SARIndia12Stability7UpdatesIndonesiaJapanUpdatesUpdatesTaxonomyUpdates1.

Governance

&

Strategic

/ReputationalRiskMalaysiaClimate

andsustainability2.

Financial

RiskNewZealandPhilippinesSingaporeTaiwan

(China)Thailand3.

Operational

Risk84.

Conduct

Risk5.

Financial

Crime6.

Consumer

Protection7.

Data

&

TechnologyFinancial

Risk108.

Financial

Products,

Instruments

&

Services9.

Financial

Market

Infrastructure10.Systemic

/

Currency

Stability11.EnforcementUpdatesVietnam12.Supervisory

Approach13.Climate

&

SustainabilityContactsUpdates©

2023.

For

information,

ContactDeloitte

Touche

Tohmatsu

Limited.Asia

Pacific

Financial

Services

Regulatory

Update

Q3

20234Australia

(1/7)#IssuingAuthorityTitleRegulatory

UpdateKey

DatesIntroductionSummaryAustraliaMC

hainelasnedMCahininl

aandHong

Kong

SARIndia1APRACyber

securitystocktake

exposesgapsOn

5

July

2023,

the

Australian

Prudential

Regulation

Authority

(APRA)

released

summary

findings

forthe

initial

tranche

ofthe

cybersecurity

stocktake,

highlighting

areas

of

concern

tobeaddressed

bybanks,insurers,

and

superannuationtrustees.The

assessment

required

APRA’sregulated

entities

toappoint

anindependentauditor

foranassessment

of

theircompliance

asperPrudential

Standard

CPS

234

Information

Security

(CPS

234).-The

most

common

control

gaps

identified

in

this

tranche

included,

butwerenot

limited

to:•••incomplete

identification

and

classification

of

critical

and

sensitive

information

assets;limited

assessment

of

third-party

information

security

capability;

andinadequatedefinition

and

execution

of

control

testing

programs.APRA

encouragesall

entities

toreviewthese

weaknessesalongside

CPS

234

obligations

toensure

relevantstrategiesareincorporated

and

any

shortfalls

addressed.IndonesiaJapanEntities

arecurrently

participating

in

the

second

and

third

tranches

of

APRA’s

assessment,

with

the

fourth

and

finaltranche

expected

toroll

out

laterthis

year.Cybersecurity

stocktake

exposes

gaps|APRAMalaysiaNewZealandPhilippinesSingaporeTaiwan

(China)ThailandVietnamContacts©

2023.

For

information,

ContactDeloitte

Touche

Tohmatsu

Limited.Asia

Pacific

Financial

Services

Regulatory

Update

Q3

20235Australia

(2/7)#IssuingAuthorityTitleRegulatory

UpdateKey

DatesIntroductionSummaryAustraliaMC

hainelasnedMCahininl

aandHong

Kong

SARIndia2APRAAPRA

finalises

newprudentialstandard

onOn

17

July

2023,

APRA

finalised

Prudential

Standard

CPS

230

Operational

Risk

Management(CPS

230),

intended

toenhance

the

ability

of

banks,

insurers,

and

superannuation

trusteestobettermanage

operational

risksand

respond

tobusiness

disruptions.

The

standard

will

come

into

effecton

1July

2025,

with

transitional

arrangementsforpre-existingcontractual

arrangements

with

service

providers,applying

from

the

nextcontract

renewaldate

or

1July

2026

(whichevercomes

earlier).Effectivedate

ofCPS

230:

1July2025

(excl.transitionalarrangements)operational

riskCPS

230

isdesigned

to:Consultation

onCPG

230Operational

RiskManagementcloses:

13•••strengthen

operational

risk

managementbyimposing

newrequirements

toremediate

weaknessesincurrent

controls;uplift

business

continuity

planning

toensure

tolerance

through

severedisruptions;

andensure

risksfrom

materialservice

providers

are

adequately

managed,

and

therefore

mitigating

third-partyrisk.October2023APRA

Chair

John

Lonsdale

emphasised

the

importance

of

this

standard,givenrecentcontrol

failuresof

operational

risksinAustralia,

including

major

cyber

breaches.He

signalled

anexpectationfor

regulated

entitiesto

be

proactive

intheimplementation

of

CPS

230,

howevernoted

therewould

beatransition

phase

for

existing

contractual

arrangementswithsignificant

service

providers.IndonesiaJapanAPRA

hasalso

released

draftPrudential

Practice

GuideCPG

230

Operational

Risk

Management

toaid

in

theimplementation

of

CPS

230.

Consultation

onthis

guidance

closes

13

October2023.MalaysiaAPRA

finalises

newprudential

standard

onoperational

risk

|APRAPrudential

Standard

CPS

230

OperationalRisk

Management|APRADraftPrudential

Practice

Guide

CPG

230

OperationalRisk

Management|APRANewZealandPhilippinesSingaporeTaiwan

(China)ThailandVietnamContacts©

2023.

For

information,

ContactDeloitte

Touche

Tohmatsu

Limited.Asia

Pacific

Financial

Services

Regulatory

Update

Q3

20236Australia

(3/7)#IssuingAuthorityTitleRegulatory

UpdateKey

DatesIntroductionSummaryAustraliaMC

hainelasnedMCahininl

aandHong

Kong

SARIndia3ASICAPRAReview

finds

supertrustees

needtoimproveretirementoutcomesOn

18

July

2023,

ASIC

and

APRA

released

findings

fromathematic

reviewof

the

Retirement

Income

Covenant.

Thismeasure

wasintroduced

on

1July

2022

and

required

trustees

toimprove

long-term

outcomes

formembers

in,orapproaching

retirement,bydeveloping

aretirementincome

strategy.-ASIC’s

reviewfound

thatwhile

trustees

have

improved

theirofferings

of

assistance

tomembers

inretirement,

quality

ofapproachacross

trusteesremains

inconsistent,

and

a

lack

of

urgency

in

embracing

the

intent

of

the

covenanthascontinued.

The

reviewfound

thatmore

focus

wasneededon:planning•••understanding

memberretirement

needstoinform

developmentof

effective

retirement

income

strategies;designing

fit-for-purpose

assistance

measures

through

use

of

metrics;

andusing

analytics

tooversee

strategy

implementation

and

include

retirementincome

initiatives

asactions

in

theiroverallbusiness

plan.The

regulators

haveurged

superannuation

trusteestoreviewthe

reportand

examplesof

better

practices,taking

stepsasnecessary

tostrengthen

their

retirementincome

strategies.IndonesiaJapanReviewfinds

supertrustees

need

to

improve

retirement

outcomes

planning

|ASICReviewfinds

supertrustees

need

to

improve

retirement

outcomes

planning

|APRAMalaysia4APRAASICAPRA

andASICcommence

earlyconsultation

onFAROn

20

July

2023,

APRA

and

ASIC

jointly

announced

furthersupport

tothe

implementation

of

the

Financial

AccountabilityRegime

(FAR)byreleasing

keymaterialsfor

consultation.Consultationend

date:

17August

2023NewZealandPhilippinesSingaporeTaiwan

(China)ThailandThe

FAR

will

introduce

a

stronger

framework

around

responsibility

and

accountability

for

APRA-regulatedentities

in

thebanking,insurance,

and

superannuation

industries,

aimed

atimproving

the

culture

of

risk

and

governance

in

theseinstitutions.

APRA

and

ASIC

will

bothadminister

the

regimewhich

will

come

into

effect6

-18

months

following

RoyalAssentof

the

Financial

Accountability

Bill

2023,

depending

on

the

entity.To

supportearly

engagementwith

entities

and

enable

the

timely

implementation

of

the

FAR,APRA

and

ASIC

released

apackage

of

documents

forconsultation

including:••proposed

regulatory

rulesthatprescribe

information

tobeincluded

inthe

FARregisterof

accountable

persons;andproposed

Transitional

rules

thatspecify

information

tobeprovided

bybanking

entities

in

relation

totheir

existingaccountable

persons.APRA

and

ASIC

sought

industry

feedback

onthe

proposed

Regulator

rules,including

Authorised

Deposit

Institution

(ADI)key

functions

and

Transitional

rules.The

closing

dateforsubmissions

was17

August2023.VietnamAPRA

and

ASIC

commence

early

consultation

on

FAR

|APRAAPRA

and

ASIC

commence

early

consultation

on

FAR

|ASICContacts©

2023.

For

information,

ContactDeloitte

Touche

Tohmatsu

Limited.Asia

Pacific

Financial

Services

Regulatory

Update

Q3

20237Australia

(4/7)#IssuingAuthorityTitleRegulatory

UpdateKey

DatesIntroductionSummaryAustraliaMC

hainelasnedMCahininl

aandHong

Kong

SARIndia5APRAAPRA

publishesfinal

investmentgovernanceOn

20

July

2023,

APRA

released

the

final

guidance

oninvestment

governance

forsuperannuation

trustees,the

latest

stepbyAPRA

in

strengthening

investment

governance

practices

across

the

industry.

The

updated

guidance

is

aimed

atassisting

trustees

meetobligations

under

Prudential

Standard

SPS

530

Investment

Governance

(SPS

530),

which

cameinto

effecton1

January

2023.-guidanceThe

Prudential

Standard

Guide

SPG530

Investment

Governance

includes:••additional

guidance

onliquidity

management,stresstesting

and

assetvaluations;expectationsof

trusteesin

considering

environmental,

social

and

governance

risk

factorsaspartof

their

overallriskmanagement;••greater

clarity

in

areas

requested

by

industry

in

applying

the

standard;andastreamlined

approachtothe

guidance

toalign

with

APRA’sstrategicinitiatives.The

changes

follow

athematic

reviewby

APRA

which

identified

the

need

forindustry

practice

to

improve.APRA

seeks

todeliverastrong

governance

structure,

ensuring

trusteesput

the

financial

interests

of

members

at

the

centre

ofinvestment

decisions.IndonesiaJapanAPRA

publishes

final

investment

governance

guidance

|APRAPrudential

Practice

GuideSPG

530

Investment

Governance

|APRAMalaysia6APRAAPRA

finalisesrequirements

forremunerationdisclosureOn

1

August2023,

APRA

finalised

updatestoPrudential

Standard

CPS

511

Remuneration,

implementing

newremuneration

disclosure

rules

forADIs,

insurers

and

superannuation

entities.Effectivedate

ofchangesto

CPS511:

1January2024NewZealandPhilippinesSingaporeTaiwan

(China)ThailandAPRA-regulated

entitiesmust

now

annually

disclose

more

information

on

theirremuneration

frameworks,design,governance,and

outcomes,

withadditional

quantitative

data

disclosure

required

bylargerand

more

complex

entities.Therequirements

will

commence

from

entities’

firstfull

financial

year

following

1

January

2024,

with

additional

flexibility

of

asix-month

window

froman

entity’sfinancial

yearend

torelease

its

annual

disclosure.Following

consultation,

APRA

proposed

collecting

and

publishing

more

granularremuneration

data

and

announced

adelaytoits

response

to

consultation

on

draftReporting

Standard

CRS

511

Remuneration,

with

the

commencement

date

of

thestandard

extended

accordingly.APRA

alsonotified

it

will

release

the

findings

from

animplementation

reviewof

CPS

511

toassist

industry

implement

thenewrequirements.APRA

finalises

requirements

forremuneration

disclosure

|APRAPrudential

Standard

CPS

511

Remuneration

|

APRAVietnamContacts©

2023.

For

information,

ContactDeloitte

Touche

Tohmatsu

Limited.Asia

Pacific

Financial

Services

Regulatory

Update

Q3

20238Australia

(5/7)#IssuingAuthorityTitleRegulatory

UpdateKey

DatesIntroductionSummaryAustraliaMC

hainelasnedMCahininl

aandHong

Kong

SARIndia7RBAReserve

Bank

andDigital

FinanceCRC

CompleteCBDC

ResearchProjectOn

23

August

2023,

The

Reserve

Bank

of

Australia

(RBA)

and

the

Digital

Finance

Cooperative

ResearchCentre

(DFCRC)released

a

reportwith

findings

fromajoint

research

projectwhich

explored

the

potentialfor

a

central

bank

digitalcurrency

(CBDC)

in

Australia.-The

project

consisted

of

a

limited

scale

pilot

used

by

select

industry

participantsto

exploreareas

whereaCBDC

couldenhance

the

functioning

of

the

paymentssystem.The

project

highlighted

that

continued

engagementbetweenindustryand

policymakers

canassist

with

opportunities

and

challenges

associated

with

innovations

in

digitalcurrency.The

use

of

aCBDC

wasfound

topotentially

support:••••enabling

‘smarter’payments;supporting

innovation

in

financial

and

assetmarkets;promoting

privatedigital

money

innovation;

andenhancing

resilience

and

inclusion

in

the

digital

economy.IndonesiaJapanHowever,the

project

alsodiscovered

issues

associated

with

a

CBDC

thatwould

requireongoing

attention,

including

legaland

operational

challenges.

The

project

helped

in

understanding

these

concerns,

with

the

aim

of

using

the

results

toinform

future

researchagendas.Reserve

Bank

and

Digital

Finance

CRC

Complete

CBDC

Research

Project

|RBAMalaysiaNewZealandPhilippinesSingaporeTaiwan

(China)ThailandVietnamContacts©

2023.

For

information,

ContactDeloitte

Touche

Tohmatsu

Limited.Asia

Pacific

Financial

Services

Regulatory

Update

Q3

20239Australia

(6/7)#IssuingAuthorityTitleRegulatory

UpdateKey

DatesIntroductionSummaryAustraliaMC

hainelasnedMCahininl

aandHong

Kong

SARIndia8ASICAPRAASIC

focuses

onprotectingvulnerableconsumers

andsmall

businessesin

23-24

CorporatePlanOn

28

August

2023,

ASIC

released

its

Corporate

Plan

for2023-27

withaspecific

focus

on

2023-24.

ASIC

announced

itwould

leverage

its

increased

capacity

through

aJuly

2023

restructure

totakefurtherenforcement

action

in

protectingconsumers

fromscams,

digital

misconduct,

and

predatory

lending

practices.ASIC

named

shifts

acrosssustainablefinance,

the

digital

anddataeconomy,

and

anageing

population

asdrivers

of

these

challenges.-Concurrently,

ASIC

on

30

August2023

released

anopen

lettercalling

lendersto

ensure

customers

experiencing

financialhardship

are

adequately

supported

and

named

financial

hardship

anareaof

increased

focus

for

ASIC

overthe

following12

months.APRA

responds

toemerging

risks

in2023-24

CorporatePlanOn29

August

2023,

APRA

alsoreleased

its2023-24

Corporate

Plan,

defining

key

priorities

forthe

regulator

overthe

nextfour

years

to

maintain

the

ongoing

stability

of

the

financial

sector.

The

priorities

outlined

in

APRA’s2023-24

CorporatePlan

included:••improving

cross-industry

stress

testing

and

ensuring

the

adequacy

of

macroprudential

policies;maintaining

a

greater

focus

on

operational

and

cyber

resilience,

crisis

managementand

operational

riskmanagement;embedding

climate

risk

in

APRA’sapproach

to

supervision;

andincreasing

focus

within

superannuation,

specifically

on

retirementoutcomes

and

enhanced

transparency

ofinvestment

performance.IndonesiaJapan••MalaysiaAPRA

alsoannounced

itsintentions

to

update

its

prudentialframework,

use

technology

and

datamore

effectively

tosupervise

the

industry

and

strengthen

accountability,

and

create

amore

agile

and

engaged

workforce

thatcanrespond

tonewand

emerging

risks.NewZealandPhilippinesSingaporeTaiwan

(China)ThailandASIC

Corporate

Plan

2023-27

(Focus

2023-24)

|ASICASIC

focuses

on

protecting

vulnerableconsumers

and

small

businesses

in

23-24

|ASICAscost

of

living

pressures

persistASIC

calls

on

lendersto

supportcustomers

infinancial

hardship

|ASICAPRA

respondstoemerging

risksin

2023-24

Corporate

Plan

|APRAAPRA

Corporate

Plan

2023-24

|APRAVietnamContacts©

2023.

For

information,

ContactDeloitte

Touche

Tohmatsu

Limited.Asia

Pacific

Financial

Services

Regulatory

Update

Q3

202310Australia

(7/7)#IssuingAuthorityTitleRegulatory

UpdateKey

DatesIntroductionSummaryAustraliaMC

hainelasnedMCahininl

aandHong

Kong

SARIndia9APRAAPRA

strengthensstandard

toenhance

memberoutcomes

inOn

21

September

2023,

APRA

announced

planstoupdatePrudential

Standard

SPS

515

StrategicPlanning

and

MemberOutcomes

(SPS

515).

APRA

saysthe

changes

follow

developmentsin

the

operating

environment

of

superannuation

fundssince

SPS

515

came

into

effectin

2020.Consultationendson

21December2023superannuationAPRA

seesupdating

SPS

515

asapolicy

priority

in

superannuation.

Through

itsreform,

APRA

aims

to:•••betteralignexpenditurerequirements

with

the

bestfinancial

interest

duty

and

tosupport

the

retirement

incomecovenant;improve

trustees’

managementof

financial

resources

by

ensuring

trusteesmaintain

aprudentapproach

insetting

feesand

managing

member-funded

reserves;andenhance

risk

managementfor

membersbeing

transferred

across

funds.Additionally,

APRA

stated

itsintention

toretire

guidance

circular

on

the

sole

purpose

test,with

no

planstoissue

newguidance.APRA

cited

thatthe

test,nowover20

years

old,

no

longerremains

relevanttotrustees

who

are

now

betterprepared

tomake

appropriate

decisions.IndonesiaJapanAPRA

hasreleased

aconsultation

on

the

proposed

enhancements

toSPS

515.

Submissions

aredue

on

21

December2023.APRA

strengthens

standard

to

enhance

memberoutcomes

insuperannuation

|APRAStrategicplanning

and

memberoutcomes:

proposed

enhancements

|APRAMalaysiaNewZealandPhilippinesSingaporeTaiwan

(China)ThailandVietnamContacts©

2023.

For

information,

ContactDeloitte

Touche

Tohmatsu

Limited.Asia

Pacific

Financial

Services

Regulatory

Update

Q3

202311Chinese

Mainland

(1/4)#IssuingAuthorityTitleRegulatory

UpdateKey

DatesIntroductionSummary1NAFRNAFR

solicitsopinions

onMeasures

forAdministrativeLicensing

ofNon-banking

FinancialInstitutionsOn

21

July

2023,

National

Administration

of

Financial

Regulation

(NAFR)

launched

aconsultation

on

the

revised

MeasuresforAdministrative

Licensing

of

Non-Bank

Financial

Institutions.

This

revision

aims

toenhance

the

effectivenessofadministrative

licensing

fornon-bank

institutions

and

focuses

on

the

following

aspects:Consultationendedon21August

2023Australia••Adjusting

the

admission

criteria

forcertain

matters:

the

conditions

for

institution

establishment

and

shareholderadmission

are

adjusted

synchronously,

implementing

hierarchical

managementof

businesses,

and

improving

thespecific

business

admission

conditions

forfinancial

companies.Further

relaxing

the

entry

conditions

forforeign

institutions

to

invest

in

financial

asset

managementcompanies:

allowing

foreign

non-financial

institutions

to

participate

asinvestors

in

financial

assetmanagementcompanies

and

eliminating

the

total

assetrequirementfor

overseasfinancial

institutions

asinvestors

in

financial

assetmanagementcompanies.Chinese

MainlandHong

Kong

SARIndia••Promoting

the

simplification

of

administration

anddelegation

of

power:

streamlining

bond

issuance

andpersonnel

qualification

approvals,abolishing

certainnon-bank

institutions'

approvals,and

adopting

apost-reportingsystemfor

improved

efficiency.Improving

relevant

administrative

licensing

regulations:

Addressing

practical

challenges

inthe

administrativelicensing

of

non-bank

institutions,

focusing

on

scrutinising

shareholder

qualifications,

and

enhancing

regulationsrelated

tolicensing

conditions

and

procedures.IndonesiaJapanNAFR

solicits

opinions

on

Measures

forAdministrative

Licensing

of

Non-Bank

Financial

InstitutionsMalaysia2NAFRNAFR

solicitsopinions

onMeasures

forOperational

RiskManagement

inBanking

andInsuranceOn

28

July

2023,

NAFR

launched

a

consultation

on

the

MeasuresforOperational

Risk

Managementin

Banking

andInsurance

Institutions.

The

main

aspectsinclude:Consultationendedon31August

2023••••Cleardefinition

of

risk

governance

and

managementresponsibilities;Specification

of

fundamental

risk

managementrequirements;Detailed

management

processesand

tools;

andNewZealandPhilippinesSingaporeEnhancement

of

supervisory

and

managementresponsibilities.Institutions