Featured Product

    BOT Postpones Implementation of TFRS 9 for Specialized Institutions

    April 20, 2021

    BOT issued a notification setting out rules on the preparation of accounts and financial reports for specialized financial institutions. As per the notification, the implementation period of Thai Financial Reporting Standard on Financial instruments (TFRS 9) has been postponed. If any specialized financial institutions wishes to comply with TFRS 9, the institution shall discuss the financial statement format with BOT and comply with the relevant rules stipulated by BOT for financial institutions. Until the regulations regarding TFRS 9 are announced for specialized financial institutions, these institutions must continue to make preparations in various areas to support TFRS 9 compliance.

    Specialized financial institutions are the state-owned financial institutions established with each specific law, whose duties are to serve the government policies in promoting economic development and supporting investment. They are under the Ministry of Finance's supervision and BOT is empowered from the Ministry of Finance to engage in examination of their performances and risk-associated businesses.

    In a separate notification, BOT announced that the government has enacted an Emergency Decree on Assistance and Rehabilitation of Business Operators affected by the COVID-19 to create additional liquidity for business operators. The Decree includes measures to reduce the debt burden of business operators by giving the business operator an opportunity to transfer assets, pay debts to financial institutions with a condition to buy back at the transferred price, and have the right to lease such assets back to operate the business to prevent liquidity issues or default on debt repayment. BOT also issued guidelines for the exemption of fees for implementing measures under the Emergency Decree.

     

    Related Links (in Thai)

    Keywords: Asia Pacific, Thailand, Banking, Specialized Financial Institutions, TFRS 9, COVID-19, Credit Risk, Loan Repayment, Financial Instruments, IFRS 9, BOT

    Featured Experts
    Related Articles
    News

    APRA Issues Interim Update to Policy Priorities for 2021 and Beyond

    In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.

    September 24, 2021 WebPage Regulatory News
    News

    EBA Publishes Single Rulebook Q&A, Launches Transparency Exercise

    The European Banking Authority (EBA) published answers to 29 questions in the Single Rulebook Question and Answer (Q&A) tool in September.

    September 24, 2021 WebPage Regulatory News
    News

    EC Adopts Solvency II and Resolution Rules Package for Insurers

    The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.

    September 22, 2021 WebPage Regulatory News
    News

    OCC Issues Booklets on Regulatory Reporting and Earnings

    The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.

    September 22, 2021 WebPage Regulatory News
    News

    ECB Sets Out Results of Economy-Wide Climate Stress Tests

    The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.

    September 22, 2021 WebPage Regulatory News
    News

    EBA Examines Implications of Increasing Use of Digital Platforms in EU

    The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.

    September 21, 2021 WebPage Regulatory News
    News

    HKMA Issues Updates on Policy Measures Intended to Ease COVID Impact

    The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.

    September 21, 2021 WebPage Regulatory News
    News

    ISDA Responds to BCBS Proposal on Treatment of Cryptoasset Exposures

    The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.

    September 21, 2021 WebPage Regulatory News
    News

    BIS Quarterly Review Discusses Developments in Fintech and ESG Space

    BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.

    September 20, 2021 WebPage Regulatory News
    News

    BCBS to Consult on Supervisory Practices for Climate Risks by Year-End

    The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards

    September 20, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7495