The UK government announced that UK and BOT signed a Memorandum of Understanding on August 07, 2020, forming a strategic partnership on financial services to support inclusive economic recovery and green growth of Thailand, in line with the Sustainable Development Goals. Under the Memorandum, UK and BOT agreed to collaborate to strengthen accounting standards, enhance corporate governance and transparency, support development of fintech, and promote sustainable finance. The collaboration is enabled by the UK’s ASEAN Economic Reform and ASEAN Low Carbon Energy Programs.
The collaboration will share strategic knowledge and expertise on new financing trends, regulatory practices,and products and services. While speaking at the signing ceremony, Mr. Veerathai Santiprabhob, the BOT Governor highlighted that the worsening effects of climate change have impacted business operations and their credit quality, to which financial institutions need to pay close attention. This cooperation will play an important role in supporting BOT "to foster a regulatory framework that promotes agility and innovation while preserving financial stability." He added that this will "facilitate financial service providers to better embed the concept of sustainability, particularly the environment aspect, into their organizational culture and business conduct."
Related Link: News Release
Keywords: Europe, Asia Pacific, UK, Thailand, Banking, Insurance, Securities, Sustainable Development Goals, Fintech, Sustainable Finance, Climate Change Risk, BOT
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.
EBA published the annual report on asset encumbrance of banks in EU.
EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.
FED updated the reporting form and instructions for the FR Y-9C report on consolidated financial statements for holding companies.
EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.
EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.
APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.
ECB published a letter from Andrea Enria, the Chair of the Supervisory Board of ECB, answering questions raised by the President of the Bundestag (the German federal parliament) on how ECB assesses the financial stability of the euro area in the context of the significant level of nonperforming loans.