THE APEC EXPERIENCE IN FINANCIAL INTEGRATION AND LINKS TO THE PACIFIC ALLIANCE
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1 THE APEC EXPERIENCE IN FINANCIAL INTEGRATION AND LINKS TO THE PACIFIC ALLIANCE PACIFIC ALLIANCE CAPITAL MARKETS SEMINAR IFC- LIMA JULY 2018 JULIUS CAESAR PARREÑAS, PH.D. COORDINATOR, ASIA-PACIFIC FINANCIAL FORUM SENIOR ADVISOR, MIZUHO BANK, LTD.
2 THE APEC FINANCE MINISTERS PROCESS FMP 21 APEC Finance Ministries Advisory Functions: ADB, IMF, OECD, WBG, ABAC Finance Ministers Heads of Delegation of International Organizations and ABAC Deputy Finance Ministers/Deputy CB Governors Representatives of International Organizations and ABAC Senior Finance Officials Representatives of International Organizations and ABAC FMP Policy Initiatives Managed by ABAC APEC Finance and Development Institute Financial Regulators Training Initiative APEC Financial Institutions Dealing with SMEs Asia-Pacific Forum on Financial Inclusion Asia-Pacific Financial Forum (APFF) Asia-Pacific Infrastructure Partnership (APIP) APEC PPP Experts Advisory Panel Disaster Risk Finance Solutions Working Group
3 THE ASIA-PACIFIC FINANCIAL FORUM - STRUCTURE APEC Finance Ministers Process (FMP) Asia-Pacific Financial Forum (APFF) APEC Business Advisory Council (ABAC) Data Ecosystem APFF Work Streams Financial Infrastructure Development Network Trade / Supply Chain Finance Financial Market Infrastructure Capital Markets Insurance / Retirement Income Post-Trade Ecosystem Regulation and Accounting Credit Information Fund Services Classic repo markets Retirement Income Secured Transactions Accounts/Tax/ Investor ID / Transparency Asia Region Funds Passport Long-Term Investment/Islamic finance Insolvency Repo/Securities Lending Innovative Health Financing Accounts Receivables Finance Derivatives Microinsurance Data management/ Technology Disaster Risk Financing
4 THE ASIA-PACIFIC FINANCIAL FORUM - NETWORK Investment / commercial banks Securities industry Banking (general, trade finance, secured lending, factoring) Insurance and Pensions Asset management Business and consumer credit information Chambers of commerce International / domestic industry associations Firms Insurers and pension funds Non-bank lenders Asset managers Law, accounting, consultancy firms Corporates Credit rating agencies Credit bureaus Finance ministries Justice ministries Trade ministries Development assistance agencies Foreign affairs ministries Government agencies Regulatory bodies Central banks Securities, banking, insurance regulators International regulatory organizations ADB Over 200 organizations Academic / research institutions International organizations BIS IMF OECD World Bank/IFC UNCITRAL Over 400 individual experts
5 THE ASIA-PACIFIC FINANCIAL FORUM - LEADERSHIP ASIA-PACIFIC FINANCIAL FORUM (APFF) Chair: Kobsak Duangdee, ABAC Thailand / Thai Bankers Association Co-Chair: Nobuhide Hayashi, ABAC Japan / Mizuho Bank, Ltd. Coordinator: J.C. Parrenas, Mizuho Bank, Ltd. CAPITAL MARKETS Classic Repo Sherpa: Mark Austen, ASIFMA Asia Region Funds Passport Co-Sherpas: Amy Ang, EY * Armin Choksey, PwC * Andrew Clements, KWM FINANCIAL MARKET INFRASTRUCTURE Post-Trade Ecosystem Sherpa: TBC Accounts/Tax/Investor ID/Transparency Sherpa: TBC, ASEAN+3 Bond Market Forum Repo/Lending Sherpa: TBC, ASIFMA Derivatives Sherpa: Rishi Kapoor, ISDA Fund Services Sherpa: TBC, Asia Fund Standardization Forum FMI Fintech Sherpa: Catherine Simmons, Citi * Core Group: * Suu Wei Ho, PayPal * Matthew Gamser, IFC/WBG * Ivan Mortimer-Schutz, IFC/WBG * Boon-Hiong Chan, Deutsche Bank * Quynh Do Nuh, Visa * Peter Lovelock, TRPC * Laura Winwood, TRPC TRADE AND SUPPLY CHAIN FINANCE Sherpa: Boon-Hiong Chan, Deutsche Bank INSURANCE AND RETIREMENT INCOME Overall Sherpa: Makoto Okubo, Nippon Life Vice Sherpa: Paul Lynch, Prudential Regulation and Accounting Sherpa: Makoto Okubo, Nippon Life Long-Term Investment Sherpa: Brian Murray, AIA Retirement Income Co-Sherpas: Vanessa Wang, Amundi * Josef Pilger, EY* Ka Shi Lau, BCT Group Disaster Risk Financing and Insurance Sherpa: Masaaki Nagamura, Tokio Marine Microinsurance Co-Sherpas: Antonis Malagardis /Dante Portula, GIZ FINANCIAL INFRASTRUCTURE DEVELOPMENT NETWORK Credit Information Sherpas: Michael Turner/Patrick Walker, PERC * Jinchang Lai, IFC/WBG Secured Transactions Sherpas: Chris Wohlert, Wells Fargo * Jinchang Lai, IFC/WBG Insolvency Sherpas: Shinjiro Takagi, Jinchang Lai, IFC/WBG Accounts Receivables Finance Sherpas: Boon-Hiong Chan, Deutsche Bank * Jinchang Lai, IFC/WBG Valuation Sherpas: Nicholas Brooke, IVSC * James Kojima, IVSC
6 THE CEBU ACTION PLAN ( ): A TEN-YEAR ROADMAP FOR THE APEC FINANCE MINISTERS PROCESS FOUR PILLARS FINANCIAL INTEGRATION Financing MSMEs Financial inclusion / literacy Facilitating remittances Financial services liberalization Capital accounts liberalization Asia Region Funds Passport FISCAL TRANSPARENCY Fiscal reforms Open Data Initiative Exchange of financial account information Base erosion profit shifting Tax and crime FINANCIAL RESILIENCE Macroeconomic policy Disaster risk financing and insurance Capital market development INFRAST5RUCTURE Knowledge portal Standardization of terms and practices Maximizing PPPs in infrastructure investment Long-term investors Urban development Regional connectivity
7 STOCKTAKE ( ) Achievements ( ): Helped initiate legal, regulatory and institutional reforms in several economies Developed and provided critical support to regional initiatives Laid the groundwork for structural reforms (roadmaps, work programs, dialogue platforms)
8 STOCKTAKE: Key Achievements (so far) CHINA 2016: Start of capacity building to help design new Civil Code chapters on secured transactions and insolvency THAILAND MSME Finance 2017: New legislation to broaden scope of assets used as collateral VIETNAM 2015: Initial steps to build credit information system (ongoing) 2017: New legislation to broaden scope of assets used as collateral BRUNEI DARUSSALAM 2017: Signed law on secured transactions 2017: Initial steps to build credit information system (ongoing) PHILIPPINES MSME Finance 2015: Official FIDN working group established : Various steps to build credit information system 2018: New secured transactions bill passed 2017: New Warehouse Receipts bill filed Capital markets 2015: Stakeholders agree to enable titletransfer repo REGIONAL MSME Finance 2016, Mekong region: Pilot project for cross-border exchange of credit reports initiated (now ongoing) Capital markets 2015: Rules adjustment enabling Japan to join Asia Region Funds Passport (ARFP) 2016:APFF study on tax implications of ARFP helps accelerate signing of MOC 2017: Successful and smooth mandatory exchange of variation margin for non-cleared OTC derivatives 2017: Improvements in IFRS17 rules on OCI and CSM
9 STOCKTAKE: Laying the Groundwork for Structural Reforms 2015: Initiated Islamic Infrastructure Investment Platform 2017: Roadmap for Financial Market Infrastructure 2017: Roadmap for Microinsurance 2018: Roadmap for New Financial Services Data Ecosystem 2018: Strategy for Digitalization of Trade and Supply Chain Finance 2018: Essential Elements of an Effective Personal Insolvency Regime
10 THE IMPACT OF APFF AS VIEWED WITHIN THE INDUSTRY Creating additional usiness opportunities a ross the orporate, insurance, institutional, investment manager, broker dealer, global custodian, and infrastructure sectors Source: Deutsche Bank, flow (October 2017), page initiatives/flow-e-magazine-october htm?page=12#gsc.tab=0 KEY FACTORS IMPACTING FINANCE As seen y Deuts he Bank s flow magazine APFF (Asia-Pacific Financial Forum) Basel III OECD BEPS (Base Erosion Profit Shifting) EU AMLD/FTR (Anti-Money Laundering Directive/Funds Transfer Regulation) CPMI-IOSCO (Committee on Payments and Market Infrastructures of the International Organization of Securities Commissions) Legal Identity Identifier EU AIFMD UCITS V (Alternative Investment Fund Managers Directive / Undertakings for Collective Investment in Transferable Securities 5 th version) EU Capital Markets Union EU Recovery and Resolution Directive EU Shareholder Rights Directive EU General Data Protection Regulation EU MiFID II (Markets in Financial Instruments Directive, Version 2) EU PSD2 (Payment Services Directive 2( EU SFTR (Securities Financing Transaction Regulation) EU SLL (Securities Law Legislation) EU T2S (TARGET2 Securities) EMIR (European Market Infrastructure Regulation) EU FTT (Financial Transaction Tax) EU CSDR (Central Securities Depositories Regulation) Benchmarks Banking separation US FBAR (Report of Foreign Bank and Financial Accounts) US SCCL (Single Counterparty Credit Limits) US SSC (T+2) (Shortening the Settlement Cycle toward T+2) Correspondent banking de-risking MD APAC/MENA (Market developments in the Asia-Pacific, Middle East and North Africa regions)
11 LINKING BOTH SIDES OF THE PACIFIC OPPORTUNITIES: CONNECTIVITY and INTER-OPERABILITY Financial Market Infrastructure Funds Passport Regimes Trade and Supply Chain Finance Data ecosystem Long-term infrastructure investment
12 Need More Information? For information on APFF, please visit: Pacific%20Financial%20Forum Contact: Dr. Julius Caesar Parreñas Coordinator, Asia-Pacific Infrastructure Partnership / Asia-Pacific Financial Forum Senior Advisor, Mizuho Bank, Ltd 1-5-5, Otemachi, Chiyoda-ku, Tokyo , Japan caesar.parrenas@mizuho-bk.co.jp
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