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EU Reaches Provisional Agreement on ESG Ratings Regulation

The European Parliament and the Council of the EU have made some significant changes to the European Commission’s proposal. Key Points: ..The agreed text includes important clarifications on the scope of the regime and...more

EU Supervisors to Scrutinise ESG Benchmark Disclosures

Benchmark administrators should review the quality of their ESG benchmark disclosures ahead of a review by EU regulators during 2024. On 13 December 2023, the European Securities and Markets Authority (ESMA), the EU’s...more

FCA Publishes Final Rules on Sustainability Disclosures and Investment Labelling

The FCA’s long-awaited regime seeks to raise standards, increase consumer understanding, and reduce instances of greenwashing. On 28 November 2023, the FCA published its Policy Statement (PS23/16) containing final rules on...more

FCA Finds Further Improvement Needed on Design, Delivery, and Disclosure of ESG Funds

The FCA has set out good and poor practices for asset managers to consider in relation to funds with ESG or sustainable characteristics. On 16 November 2023, the FCA published the findings from its review of how asset...more

SEC Adopts Changes to Names Rule for Registered Funds

The amendments aim to modernize the Names Rule and promote investor protection objectives by ensuring that a fund’s portfolio of holdings aligns with its name. The US Securities and Exchange Commission (the SEC or the...more

European Commission Launches Consultation on Sustainable Finance Disclosure Regulation

The EU regulators are reviewing the Sustainable Finance Disclosure Regulation introduced in 2021, exploring the need for potential additional adjustments. On 14 September 2023, the European Commission initiated a...more

EU Consults on Plans for a New Regulatory Regime for ESG Ratings Providers

An evolving landscape of reforms in the ESG ratings sector continues to pose challenges to providers of ratings and scores. International momentum to regulate ESG ratings continues as the European Commission released a...more

UK Government Consults on Regulation of ESG Ratings Providers

The consultation considers what a potential regulatory regime would look like, and its proposed scope. On 30 March 2023, HM Treasury published a consultation on regulating ESG ratings providers, which ties in with and...more

FCA Seeks Improvements to ESG Benchmarks

The regulator is concerned that ESG-related disclosures are not meeting expectations. The FCA has published a Dear CEO letter sent to benchmark administrators on 20 March 2023, expressing concerns about the quality of...more

DP 23/1: FCA Publishes Discussion Paper on Sustainability-Related Governance, Incentives, and Competence

The discussion paper aims to encourage industry-wide dialogue on sustainability related-governance, incentives, and competence. On 10 February 2023, the FCA published DP23/1: Finance for positive sustainable change:...more

PE on Red Alert for Greenwashing in Light of UK Developments

PE firms face growing regulatory and litigation risks from greenwashing claims as they navigate a fragmented anti-greenwashing landscape. Amid concerns of exaggerated or misleading sustainability claims, the UK Financial...more

Federal Reserve Proposes Climate Risk Guidance for Large Financial Institutions

The guiding principles are similar to related proposals from other banking regulators, but will require further clarification through the comment process. On December 2, 2022, the Board of Governors of the Federal...more

ESMA Issues Consultation Paper on Fund Names to Tackle Greenwashing

The European Securities and Markets Authority proposes to restrict ESG- and sustainability-related terms in the naming of funds, with an eye on the US and UK fund naming regimes. On 18 November 2022, the European...more

FCA Proposes New Labelling and Disclosure Rules to Combat Greenwashing in the UK

The FCA hopes the proposals will protect consumer trust in ESG-related financial products and help consumers navigate the increasingly complex ESG-related financial market. On 25 October 2022, the UK’s Financial Conduct...more

PE Firms Poised for Diversity Drive

Sponsors and dealmakers can satisfy investor demand for greater diversity and leverage opportunities for fund innovation. Diversity has become a key focus for every industry in recent years, and private equity, like many...more

FCA Identifies “Clear Rationale” for Regulating ESG Data and Ratings Providers

The FCA emphasised the increasing prevalence of providers and the potential harm from lack of regulation in this area. In June 2022, the UK’s Financial Conduct Authority (FCA) issued a Feedback Statement in response to a...more

SEC Proposes ESG Disclosure Requirements for Investment Advisers and Investment Companies

The SEC proposals track EU requirements in certain respects, but differences in content and scope could leave advisory firms with increasingly complex compliance challenges. Key Points: ..The proposal on ESG...more

UK Launches Taskforce to Take the Lead in Climate Transition Plans

HM Treasury’s Transition Plan Taskforce aims to influence international standard setting and make the UK the world’s first net zero-aligned financial centre. On 25 April 2022, HM Treasury (HMT) announced the launch of...more

FCA’s 2022/23 Business Plan: Key Highlights

As the FCA’s remit continues to grow, the regulator pledges flexibility in the face of global financial and geopolitical headwinds. On 7 April 2022, the FCA released its new Business Plan as part of a package including...more

ESMA Consults on ESG-Related Amendments to Its Suitability Guidelines

Proposed changes seek to reflect the integration of sustainability considerations into MiFID II. The European Securities and Markets Authority (ESMA) is consulting on updates to its Guidelines on the MiFID II suitability...more

ESG in 2022: 10 Things to Look Out For

Corporate reporting (including SEC developments), climate change,  energy transition, supply chain management, and the mitigation of ESG-related litigation risk are expected to be the leading ESG themes of this year. As...more

IOSCO Calls for Oversight of ESG Ratings and Data Product Providers

The association noted that regulators could provide market participants with much-needed additional trust in ESG ratings and data. On 23 November 2021, the International Organization of Securities Commissions (IOSCO)...more

FCA Launches Discussion on Sustainability Disclosure Requirements and Product Labels

The regulator is inviting views on potential criteria for classifying and labelling investment products, and on further entity- and product-level sustainability-related disclosures. On 3 November 2021, the FCA published...more

UK Net Zero Strategy: Understanding the Impact on Key Sectors

The strategy sets out plans to reduce emissions from key sectors of the UK economy to ensure that the UK remains on track for net zero by 2050. On 19 October 2021, the UK government published its climate change strategy,...more

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