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INTERNATIONAL MONETARY FUND
H. Recommendations for Authorities
Table 3. Thailand: List of Prioritized Recommendations
Responsibility
Issues of Concern
and Other Gaps
or Shortcomings
Recommended
Action
Relevant
Parties
Comments and
Priority
B
Onsite
examinations of
TSD by SEC are
conducted once
every three years.
Increase the frequency of onsite
examinations of TSD to once in
two years; conduct ad-hoc
inspections on need basis.
SEC
Short-term,
High-priority
B
SEC does not have
a practice of
reviewing the
performance of
the TSD board.
SEC to start the process of
reviewing the annual
performance report of the TSD
board to ensure the Board is
fulfilling its mandate.
SEC
Short-term,
High-priority
B
FMIs are not
carrying out
periodical self-
assessments.
Authorities to advise the FMIs to
undertake periodic
self-assessments and review
them.
SEC
Medium-term,
medium-priority
I. Key Findings and Follow-Up for Authorities
42. BAHTNET is subject to appropriate and effective regulation, supervision, and oversight
by the BoT. In 2013, the PSC, under the BoT Act mandate, identified BAHTNET as a Systemically
Important Payment Systems (SIPS) and started using the PFMI to oversee BAHTNET. The Payment
System Act clearly defined and publicly disclosed the criteria used to identify important payment
systems including SIPS, and BAHTNET was designated as a SIPS subject to the regulation and
oversight of BoT. The BoT Act and the Payment System Act give the BoT the powers to collect
information, perform assessments, induce change, or enforce corrective action in order to effectively
carry out its responsibilities.
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