The leading international transaction banking association

BAFT participated in the quarterly meeting of the ICC Legal Reform Advisory Board (LRAB), of which it is an active member. The LRAB consists of 30 global organizations working toward the common goal of establishing a globally harmonized, digitized trade environment. The LRAB discussed the status of legal framework adoption plans in Asia, the UK, France, Germany, the Commonwealth, China, and the efforts of UNESCAP and UNCITRAL.

The Financial Accounting Standards Board (FASB) Board of Directors met to discuss feedback from their consultation on disclosures regarding supplier finance programs. The discussions and votes taken were in line with the points advocated by BAFT and reflected in our March comment letter to FASB. Timing for the release of the final rule was not decided. BAFT's President & CEO also spoke at the FCI Annual Meeting 2022 in Washington, DC to address developments and industry trends in supply chain finance.

BAFT submitted comments to the Securities and Exchange Commission in response to their 'Proposed Rule: The Enhancement and Standardization of Climate-Related Disclosures for Investors'. Our response focused on the absence and need for common practices to estimate financed scope 3 emissions for transaction banking, which has different characteristics than other types of sustainable finance. We also emphasized the importance of global consistency in reporting regimes for climate disclosure.