News & Analysis as of

Climate Change Prudential Regulation Authority (PRA)

Cooley LLP

UK Government Opens Consultation on Future Regulatory Regime for ESG Ratings Providers

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In March 2023, the UK government launched a consultation on the future regulatory regime for environmental, social and governance (ESG) ratings providers. These providers compile, package and sell information to market...more

Cadwalader, Wickersham & Taft LLP

PRA to Consider Impact of Climate Change on Financial Stability

Under a proposed amendment to the UK’s Financial Services and Markets Bill, the Prudential Regulation Authority (PRA) could be empowered to review appropriate risk weighting and capital requirements associated with a...more

BCLP

Banking Bites - June 2022

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New High Court case considers nature and scope of the Quincecare duty - In June, the Court of Appeal expanded the scope of a bank’s duty of care to protect its customers from fraud to encompass instructions by those other...more

Proskauer Rose LLP

Regulation Round Up - October 2021

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The Financial Stability Board published its final report on the lessons learnt from the COVID-19 pandemic from a financial stability perspective. The Financial Conduct Authority (“FCA”) published a report on climate change...more

Hogan Lovells

Insurance regulatory news, July 2021 #2

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UK Solvency II review: PRA CP11/21 on reporting (phase 1) The Prudential Regulation Authority (PRA) has published a consultation paper, CP11/21, on phase 1 of a review of reporting and disclosure requirements under the...more

Latham & Watkins LLP

Private Bank Briefing – June 2021

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The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q2 2021. In this edition, we cover sustainable finance developments, the...more

A&O Shearman

Towards mandatory TCFD

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The recommendations of the Task Force for Climate-related Disclosures (TCFD) are voluntary, but are fast gaining traction within sustainability/ESG policy and regulation. ...more

Hogan Lovells

Insurance regulatory news, November 2020 # 3

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COVID-19: FCA update on business interruption insurance test case - The UK Financial Conduct Authority (FCA) has updated its webpage on its business interruption insurance test case. Among other things, the FCA has...more

Hogan Lovells

The Sustainable Insurance Forum (SIF) has published its half-yearly update report

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The SIF update reports on the work undertaken by SIF and its members during January to June 2020. The report includes individual updates from 14 member regulators on recent sustainable insurance initiatives and activities,...more

Latham & Watkins LLP

Dear CEO: UK Banks and Insurers Should Embed Approaches to Managing Climate Change Risks by End-2021

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The PRA expands its supervisory expectations for firms on managing climate-related financial risk — publishing a Dear CEO guidance letter. On 1 July 2020, the PRA published guidance in the form of a Dear CEO letter to...more

Hogan Lovells

Financial institutions general regulatory news, July 2020

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Recent regulatory developments of interest to all financial institutions. Includes COVID-19 and Brexit-related updates, and more. ...more

Latham & Watkins LLP

The CFRF Guide to Climate-Related Financial Risk Management

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The CFRF’s practical Guide encourages UK regulated financial services firms to take active steps to manage climate-related financial risks. Background - On 29 June 2020, the Climate Financial Risk Forum (CFRF) launched...more

A&O Shearman

Bank of England Consults on Proposed 2021 Climate Change Stress Tests

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The Bank of England has published a discussion paper seeking feedback on its proposals for a series of 2021 stress-tests on climate-related risks for the largest banks, insurers and the financial system. The stress tests will...more

White & Case LLP

Financial Regulatory Observer - December 2019: ESG investing: The sharpening teeth of disclosure

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How to stay ahead of the curve, minimize future costs of compliance and feed the growing demand from investors for responsible products and services - Environmental, social and governance (ESG) investing is accelerating...more

Hogan Lovells

Corporate Insurance Newsletter – July and August 2019

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The Hogan Lovells’ Corporate Insurance Newsletter for July and August has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. ...more

Hogan Lovells

UK: Focus on Climate Change and Green Finance

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On 5 June 2019, the Treasury Committee launched an inquiry into the decarbonisation of the UK economy and green finance which will look at the role of the UK regulators and financial services firms in supporting the...more

A&O Shearman

UK Regulators Host the First Meeting of the New Climate Financial Risk Forum

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The Financial Conduct Authority and the Prudential Regulation Authority have published press releases following the first meeting of the Climate Financial Risk Forum on March 8, 2019. The CFRF is a joint forum established by...more

A&O Shearman

UK Prudential Regulator Consults on Managing Financial Risks from Climate Change

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The Prudential Regulation Authority has published a consultation paper on a draft Supervisory Statement on managing the financial risks from climate change. The consultation follows the PRA's publication in September 2018 of...more

A&O Shearman

Prudential Regulator Reports on Climate-Related Financial Risks for the UK Banking Sector

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The U.K. Prudential Regulation Authority has published a report entitled "Transition in thinking: The impact of climate change on the U.K. banking sector"....more

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