Featured Product

    FCA and PRA Host Fourth Meeting of Climate Financial Risk Forum

    August 14, 2020

    FCA and PRA hosted the fourth meeting of the Climate Financial Risk Forum (CFRF) in July 2020. The Forum discussed how to publicize and promote the use of CFRF guide, which was published on June 29, 2020, by the financial services industry. The next CFRF meeting will take place in the fourth quarter of 2020. At the next meeting, the Forum will work to reach an agreement on the workplans and approaches and will discuss the possible next steps to support COP26, which is the international climate summit that the UK will host in November 2021.

    CFRF agreed that, to maintain momentum in its early years, all current members would continue into the second year and that membership would be widened to include a small number of asset owners, along with other regulators that would be invited to observe. CFRF then went on to discuss the strategy for the second year of work. CFRF agreed that the four existing working groups would continue with the current chairs and secretariats. These working groups address the topics of: risk management, scenario analysis, disclosures, and innovation. Once the workplans are agreed between the regulators and the working group chairs, the working group membership will be refreshed to ensure that there is an appropriate variety of skills and experiences around the table; this is likely to include a mix of existing and new members. There was broad agreement that each working group would have a two-fold focus. One of these areas of focus is to undertake a thematic piece of work on metrics, data, and methodologies while the second area of focus is to build on the CFRF guide, by progressing and refining the recommendations, particularly highlighting how firms can effectively implement these approaches.


    Related Link: Meeting Update

     

    Keywords: Europe, UK, Banking, Insurance, Securities, CFRF, Climate Change Risk, Climate Financial Risk Forum, ESG, Disclosures, Stress Testing, COP26, FCA, PRA

    Featured Experts
    Related Articles
    News

    EBA Examines Supervisory Practices, Issues Deposits Reporting Template

    The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),

    May 11, 2022 WebPage Regulatory News
    News

    EC Mandates ESAs to Propose Amendments to SFDR Technical Standards

    The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.

    May 11, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    News

    US Agency Publications Address Basel, Reporting, and CECL Developments

    The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances

    May 09, 2022 WebPage Regulatory News
    News

    SEC Extends Comment Period on Climate Risk Disclosures

    The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.

    May 09, 2022 WebPage Regulatory News
    News

    APRA Reduces Committed Liquidity Facility, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.

    May 09, 2022 WebPage Regulatory News
    News

    EIOPA Responds to Stakeholder Views on Blockchain in Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published a feedback statement on the responses received to the consultation on blockchain and smart contracts in insurance.

    May 06, 2022 WebPage Regulatory News
    News

    HKMA Announces Decisions on CCyB and Loan Guarantee Scheme

    The Hong Kong Monetary Authority (HKMA) announced that the applicable jurisdictional countercyclical capital buffer (CCyB) ratio for Hong Kong remains unchanged at 1.0%

    May 06, 2022 WebPage Regulatory News
    News

    CMF Consults on Basel Rules, Presents Roadmap to Address Climate Risks

    The Commission for the Financial Market (CMF) in Chile published capital adequacy ratios (as of February 2022, January 2022, and December 2021) for 17 banks and for the banking system.

    May 06, 2022 WebPage Regulatory News
    News

    PRA Issues Statement on NPEs and Policy on Trading Activity Wind-Down

    The Prudential Regulation Authority (PRA) issued a statement on the European Banking Authority (EBA) guidelines on management of non-performing exposures (NPEs) and forborne exposures.

    May 06, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8168