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    BoE Launches Next Round of Climate BES; Other Updates on HMT and FCA

    The International Swaps and Derivatives Association (ISDA) responded to the HM Treasury's (HMT) consultation on the Future Regulatory Framework in UK. In its response, ISDA makes several suggestions, which include that consolidated versions of rules should be made available post onshoring of European Union law and that the proposals for changes to legislation should include full marked-up text. In another development, the Bank of England (BoE) and the Financial Conduct Authority (FCA) published an update on the progress of the joint program to transform data collection from the financial sector; the communication highlights that the authorities are looking for about 20 FTEs from firms to be part of the core delivery team. Finally, BoE launched the second round of the Biennial Exploratory Scenario (BES) exercise on financial risks from climate change. The second round of the BES will comprise a small number of questions, which will further explore the strategic responses of participants to the three scenarios published as part of the first round and the associated implications for their business models.

    The Climate BES exercise comprised the three main objectives: size financial exposures to climate risks, understand challenges to participants' business models, and assist participants to enhance their climate risk management. This second round will focus on understanding the challenges to participants’ business models and gauging their likely responses; focus will be on the participants’ proposed management actions in response to climate scenarios. The second round will comprise a small number of questions, which will further explore the strategic responses of participants to the three scenarios published as part of the first round and the associated implications for their business models. Participants will not be required to update the quantitative loss projections they provided as part of the first round of the exercise. All Climate BES participants are taking part in the second round. The submissions for the second round end on March 31, 2022, with BoE expecting to publish the results of the Climate BES in May 2022.

     

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    Keywords: Europe, UK, Banking, Securities, Credit Risk, Data Collection, Reporting, Regtech, Data Transformation, CRE, FCA, BoE, CBES, Stress Testing, ESG, Climate Change Risk, ISDA, Scenario Analysis, HM Treasury, Subheadline

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