On 16 April 2024, the Basel Committee on Banking Supervision (Basel Committee) issued a Discussion Paper on how climate scenario analysis (CSA) can be practically used to help strengthen the management and supervision of climate related financial risks. The Discussion Paper considers the objectives of CSA exercises and relevant features to design and use them. … Continue Reading
On 10 April 2024, the European Parliament (EP) issued a press release confirming that MEPs have approved delaying sector specific sustainability reporting standards, as well as general reporting standards for non-EU companies. The press release outlined that: Following the plenary vote, lead MEP Axel Voss said “We will delay the deadline for sector specific standards … Continue Reading
In the fifth podcast in our DE&I series, Simon Lovegrove, Hannah Meakin and Hannah McAslan-Schaaf are joined by Alasdair Scott from GP Strategies to discuss inclusivity, how well contributions, presence, and perspectives of different groups of people are valued and integrated into an environment. Inclusivity has become essential in business today with new joiners looking … Continue Reading
On 9 April 2024, the Transition Plan Taskforce (TPT) published the final set of transition plan resources to help businesses unlock finance for net zero. In October 2023, the TPT published its final Disclosure Framework, as part of a wider suite of Implementation Guidance which included guidance to help preparers explore the disclosure recommendations and … Continue Reading
On Thursday 11 April 2024, as part of our global ESG webinar series, please join us for the second instalment of this webinar series, as we will be taking a closer look at the ESG financial services trends in the US. This webinar, featuring a discussion with members of our US ESG team, will include … Continue Reading
On 4 April 2024, the European Commission (the Commission) published a Progress Report on the Platform on Sustainable Finance’s Monitoring Capital Flows to Sustainable Investments. The Report outlines that the European Union must scale up its investments in reaching climate and environmental targets by at least two thirds by 2030, relative to average levels mobilised … Continue Reading
On Tuesday 9 April 2024, as part of our UK In-house legal forum training programme, we will be running a webinar on ESG and greenwashing in financial services. The session will look at recent UK regulatory developments regarding sustainability, including the FCA’s Sustainability Disclosure Requirements and investment labels regime, at how regulators are dealing with … Continue Reading
On 26 March 2024, the European Securities and Markets Authority (ESMA) issued a consultation paper containing draft technical standards supplementing the EU Green Bond Regulation. The consultation paper is the first of two consultations planned by ESMA with the other set for Q1 2025. The EU Green Bond Regulation lays down uniform requirements for issuers … Continue Reading
On 6 March 2024, the US Securities and Exchange Commission adopted final rules by a 3-2 vote that would require domestic and foreign registrants to provide climate-related disclosures in their registration statements and annual reports. Read our full update here.… Continue Reading
On 15 March 2024, the Council of the EU published a letter it had sent to the Chair of the European Parliament’s Committee on Legal Affairs concerning the proposed Directive on Corporate Sustainability Due Diligence and amending the Whistleblower Directive. The letter states that following informal trilogue between the three institutions on 13 December 2023 … Continue Reading
On 8 March 2024, the House of Commons Treasury Committee (the Committee) published a report as part of its current inquiry into Sexism in the City, in order to evaluate the progress made in relation to gender based inequality within the financial services sector, since its predecessor Committee highlighted the problem in 2018. The issues … Continue Reading
On 29 February 2024, members of the Norton Rose Fulbright Risk Advisory and Financial Services team hosted the first in our three part webinar series on ESG. In this first instalment of the webinar series the team provided an analysis into the SFDR vs the SDR. In addition, the team looked closely at the increasing … Continue Reading
The next issue of our ESG updater which tracks regulatory developments in the ESG space is now available. Should you wish to receive the updater please sign up here. For further updates on regulatory developments in the ESG space please visit our Financial Services Regulatory Developments in ESG hub.… Continue Reading
On 14 February 2024, the Council of the European Union published the final compromise text of the proposed Regulation on the transparency and integrity of environmental, social and governance rating activities, and amending Regulation (EU) 2019/2088. An ‘I’ item note has also been published.… Continue Reading
On 7 February 2024, the European Parliament and Council of the EU reached a provisional deal on a draft directive amending the Corporate Sustainability Reporting Directive (CSRD) on the time limits for the adoption of sustainability reporting standards for certain sectors and for certain third-country undertakings. Background The Accounting Directive as amended by the CSRD … Continue Reading
On 6 February 2024, the European Parliament and European Council reached a provisional agreement on a proposal for a regulation on environmental, social and governance (ESG) ratings, with the overarching aim of boosting investor confidence in sustainable products. The objectives of the rules are to introduce a common regulatory approach and enhance the integrity, transparency, … Continue Reading
On 2 February 2024, the FCA published a new web page regarding its sustainability disclosure and labelling regime and what this means for firms. In particular, the FCA has set out how firms should consider the regime and, where relevant, the steps to take before the new rules come into effect. However, this is not … Continue Reading
On 30 January 2024, the European Central Bank (ECB) announced that it was expanding its work on climate change. In its new climate and nature plan 2024 – 2025 the ECB reaffirms its commitment to addressing the climate crisis within its mandate. It will continue to carry out and expand its ongoing climate-related actions and … Continue Reading
On 29 January 2024, the European Banking Authority (EBA) launched a voluntary survey to help it deliver its mandate under Article 501(c) of the Capital Requirements Regulation which requires the European Supervisory Authority to provide an assessment of the availability and accessibility of relatable and consistent environmental, social and governance (ESG) data for each exposure … Continue Reading
On 29 January 2024, the EU Platform on Sustainable Finance, an advisory body to the European Commission published a report considering how the EU sustainable finance framework can support and inform the transition efforts of economic actors beyond mere regulatory compliance. It presents a compendium of early market practices, that participants are employing to transform … Continue Reading
On 18 January 2024, members of Norton Rose Fulbright US LLP hosted a webinar to discuss the sweeping impact of California’s new ESG climate disclosure legislation. The session provides an update on some of the key aspects of California’s recently enacted legislation that requires certain public and private US companies doing business in California to … Continue Reading
On 24 January 2024, the Transition Plan Taskforce (TPT) announced that HM Treasury had extended its mandate until at least 31 July 2024, with a possible further three months extension to the end of October 2024. The TPT’s mandate has been extended so that it can support the Transition Finance Market Review (TFMR). As of … Continue Reading
On 23 January 2024, the Network for Greening the Financial System (NGFS) published a technical document, NGFS scenarios: Purpose, use cases and guidance on where institutional adaptations are required. The NGFS scenarios were introduced in 2020 and have been refined and updated over four iterations. They have assisted central banks, supervisors, and other financial actors … Continue Reading
On 23 January 2024, the European Central Bank (ECB) published a report focusing on the transition risks stemming from banks’ credit portfolios. Key takeaways from the report include: Frank Elderson (Member of the Executive Bord of the ECB and Vice Chair of the Supervisory Board of the ECB) has also written a blog on the … Continue Reading
