Recent legal and regulatory developments, including the joint release of APRA and ASIC guidance concerning the new Financial Accountability Regime, APRA's announcement that it will publish superannuation expense data to...more
In recent years, there has been a noticeable increase in green products and the promotion of sustainable objectives across the financial services industry. For example, we have seen much discussion of green loans, green...more
Fund Tokenisation: The Financial Conduct Authority (“FCA”) published a press release announcing that it has joined the Monetary Authority of Singapore’s Project Guardian, a collaborative initiative with the financial industry...more
This edition covers new global sustainability reporting standards, proposals to reform corporate criminal liability laws, the enactment of FSMA 2023, FRC guidance on dividend reporting, Investment Association guidance on...more
On March 7, 2023, the Office of the Superintendent of Financial Institutions (“OSFI”), the Canadian government agency responsible for supervising federally-regulated financial institutions (“FRFI”) and insurance companies,...more
This year started off with a surge of enthusiasm among US proponents of increased climate-related financial risk disclosure by insurers and others: - Soon after the late-2021 Conference of the Parties (COP) 26 event in...more
As set out in our earlier OnPoint, “Is Brexit Green?”, the UK has adopted a different approach to regulating ESG in the asset management sector compared to the EU by not “on-shoring” the EU’s Sustainable Finance Disclosure...more
IOSCO this week published a consultation on measures to address risks from digitalisation of retail marketing and distribution. Here in the UK, the FCA launched its own a consultation on strengthening financial promotion...more
Environmental, social, and governance (ESG) considerations have come to the forefront of firms’ regulatory change agendas in recent years, and this focus looks set to continue in 2022. The past year has witnessed significant...more
On November 3, 2021, the New York Department of Financial Services (DFS) announced the creation of a new Climate Risk Division (the Division) that is tasked with integrating climate risks into DFS’s supervision of regulated...more
The FCA is proposing a disclosure regime for asset managers, life insurers, and pension providers. On 22 June 2021, the FCA published a Consultation Paper (CP21/17) on introducing climate-related financial disclosure...more
The Biden Administration on May 20, 2021, issued its latest and long-awaited Executive Order (EO) on climate-related financial risk. This EO reflects how the administration is continuing to take a "whole of government"...more
COVID-19: Supreme Court judgment in FCA's BI insurance test case - On 15 January 2021, the Supreme Court handed down judgment in FCA v Arch Insurance (UK) Ltd and others [2021] UKSC 1 on the issues on appeal from the High...more
Brexit: UK equivalence decisions for EEA states - HM Treasury has announced its intention to make equivalence decisions in respect of the EEA across a number of financial services areas. ...more
The UK Government presents initiatives designed to green the UK economy and bolster attractiveness as an international financial centre. On 9 November 2020, Rishi Sunak, Chancellor of the Exchequer, announced several...more
The Task Force for Climate-Related Financial Disclosures (“TCFD” or the “Task Force”) was established by the G-20 Financial Stability Board in 2015 to encourage the disclosure of consistent climate-related financial...more