Featured Product

    BSP Amends Rules on Outsourcing, Invests in Asian Green Bond Fund

    February 24, 2022

    The Bangko Sentral ng Pilipinas (BSP) amended regulations on outsourcing and information technology (IT) risk management, announced investment in the Asian Green Bond Fund, and advocates wider adoption of sustainable finance.

    Below are the key highlights of these recent updates from BSP:

    • BSP Circular No. 1137 sets out amendments to regulations on outsourcing and IT risk management, which shall take effect fifteen calendar days following its publication either in the Official Gazette or in a newspaper of general circulation. The amended regulations cover management of contracts and outsourcing, governance and management of outsourcing risks, outsourcing framework for banks and non banks, and emerging outsourcing models.
    • Through its investment in the Asian Green Bond Fund of the Bank for International Settlements (BIS), BSP aims to help fund investments in green projects across the Asia-Pacific region. BIS launched the Asian Green Bond Fund, a USD denominated and open-ended fund, in collaboration with development finance institutions and an advisory committee consisting of various central banks, including BSP. The Fund provides a platform for central banks to invest their reserves in high-quality green bonds that meet internationally accepted standards.
    • BSP also encourages banks and other supervised financial institutions to offer sustainable financial instruments that may support the post-pandemic recovery of the agriculture and the micro, small, and medium-size enterprise sectors. “Since the Philippines is vulnerable to typhoons and climate-related risks due to its geographical location, green recovery is the ideal approach to strike a balance between implementing economic strategies and building climate and disaster resilience,” said the BSP Governor. Thus, BSP advocates wider adoption of sustainable finance, which incorporates ESG standards to assess the value, performance, and long-term growth of an asset.

     

    Related Links

     

    Keywords: Asia Pacific, Philippines, Banking, Green Bond Fund, ESG, Climate Change Risk, Sustainable Finance, Outsourcing Risk, Cloud Service Providers, BIS, BSP

    Featured Experts
    Related Articles
    News

    EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation

    The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).

    May 23, 2022 WebPage Regulatory News
    News

    EBA Publishes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.

    May 23, 2022 WebPage Regulatory News
    News

    EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance

    The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks

    May 20, 2022 WebPage Regulatory News
    News

    NGFS Report Explores Quantification of Climate Risk Differentials

    The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations

    May 19, 2022 WebPage Regulatory News
    News

    EC Publishes Results on Review of Web Accessibility Directive

    The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.

    May 19, 2022 WebPage Regulatory News
    News

    MAS Consults on Adjustment Spreads for Conversion of SOR Contracts

    The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.

    May 18, 2022 WebPage Regulatory News
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8206