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
On 18 January 2024, the European Banking Authority (EBA) issued a consultation on draft guidelines on the management of environmental, social and governance (ESG) risks. The EBA has developed these draft guidelines in line with its roadmap on sustainable finance and they address the mandate specified in letters a, b, and c of Article 87(a)5 … Continue Reading
On 16 January 2024, the FCA announced that it has established a new working group focused on building capability in sustainable finance across the financial advice sector. The group is being convened to support industry in advising consumers on products making claims about sustainability, following the FCA’s publication of a package of sustainable finance measures … Continue Reading
On 22 December 2023, there was published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2023/2772 supplementing the EU Accounting Directive (as amended by the Corporate Sustainability Reporting Directive (CSRD)) as regards sustainability reporting standards. The Delegated Regulation sets out the first set of EU sustainability reporting standards under the CSRD. It … Continue Reading
We have published a new online briefing note, The anti-greenwashing rule: Proposed FCA guidance. The briefing note can be found here.… Continue Reading
On 21 December 2023, the European Commission adopted a guidance document which addresses frequently asked questions on the interpretation and implementation of the Taxonomy Disclosures Delegated Act. The guidance document considers the: It also contains targeted questions specifically related to credit institutions, insurance undertakings, and asset managers.… Continue Reading
On 20 December 2023, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2023/2830 of 17 October 2023 supplementing Directive 2003/87/EC of the European Parliament and of the Council by laying down rules on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances. The Delegated … Continue Reading