Climate change disclosures have recently become mandatory in Japan, following amendments to the Financial Instruments Exchange Act (FIEA) and the Cabinet Office Order on Disclosure on Corporate Affairs. These require...more
The European Union (EU) Commission has published a draft set of frequently asked questions (FAQs) on the interpretation of certain provisions of the EU Corporate Sustainability Reporting Directive (CSRD) and the first set of...more
On 24 July 2024, the European Securities and Markets Authority ("ESMA") published an opinion on the sustainable finance regulatory framework (the "ESMA Opinion"), which outlines the ESMA's long-term vision for the functioning...more
On 24 July 2024, the European Securities and Markets Authority (“ESMA”) published an opinion (the “Opinion”) outlining its long-term vision for the functioning of the European Union’s sustainable finance framework (the...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. Key developments in December 2023: 21 December - UK / Swiss Regulatory...more
On 4 December 2023 the European Supervisory Authorities (the “ESAs”) published their final report on updating the regulatory technical standards of the Sustainable Finance Disclosure Regulation (“SFDR Level 2”). The...more
REGULATORY ISSUES & UPDATES - Mandatory Climate Change Reporting Requirements Under the New European ESRS E1 - The implementation of the European Sustainability Reporting Standards poses risks for reporting companies,...more
On 22 November 2023, the European Securities and Markets Authority (“ESMA”) published three aides to stakeholders to support with navigating three areas of the European Union’s (“EU”) sustainable finance regulation: ...more
The Commission has launched a far reaching consultation and review of SFDR, long expected by the industry. This bulletin provides an overview, as well as giving thought as to what we might see in terms of SFDR 2.0....more
The European Commission (the Commission) has published two consultations to both evaluate and assess enhancements to the EU’s Sustainable Finance Disclosure Regulation (SFDR). Open until 15 December 2023, the Commission is...more
The European Commission has published two consultation papers that seek views on the fundamental features and effectiveness of the Sustainable Finance Disclosure Regulation (SFDR). The purpose of both the targeted and the...more
Both opportunities and challenges have arisen for the asset management industry as a result of the rapid introduction of UK and EU sustainable finance regulation in recent years. The new requirements have been heightened in...more
The Sustainable Finance Disclosure Regulation (SFDR) is a European regulation that has applied directly in the EU (and EEA countries) since March 2021. The aim of the SFDR is to provide harmonised disclosure requirements,...more
There are useful takeaways for EU and non-EU firms arising from the European Supervisory Authorities’ (ESA) latest thinking on greenwashing. In June 2023, the ESAs issued progress reports examining greenwashing risks and...more
Over the last few months, the European Commission and the European Supervisory Authorities (“ESAs”) have published a number of press releases and reports that aim to clarify and provide further updates on concepts used within...more
On 13 June 2023, the European Commission published a new sustainable finance package. In particular the package of measures included (i) recommendations in respect of facilitating transition finance, (ii) a proposal in...more
At Cooley, we’re increasingly speaking to clients in the US, Asia and elsewhere who are surprised by the intensity of environmental, social and governance (ESG) requests and covenants coming from their investors. Often these...more
On June 13, 2023, the European Commission published “a new package of measures to build on and strengthen the foundations of the EU sustainable finance framework.” The aim is to ensure that the EU sustainable finance...more
On 13 June the European Commission (the Commission) published a new package of measures to bolster the EU sustainable finance framework. Its aim is to: “ensure that the EU sustainable finance framework continues to...more
On 13 June 2023, the European Commission (the "Commission") published a significant sustainable finance package on EU Taxonomy, ESG ratings and transition finance. Expansion of Taxonomy Regulation framework - The...more
Go to any private equity event in the last 12 months, and “energy transition” will have been discussed, meaning the shift in energy production away from fossil‑based systems to low or zero carbon ones. As fund managers...more
Following the turn of the new year, our UK Regulatory specialists have examined the key regulatory developments in 2023 impacting a range of UK and European firms within the financial services sector. The key dates have been...more
On 10 March 2021,the Sustainable Finance Disclosure Regulation ((EU) 2019/2088) ("SFDR") came into force. This imposes environmental, social and corporate governance (“ESG”) and reporting requirements on a wide range of...more
1. Speed read - As the start date looms for the Regulatory Technical Standards (RTS) under SFDR and the product disclosure regime in the Taxonomy Regulation, firms are progressing their implementation projects. This...more
As the start date looms for the Regulatory Technical Standards (RTS) under SFDR and the project disclosure regime in the Taxonomy Regulation, firms are progressing their implementation projects. This bulletin gives a...more