of the FMIs in Thailand. The authorities have executed a MoU. The MoU acknowledges each
authority's statutory responsibilities towards the oversight, supervision, and regulation of the FMIs
under their respective jurisdictions. The MoU outlines the sharing of information between the
authorities on issues relating to the safe and efficient functioning of the FMIs. The MoU facilitates
(i) communication between the two regulators on policies and development plans with respect to
BAHTNET, TCH, and TSD; (ii) legal, regulatory, and system changes which may impact the market or
other FMIs; (iii) monitoring of financial risk related to a participant’s liquidity problem; (iv) planning
onsite assessments and sharing of information; (v) incident handling and crisis management to
control systemic risk resulting from interdependencies between the FMIs; and (vi) system-wide BCP
testing covering all the FMIs. The cooperation includes formal meetings which are usually held on an
annual basis, supplemented by ad-hoc meetings in urgent situations such as market stress or system
failure that could impact other FMIs. Contact persons of SEC and BoT are identified.
J. Authorities’ Response to the Assessment
47. Bank of Thailand (BoT) and Securities and Exchange Commission (SEC) appreciate the
comprehensive and positive assessments on Thailand's implementation on PFMI and the
constructive dialogues during the FSAP mission. We would like to express our appreciation to
PFMI FSAP assessors for the assessment. The assessment provided us with opportunity to review
Thailand's regulatory and supervisory framework in respect of FMIs, and allowed for identification of
area for further improvement.
48. Regarding BAHTNET assessment, the BoT has taken into consideration the assessors'
recommendations on collateral framework to include in BAHTNET a rule preventing
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