The inaugural list of D-SIIs includes AIA Singapore; Income Insurance; Prudential Assurance; and Great Eastern Life.
APRA notes that most AT1 bonds in Australia are held by retail investors, which could make it more challenging to write them down in a bank resolution.
New consultation report proposes a "toolbox approach" as a global standard for CCP financial resources and tools for resolution.
The revised MAS Notice 637 will be effective from 1 July 2024. An additional year is provided for compliance with revised market risk and CVA standards.
Taikang Life's approval comes a year after Chinese regulators said they would allow insurance companies to issue perpetual bonds to replenish their capital.
The paper says some market participants "may not fully appreciate" that writedown conditions may differ across AT1 instruments.
The move lowers the weighted average RRR for banks to around 7.4 percent, compared to more than 15 percent in 2018.
The RBI said the revisions will enhance the quality of financial reporting, bolster the corporate bond market, and strengthen bank risk management.
Under the new regulatory framework, the 15 upper layer NBFCs will be subject to heightened regulatory requirements for a minimum of five years.
The biggest impact for banks is expected to be from the higher risk weighting applied to equity investment positions.
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