Featured Product

    MAS-ASEAN on Sustainability Taskforce, Taxonomy and Banking Principles

    March 31, 2021

    MAS published a joint statement on the seventh meeting of the ASEAN Finance Ministers and Central Bank Governors. At the meeting, the discussions covered topics such as the priorities for 2021, policy challenges in context of pandemic, green infrastructure financing, development of a taxonomy for sustainable finance and the ASEAN Sustainable Banking Principles, establishment of the Task Force on Sustainable Finance, and operationalization of the ASEAN cyber-security platform.

    The participants of the meeting welcomed the initiative to develop an ASEAN Taxonomy for Sustainable Finance, which will be the overarching guide for all ASEAN member states, complementing their respective national sustainability initiatives and serving as ASEAN’s common language for sustainable finance. The taxonomy initiative has been jointly launched by the ASEAN Capital Markets Forum (ACMF), the ASEAN Insurance Regulators Meeting (AIRM), the ASEAN Senior Level Committee on Financial Integration (SLC), and the ASEAN Working Committee on Capital Market Development (WC-CMD). The participants endorsed the establishment of the ASEAN Taxonomy Board to develop, maintain, and promote a multi-tiered taxonomy that will consider ASEAN’s needs as well as international aspirations and goals. Such a multi-tiered ASEAN Taxonomy is inclusive and will facilitate an orderly and effective transition toward a sustainable ASEAN. The group looks forward to the announcement on the progress of the development of the ASEAN Taxonomy by the end of 2021.

    The participants commended ASEAN central banks’ continued commitment and coherent response to sustainable finance development. The participants endorsed the initiative on ASEAN Sustainable Banking Principles, which will serve as guiding principles to help ASEAN central banks develop further sustainable banking guidelines and tools aligned with each respective country’s context. They welcomed the establishment of the Task Force on Sustainable Finance under the SLC, which will follow-up on the recommendations from the Report on the Roles of ASEAN Central Banks in Managing Climate and Environment-Related Risks (which was published in November 2020), as well as the ASEAN Sustainable Banking Principles; the task force will also coordinate with the relevant ASEAN Working Committees and other sectoral bodies on cross-cutting issues to advance the priority work agreed by the SLC. They also reiterated the commitment to accelerate infrastructure development and financing in ASEAN through mobilization of innovative financing. They commended the progress of the ASEAN Catalytic Green Finance Facility of the ASEAN Infrastructure Fund (AIF) as a platform for ASEAN Green Infrastructure by leveraging the AIF resources to accelerate green projects and bridge bankability gaps. The participants also discussed other sustainable finance initiatives for the insurance sector and capital markets.

    With respect to promoting cyber resilience, the participants expressed satisfaction with the full operationalization of the ASEAN Cybersecurity Resilience and Information Sharing Platform (CRISP), with the entry into force for the participating ASEAN member states that have signed the Memorandum of Understanding for Sharing of Information during Activities of Digital and Technology Network on February 01, 2021, which allows information-sharing to combat cybersecurity threats and to develop collaborative mitigation actions for ASEAN Central Banks.

     

    Keywords: Asia Pacific, Singapore, Banking, Sustainable Finance, Cyber Risk, ASEAN, Taxonomy, ESG, Banking Principles, Guidance, MAS

    Related Articles
    News

    EBA Publishes Standards on Disclosure of Investment Policy Under IFR

    The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).

    October 19, 2021 WebPage Regulatory News
    News

    EBA Updates Filing Rules for Supervisory Reporting

    The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    APRA Finalizes Guidance for New Prudential Standard on Remuneration

    The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.

    October 18, 2021 WebPage Regulatory News
    News

    OCC Updated LIBOR Self-Assessment Tool for Banks

    The Office of the Comptroller of the Currency (OCC) published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for cessation of the London Interbank Offered Rate (LIBOR).

    October 18, 2021 WebPage Regulatory News
    News

    TCFD Updates Guidance for Financial Disclosures on Climate Risk

    The Financial Stability Board (FSB) published a report that examines the progress made toward disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

    October 14, 2021 WebPage Regulatory News
    News

    BCBS Report Examines Progress on Adoption of Basel III Framework

    The Basel Committee on Banking Supervision (BCBS) published the progress report on adoption of the Basel III regulatory framework in member jurisdictions.

    October 14, 2021 WebPage Regulatory News
    News

    ACPR Implements Updates Related to DPM Version 3.1

    The French Prudential Supervisory Authority (ACPR) has implemented, in its information system, updates linked to the Data Point Model (DPM) version 3.1.

    October 14, 2021 WebPage Regulatory News
    News

    EBA Note Examines Transition Risks of Benchmark Rates

    The European Banking Authority (EBA) published a thematic note that aims to identify and raise awareness of the transition risks of benchmark rates, as the London Interbank Offered Rate (LIBOR) and the Euro Overnight Index Average (EONIA) are close to being phased out.

    October 14, 2021 WebPage Regulatory News
    News

    OSFI to Communicate Next Steps on Climate Risk Policy in Early 2022

    In a letter to the federally regulated financial institutions and pension plans, the Office of the Superintendent of Financial Institutions (OSFI) published a summary of the feedback received to the January 2021 discussion paper on ways to address climate risks.

    October 12, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7568