18 December 2021
In a joint statement, Bank Negara Malaysia (“BNM”) and Securities Commission Malaysia announced on 10 December 2021 the following:
- the Joint Committee on Climate Change (“JC3”) will issue a Reference Guide on Climate Risk Management and Scenario Analysis, which sets out expectations for financial institutions to integrate climate-related risks considerations in financial institutions’ business and risk strategies (“Reference Guide”), for public consultation this month.
- this will be followed by the issue of a Task Force on Climate-related Financial Disclosures (“TCFD”)- aligned Application Guide for disclosures on climate-related risks by financial institutions for public consultation in January 2022, which would be the mandatory basic requirements mandatory from 2024. Financial institutions regulated by BNM are expected to adopt additional stretch recommendations that are aligned with TCFD disclosures by end of 2024.
- disclosure guides for businesses, on the other hand, will be developed in 2022.
Contact Us For Further Information Regarding Financial Services Matters.
For further information, please contact:
Christina S.C. Kow, Partner, Shearn Delamore & Co
christina@shearndelamore.com
