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NGFS report – Scenarios in action: a progress report on global supervisory and central bank climate scenario exercises

On 19 October 2021, the Network for Greening the Financial System (NGFS) published the report “Scenarios in action: a progress report on global supervisory and central bank climate scenario exercises”. The report sets out how a growing number of NGFS members, across all continents, are using climate scenarios to identify, assess and understand climate risk … Continue Reading

ECB letter to banks – information on participation in the 2022 ECB climate risk stress test

On 18 October 2021, the European Central Bank (ECB) published a letter that it had sent to CEOs of significant institutions providing them with information on participation in the 2022 ECB Climate Risk Stress Test. In the letter the ECB explains that the output of the stress test exercise will be integrated into the Supervisory … Continue Reading

UNEP FI first collective progress report on the UN Principles for Responsible Banking

On 15 October 2021, the United Nations’ Environment Programme Finance Initiative (UNEP FI) published its first collective progress report on the implementation of the Principles for Responsible Banking (PRB). The PRB commit signatories to aligning their business strategies with the Sustainable Development Goals and the Paris Climate Agreement. Since the launch of the PRB in … Continue Reading

TCFD status report for 2021

  On 14 October 2021, the Financial Stability Board’s (FSB) Task Force on Climate-related Financial Disclosures (TCFD) issued a status report for 2021. The status report provides an update on key TCFD-related developments and initiatives as well as the results of the TCFD’s annual review of climate-related reporting. The status report also contains key findings … Continue Reading

CON and ENVI Members voted jointly on Taxonomy objections

On 7 October 2021, the European Parliament issued a press release stating that ECON and ENVI Members had voted jointly to reject a Commission Delegated Regulation which supplements the Taxonomy Regulation by specifying the technical screening criteria under which certain economic activities qualify as contributing substantially to climate change mitigation and climate change adaptation and … Continue Reading

OECD reports on climate transition

On 4 October 2021, the Organisation for Economic Co-operation and Development (OECD) published: A report ‘ESG investing and climate transition: Market practices, issues and policy considerations’. The report highlights the main findings from recent OECD research on ESG rating and investing. It offers policy considerations to strengthen ESG practices to foster global interoperability and comparability, … Continue Reading

Firms and banks to benefit from early adoption of green policies, ECB’s economy-wide climate stress test shows

On 21 September 2021, the European Central Bank (ECB) issued the results of its economy-wide climate stress test. The test looked at the impact of climate change on more than four million firms worldwide and 1,600 euro area banks under three different climate policy scenarios. The results show that, although the effects of climate risk … Continue Reading

European Commission publish final study on the development of tools and mechanisms for the integration of ESG factors into the EU banking prudential framework and into banks’ business strategies and investment policies

On 27 August, the European Commission (EC) published its final study on the development of tools and mechanism for the integration of ESG factors into the EU banking prudential framework and into banks’ business strategies and investment policuies. The report looks into the integration of ESG risks within banks’ risk management processes and prudential supervision, … Continue Reading

Delegated Directive integrating sustainability into MiFID II product governance obligations

On 2 August 2021, there was published in the Official Journal of the EU, Commission Delegated Directive (EU) 2021/1269 of 21 April 2021 amending Delegated Directive (EU) 2017/593 as regards the integration of sustainability factors into the product governance obligations. Commission Delegated Directive 2017/593 supplements MiFID II with regard to, amongst other things, product governance … Continue Reading

Call for feedback by the Platform on Sustainable Finance on preliminary recommendations for technical screening criteria for the EU taxonomy

On 3 August 2021, the Platform on Sustainable Finance published a call for feedback on a draft report on preliminary recommendations for technical screening criteria for the EU taxonomy. The draft report focuses primarily on presenting a first set of priority economic activities and draft recommendations for associated substantial contribution and do no significant harm … Continue Reading

Sustainability amendments to Solvency II and the IDD published in the Official Journal of the EU

Various amendments to the Solvency II Delegated Regulation ((EU) 2015/35) and to the Insurance Distribution Directive Delegated Regulations ((EU) 2017/2358 and (EU) 2017/2359) have been published in the Official Journal of the European Union so that sustainability requirements can be introduced into the Solvency II and the insurance distribution regimes in the European Union. The … Continue Reading

Delegated legislation integrating sustainability into UCITS Directive, AIFMD, MiFID II

On 2 August 2021, the following were published in the Official Journal of the EU: Commission Delegated Regulation (EU) 2021/1255 of 21 April 2021 amending Delegated Regulation (EU) No 231/2013 as regards the sustainability risks and sustainability factors to be taken into account by Alternative Investment Fund Managers Commission Delegated Regulation (EU) 2021/1254 of 21 April 2021 … Continue Reading

IOSCO consults on ESG ratings and data providers

On 26 July 2021, the International Organization of Securities Commissions (IOSCO) issued a consultation report intended to assist its members in understanding the implications of the activities of environmental, social and governance (ESG) ratings and data providers and in establishing frameworks to mitigate risks stemming from these activities. The consultation report has five chapters: Chapter … Continue Reading

Commission Q&As on SFDR

On 26 July 2021, the European Commission published an internal Decision dated 6 July 2021 together with an annex which adopts answers to certain questions concerning the Regulation on sustainability-related disclosures in the financial services sector (SFDR). In a letter the Commission asks the three European Supervisory Authorities to publish the questions and answers on … Continue Reading

Commission confirms delay to the application of the SFDR RTS

On 23 July 2021, the European Commission published a letter (dated 8 July 2021) to the European Economic and Financial Affairs Council (ECOFIN) and the Council of the EU, confirming that the RTS application date, under the Sustainable Finance Disclosure Regulation ((EU) 2019/2088) (SFDR), has been delayed until 1 July 2022. This letter is the … Continue Reading

SFDR draft RTS further delayed – what does it mean for firms?

Earlier this year, the European Supervisory Authorities (ESAs) published a final report containing draft regulatory technical standards (RTS) on the content, methodologies and presentation of sustainability-related disclosures under the empowerments set out in Articles 2a, 4(6) and (7), 8(3), 9(5) and 10(2) and 11(4) of the Sustainable Finance Disclosure Regulation (SFDR). At the time of … Continue Reading

Platform on Sustainable Finance’s draft reports on a social taxonomy and on an extended taxonomy to support economic transition

On 12 July 2021, the Platform on Sustainable Finance (a permanent expert group of the European Commission) issued the following documents: A draft report for a social taxonomy. A consultation report on Taxonomy extension options linked to environmental objectives. The two draft reports are important steps in the Platform’s main deliverables to advise the Commission … Continue Reading

FSB publishes three climate-related reports

On 7 July 2021, the Financial Stability Board (FSB) published a letter from its Chair, Randal K. Quarles, to G20 Finance Ministers and Central Bank Governors ahead of their 9 – 10 July 2021 meeting. Among other things the letter stresses the need for coordinated action to address financial risks posed by climate change, noting … Continue Reading

European Commission publishes its Renewed Sustainable Finance Strategy

On 6 July 2021, the European Commission (the Commission) published its Renewed Sustainable Finance Strategy (RSFS). The RSFS follows the Commission’s 2018 Sustainable Finance Action Plan, which aimed to channel more investment towards environmentally sustainable activities. Under the 2018 Sustainable Finance Action Plan, the Commission presented two main legislative proposals establishing the building blocks for … Continue Reading

European Commission publishes legislative proposal on European green bonds

On 6 July 2021, the European Commission published a legislative proposal on European green bonds (the EuGB Regulation). The EuGB Regulation will lay the foundation for a common framework of rules regarding the use of the “European Green Bond” (EuGB) designation for bonds that pursue environmentally sustainable objectives as defined by the Taxonomy Regulation.[1] It … Continue Reading

IOSCO consults on sustainability-related regulatory and supervisory expectations in asset management

On 30 June 2021, the International Organization of Securities Commissions (IOSCO) issued a consultation report on recommendations for sustainability-related practices, policies, procedures and disclosure in asset management. The consultation report focuses on investor protection issues and proposes that securities regulators consider setting regulatory and supervisory expectations for asset managers regarding sustainability-related risks and opportunities. The … Continue Reading

IOSCO report on issuers’ sustainability-related disclosures

On 28 June 2021, the International Organization of Securities Commissions (IOSCO) issued a report on issuers’ sustainability-related disclosures. The report: Provides background and context to IOSCO’s work in the area of sustainability disclosures. Summarises the work that IOSCO has done to develop its vision for an International Sustainability Standards Board (ISSB) under the International Financial … Continue Reading

EBA report on management and supervision of ESG risks for credit institutions and investment firms

On 23 June 2021, the European Banking Authority (EBA) published a report on the management and supervision of environmental, social and governance (ESG) risks. The report has been prepared in accordance with Article 98(8) of the Capital Requirements Directive V (CRD V) and Article 35 of the Investment Firms Directive (IFD). These provisions mandate the … Continue Reading
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