Legal & Regulatory News

  • 19 December 2022
    COP15 finishes with a landmark agreement focused on the protection of natural habitats

    On 19 December 2022, the United Nations Biodiversity Conference in Montreal (known as COP15) concluded with a landmark agreement to guide global action on protecting the natural world through to 2030.

  • 14 December 2022
    UK Government issues a statement on UK Green Taxonomy

    On 14 December 2022, the UK Government released a statement made by Andrew Griffith (the Secretary), the Economic Secretary to HM Treasury and Co-chair of the UK's Transition Plan Taskforce, regarding the development of a UK Green Taxonomy.

  • 13 December 2022
    The FCA Climate Financial Risk Forum releases guide from session 3 of their analysis on climate-related financial risks

    On 13 December 2022, the Financial Conduction Authority's Climate Financial Risk Forum (CFRF), representing a diverse range of financial institutions including UK-regulated banks, insurers, asset managers, asset owners and public/private organisations, published its third round of guides to help the financial sector develop its approach to addressing climate-related financial risks and opportunities.

  • 13 December 2022
    EBA publishes its roadmap on sustainable finance

    On 13 December 2022, the European Banking Authority (EBA) published its three year roadmap on sustainable finance (the Roadmap), outlining the objectives and timeline for delivering mandates in the area of sustainable finance and environmental, social and governance (ESG) risks.

  • 08 December 2022
    The Basel Committee on Banking Supervisions publishes FAQs on climate-related financial risks

    On 8 December 2022, the Basel Committee on Banking Supervision (BCBS) published a frequently asked questions document (the Document), identifying climate-related financial risks.

    The Document was developed to provide clarification on how climate-related financial risks could be captured in the BCBS' Pillar 1 standards.

  • 05 December 2022
    EU release speech by European Commissioner for Financial Services on Sustainable finance initiatives

    On 5 December 2022, the European Parliament published a speech given by Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability and Capital Markets Union (the Commissioner), setting out details of current sustainable finance initiates being conducted in the EU.

  • 30 November 2022
    European Commission adopts amendments to ITS on prudential disclosures for ESG risks covered under CRR

    On 30 November 2022, the European Commission adopted Implementation Regulation (EU) 2021/637 (the Regulation), amending the implementing technical standards (ITS) for the disclosure of environmental, social and governance risks under the Capital Requirements Regulation (CRR).

  • 28 November 2022
    EU Platform on Sustainable Finance releases report on screening criteria for environmental objectives of the EU Taxonomy

    On 28 November 2022, the EU Platform on Sustainable Finance (the Platform) published a report (the Report) on the methodology and technical screening criteria for environmental activities covered in the EU Taxonomy (EU 2020/852).

    The Report supplements an initial report published in March 2022, providing an update on the Platform's work, as well as a number of new recommended methodology frameworks for Taxonomy enabled activities and technical screening criteria for sector specific activities.

  • 28 November 2022
    European Council gives final green light to CSRD

    On 28 November 2022, the Council of the European Union (the Council) gave its final approval and adopted the corporate sustainability reporting directive (CSRD).

    CSRD introduces more detailed reporting requirements on companies, with an aim of increasing accountability, preventing divergent sustainability standards, and easing the transition to a sustainable economy.

  • 22 November 2022
    European Commission issue call for advice on green loans and mortgages

    On 22 November 2022, the European Commission (the Commission) issued a request for advice from the European Banking Authority (EBA) on the European green loan and mortgages market in order for the Commission to consider measures to encourage the development of these markets.

    The scope of the request for advice covers various green loans originated by credit institutions in the EU, including loans with environmental sustainability features, green mortgages and, where applicable, loans based on the EU Taxonomy and its six environmental objectives.