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
US Agencies (FDIC, FED, and OCC) finalized two rules, which are either identical or substantially similar to the interim final rules in effect and issued earlier this year.
EIOPA is consulting on a supervisory statement on the use of risk mitigation techniques by insurance and reinsurance undertakings.
APRA announced that it is resuming consultation on the confidentiality of data submitted to APRA by the authorized deposit-taking institutions.
BoE and FCA are supporting and encouraging liquidity providers in the sterling swaps market to adopt new quoting conventions for inter-dealer trading based on SONIA, instead of LIBOR, from October 27, 2020.
Deutsche Bundesbank published special schema files for securities holdings statistics (SHS), along with a document on the XML format description.
EC adopted a decision determining, for a limited period of time, that the regulatory framework applicable to central counterparties, or CCPs, in the UK and Northern Ireland is equivalent to the requirements laid down in the European Market Infrastructure Regulation (EMIR or Regulation 648/2012).
ESMA announced that it will recognize three central counterparties (CCPs) established in the UK as third-country CCPs, from January 01, 2021.
PRA published Version 02.04 of the PRA110 liquidity metric monitoring tool (PRA110 LMM tool).
FSB confirmed the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier System (GLEIS) as the International Governance Body for the globally harmonized identifiers used to track over-the-counter (OTC) derivatives transactions, with effect from October 01, 2020.
FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.