泰国征信的法律、法规框架.ppt

The Development of a Legal and Regulatory Framework for Credit Reporting in Thailand,19 May 2004,Boonchai,Charassangsomboon,Financial System Policy Group Director,Fiscal Policy Office,Ministry of Finance,booncharvayu.mof.go.th,The importance of credit bureau,Asymmetric information leads to the problem of adverse selection and moral hazard,Credit reporting system helps to reduce the problem of asymmetric information to a certain level.,Minimize cost of acquiring and analyzing clients data.,Driving Factors for the Establishment of Credit Bureau in Thailand,There are three major factors that facilitated the establishment of credit reporting system in Thailand.,the increasing role of capital market,the rise of consumer finance,foreign competition,Also address credit crunch situation and reduce chance for unfavorable customers to access valuable funds,Credit Reporting Business in Thailand prior to the enactment of the Law,2 credit information companies have been established prior to the enactment of law.,Thai Credit Bureau Co.,Ltd.(TCB),semi-governmental agency as GHB is a major shareholder,Central Credit Information Services Co.,Ltd.(CCIS),privately owned as commercial banks are major shareholders,Credit Reporting Business without a Specific Governing Law,The major problem was the prohibition by law for disclosing clients data,To solve the problem,prospective borrowers required to sign the form declaring their permission for the disclosure,A feeble alternative due to time consuming and argumentative.,Less successful in practice,Credit Information Business Act B.E.2545(2002),Effective on 14 March 2003 and governs credit information reporting business in several respects,Credit Information Company must obtain a license from Ministry of Finance,Type of Member and Recipient of Service,Commercial bank,Finance company,Credit,Foncier,company,Securities company,Insurance and Life Insurance company,Credit Card Service provider,Specialized financial institutions,Credit Information Business Act B.E.2545(2002),Types of information to be collected:,Personal data,Financial data,Sensitive information such as physical handicaps,genetics,etc.is prohibited.,Credit information company should:,conduct information processing obtained from its members,provide proper system in managing of information,require members to send in information and inform their clients within 30 days,provide information only for the purpose of credit analyzing,insurance,and credit card granting with written consent from informations owner,Credit Information Business Act B.E.2545(2002),Information owner entitled to the right to know,check,and correct the information,Credit information business will be supervised by a Credit Information Protection Committee,Civil and criminal liabilities apply,Legal issue concerning the disclosure of personal information,Article 34 of the Constitution“A persons family rights,dignity,reputation or the right of privacy shall be protected.The assertion or circulation of a statement or picture in any manner whatsoever to the public,which violates or affects a persons family rights,dignity,reputation or the right of privacy,shall not be made except for the case which is beneficial to the public”.,Article 46 of Banking Business Law imposes imprisonment charge or fine or both for unlawful disclosure of clients data,The implementation problems of the Act,Law makers attempt to protect privacy and misuse of information had led to a very strict procedures and punishment imposition,Stall of operation due to some problematic issues:,Section 18 requires member to inform its customers of sending customers information to Credit Bureau in writing within 30 days,Section 20 requires Credit Bureau Company to disclose or provide credit information to its members for the purpose of credit analyzing,insurance,and credit card granting with a written consent from the owner of information.,Section 48 and 51 impose serious criminal charge and fine penalties for not complying to Section 18 and 20 respectively.,Attempts to address the problems,(immediate measures),The Committee had issued a series of Committees Clarification to alleviate the upsetting of the industry,To address to the strict procedures set in Section 18,Committees Clarification indicated that:,Information sent before 14 March 2003 shall not fall under the provision of Section 18.,Information sent after 14 March 2003,members must inform customers in writing within 30 days which may be done via postal mail or by other ways as agreed with the customers.The members shall then arrange for the records of informing and keep such records as evidences.,Attempts to address the problems,(immediate measures),To solve the problem pursuant to Section 20,Committee had issued its Clarification regarding the procedures to obtain the consent from the information owners for disclosing credit indicated that:,Credit bureau company may allow its member to deal with the owner of information to provide a letter of consent and to receive such a letter on behalf of credit bureau company,When letter of consent has been made by information owner,member may inform credit bureau company of such consent either in writing or electronic mean prior to the sending of such letter of consent to credit bureau company to facilitate and speed up the credit process.,Attempts to address the problems,(Long-term measures),The proposed amendment to the existing law,Pressure from credit information business industry to solve the impractical and overly penalty issues of the Law.,Three major points have been proposed to be amended:,Section 18 will be modified to carve out the 30 days imposition and leave it to be set by the Committee,for flexibility.,Section 20 will be modified to allow the Committee to set appropriate rules and procedures regarding the obtaining of consent from the information owners,which will make practical and flexible procedures.,Criminal charges,based on the false to comply with Section 18,will be removed from Section 48.Meanwhile,maximum fine under Section 51 due to the violation of Section 20 will be lessened.,Other criminal charges and fine penalties based on fraudulent basis remain the same.,The Role of Credit Monitoring,Credit information reporting may be an answer to avoid a potential unfavorable debtor,However,once credit has been granted,credit monitoring plays a crucial role to prevent banks credit to turn sour,