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 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 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 15 January 2024, the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) published its supervisory agenda for 2024 (the AFM Agenda 2024). The AFM Agenda 2024 outlines the financial sector’s trends and risks while detailing the AFM’s priorities and other important events for this year. The AFM Agenda 2024 builds on the AFM’s Trend Monitor 2024, … 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
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
On 18 December 2023, the European Banking Authority (EBA) published a final report on the guidelines on benchmarking of diversity practices, including diversity policies and gender pay gap, under the Capital Requirements Directive IV and the Investment Firms Directive. The guidelines harmonise the collection of data for diversity benchmarking and the benchmarking of the gender … Continue Reading
On 18 December 2023, the European Central Bank and the European Systemic Risk Board issued a report, Towards macroprudential frameworks for managing climate risk. The report sets out three interrelated macroprudential frameworks for climate risks:… Continue Reading
On 15 December 2023, the European Banking Authority (EBA) published its response to the European Commission’s November 2022 call for advice on green loans and mortgages. The EBA proposes the introduction of a voluntary EU label for green loans based on a common EU definition and the integration of the concept of green mortgage and … Continue Reading
On 15 December 2023, the European Securities and Markets Authority (ESMA) issued a consultation paper containing draft guidelines on enforcement of sustainability information. The Corporate Sustainability Reporting Directive (CSRD) expands the scope of undertakings who must report sustainability information and requires the European Commission to adopt European Sustainability Reporting Standards as delegated acts. To promote … Continue Reading
On 14 December 2023, the Council of the EU issued a press release stating that it had reached a provisional deal with the European Parliament on the Directive on corporate sustainability due diligence. Among other things the press release states that the financial sector will be temporarily excluded from the scope of the directive, but … Continue Reading
On 13 December 2023, the Network for Greening the Financial System (NGFS) published a Technical Document providing recommendations toward the development of scenarios for assessing nature-related economic and financial risks. The NGFS is a group of central banks and supervisors, which on a voluntary basis share best practices and contribute to the development of environment … Continue Reading
On 14 December 2023, the European Securities and Markets Authority (ESMA) issued an update regarding its draft guidelines on ESG and sustainability-related terms in fund names. ESMA states that:… Continue Reading
On 13 December 2023, the European Securities and Markets Authority (ESMA) announced the launch of a common supervisory action (CSA) with Member State competent authorities on ESG disclosures under the Benchmarks Regulation (BMR). This is the first CSA for ESMA in its role as a direct supervisor of benchmarks administrators. The CSA will be carried … Continue Reading