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Commission adopts an Implementing Regulation amending the ITS in Implementing Regulation 2021/637 as regards the disclosure of ESG risks

On 30 November 2022, the European Commission adopted an Implementing Regulation amending the implementing technical standards laid down in Implementing Regulation 2021/637 as regards the disclosure of environmental, social and governance (ESG) risks together with Annex 1 and Annex 2. Commission Implementing Regulation (EU) 2021/6372 specifies uniform disclosure formats and associated instructions for the disclosures … Continue Reading

New Regulation Tomorrow plus podcast – The importance of terminology and the “S” and “G” parts of ESG

In this episode of RT Plus on ESG, Haney Saadah touches on the FCA’s recent consultation paper on sustainability disclosure requirements. He also looks the importance of terminology and why the “S” and “G” parts of ESG are as important as the “E” part. He also provides his views on how firms will approach their … Continue Reading

FCA announces Code of Conduct for ESG data and ratings providers

On 22 November 2022, the FCA announced the formation of a group to develop a voluntary code of conduct for environmental, social and governance (ESG) data and ratings providers (the Code). In an earlier FCA Feedback Statement on ESG integration in UK capital markets, the FCA expressed their support for introducing regulatory oversight of certain … Continue Reading

ESMA consults on guidelines on funds’ names using ESG or sustainability-related terms

On 18 November 2022, the European Securities and Markets Authority (ESMA) published a consultation paper containing draft guidelines on funds’ names using ESG or sustainability-related terms. Currently, ESMA has provided some principles based guidance on funds’ names with ESG or sustainability related terms in a supervisory briefing on sustainability risks and disclosures in the area … Continue Reading

ESMA to work on ESG disclosures as a new union strategic supervisory priority

On 27 October 2022, the European Securities and Markets Authority (ESMA) announced that it is changing its Union Strategic Supervisory Priorities (USSPs) to include ESG disclosures alongside market data quality. According to ESMA, this represents an important step in the implementation of its strategy, which gives a prominent role to sustainable finance. The USSPs are … Continue Reading

EBA publishes report on incorporating ESG risks in the supervision of investment firms

On 24 October 2022, the European Banking Authority (EBA) published a report, addressed to competent authorities, on how to incorporate ESG risks in the supervision of investment firms. The Report also provides an initial assessment of how ESG factors and ESG risks could be included in the supervisory assessment of investment firms. The Report should … Continue Reading

New Regulation Tomorrow Plus podcast – ESG: Key regulatory risks in the UK and US and practical steps to manage them

Our latest episode of Regulation Tomorrow Plus is now available to stream and download on ‘Apple podcasts‘ and ‘Spotify‘ In this podcast Katie Stephen, Co-Head of our Contentious Financial Services Group in London, and Celia Cohen, Co-Head of Financial Institutions in the United States, discuss the key regulatory risks for financial services firms in their … Continue Reading

Commission summary report on targeted consultation on the functioning of the ESG ratings market in the EU and on the consideration of ESG factors in credit ratings

On 4 August 2022, the European Commission published a report providing an overview of the results of an earlier targeted consultation on ‘ESG ratings and ESG factors in credit ratings’. Among other things the report notes that: The vast majority of respondents declare that they do use ESG ratings and among these, 77% use them … Continue Reading

EBA updates webpage on Joint Regulatory Technical Standards on ESG disclosure standards for financial market participants

On 28 July 2022, the European Banking Authority (EBA) updated its webpage on Joint Regulatory Technical Standards (RTS) on ESG disclosure standards for financial market participants. The webpage now makes note that it has been adopted and published in the Official Journal.… Continue Reading

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