PBC published questions and answers (Q&As) on the launch of the second-generation credit reporting system. The Q&As cover, among other factors, the purpose of building the second-generation credit reference system, advantages of the second-generation credit reporting system, changes of credit reports generated by the second-generation credit reporting system, and improvements of the second-generation credit reporting system in terms of safeguarding the information security and the rights and interests of entities.
The Credit Reference Center of PBC (CCRC) is responsible for building, operating, and maintaining the national centralized commercial and consumer credit reporting system, which constitutes an integral part of the financial infrastructure in China. The CCRC launched the second-generation credit reporting system on January 17, 2020 in a step-by-step manner in an attempt to ensure steady operation. Starting from January 19, 2020, the CCRC provides the public and financial institutions with credit reporting services in the second-generation format. Compared to credit reports of the first-generation credit reporting system, those of the second-generation contain more basic information and credit information is presented in a better format and updated in a more timely way.
Keywords: Asia Pacific, China, Banking, Credit Reporting, Q&A, Credit Reference Center, PBC
The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.
The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.
The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.
The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups
The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.
The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.
The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.
The Financial Accounting Standards Board (FASB) is seeking comments, until November 03, 2022, on the proposed technical and other conforming improvements for the 2023 GAAP Financial Reporting Taxonomy.
The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.
Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)