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Policy Formulation Process |
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The BOT has a clear and transparent process for formulating financial institution policies and prudential regulations (see flow chart). The process includes analytical studies on the rationale, necessity, advantages, drawbacks, international standards, neighboring country practices, and impacts on the financial institutions system. In addition, industry hearings are held regularly and policies are also subject to scrutiny by the Financial Institutions Policy Committee (FIPC).1
The BOT periodically monitors and revises policies and regulations after their issuance to ensure that they are suitable, practical, effective, and do not pose an unnecessary burden for financial institutions. BOT notifications and circulars are made publicly available in the Royal Gazette and the BOT website.
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1 FIPC comprises the Governor, two Deputy Governors, two Assistant Governors overseeing financial institutions supervision, one Senior Director of the BOT, the Director-General of the Fiscal Policy Office, Ministry of Finance, the Secretary-General of the Securities and Exchange Commission, the Secretary-General of the Office of Insurance Commission, the Secretary-General of the Agricultural Futures Trading Commission, and three external and qualified experts.
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