Featured Product

    FCA and PRA Host Second Meeting of Climate Financial Risk Forum

    August 12, 2019

    FCA and PRA hosted second meeting of the Climate Financial Risk Forum (CFRF) in July 2019. At the meeting, the working group chairs presented the draft plans and progress to date, with CFRF members noting the importance of considering how outputs draw on international best practice; how to ensure that outputs are suitable for firms of different types, sizes, and complexity; and how to ensure coordination between the working groups. The meeting also discussed the form of the outputs, the timeline for publishing these outputs, and ways to get wider industry input into the process. It was agreed that the CFRF will aim to publish these outputs in early 2020.

    The next CFRF meeting will take place in the fourth quarter of 2019. The objective of CFRF is to build capacity and share best practices across financial regulators and industry to advance financial sector responses to the financial risks from climate change. It brings together senior representatives from across the financial sector, including banks, insurers, and asset managers. The forum is chaired by Sarah Breeden (Executive Director of International Banks Supervision, PRA) and Christopher Woolard (Executive Director of Strategy and Competition, FCA). Since its inception in March 2019, CFRF has set up four technical working groups on disclosure, scenario analysis, risk management, and innovation. Each working group is chaired by a CFRF member and supported by an external secretariat. Each working group has planned the approach they propose to take and the outputs they will deliver in terms of practical guidance and best-practice material.

     

    Related Link: Press Release

     

    Keywords: Europe, UK, Banking, Insurance, Securities, Climate Change Risks, Climate Financial Risk Forum, CFRF, ESG, FCA, PRA

    Featured Experts
    Related Articles
    News

    FASB Proposes Taxonomy Changes Related to Topics 848 and 470

    FASB proposed taxonomy improvements for the proposed Accounting Standards Update on topic 848 on facilitation of effects of reference rate reform on financial reporting.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Statement on Recalculating Transitional Measures Under Solvency II

    BoE notified that it will be willing to accept applications from firms to recalculate transitional measure on technical provisions (TMTP) as at September 30, 2019.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Paper on Market-Implied Systemic Risk and Shadow Capital Adequacy

    BoE published a working paper that presents a forward-looking approach to measure systemic solvency risk.

    September 13, 2019 WebPage Regulatory News
    News

    HKMA Consults on Policy Module on Pillar 2 Supervisory Review Process

    HKMA is consulting on the revised Supervisory Policy Manual module CA-G-5 that sets out the HKMA approach to conducting the supervisory review process under Pillar 2.

    September 13, 2019 WebPage Regulatory News
    News

    PRA Publishes Waiver by Consent of Continuity of Access Rules

    PRA published a new waiver by consent to waive the Continuity of Access requirements contained in the Depositor Protection Part of the PRA Rulebook (DPP).

    September 13, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: Second Update for September 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to three questions.

    September 13, 2019 WebPage Regulatory News
    News

    PRA Revises Branch Return and Updates Guidance for Regulatory Reports

    PRA published the policy statement PS17/19, which contains the final policy related to changes in the format and content of the Branch Return Form and reporting guidance.

    September 12, 2019 WebPage Regulatory News
    News

    ISDA Guide on Collateral Management Under Smart Derivatives Contracts

    ISDA published the third in a series of legal guidelines for smart derivatives contracts.

    September 12, 2019 WebPage Regulatory News
    News

    ESA Report Highlights Risks of No-Deal Brexit in EU Financial System

    ESAs published a Joint Committee report on risks and vulnerabilities in the EU financial system.

    September 12, 2019 WebPage Regulatory News
    News

    ECB Modifies New Targeted Longer-Term Refinancing Operations

    The Governing Council of ECB decided to modify some of the key parameters of the third series of targeted longer-term refinancing operations (TLTRO III) to preserve favorable bank lending conditions (Decision (EU) 2019/1558).

    September 12, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3820