EC Announces Additions to Membership of Sustainable Finance Platform
EC announced that New Zealand and Singapore are joining the International Platform on Sustainable Finance or IPSF. This international platform was created in October 2019 as part of the international efforts to meet the Paris Agreement targets. Other members of this platform include EU and the relevant authorities from Argentina, Canada, Chile, China, India, Indonesia, Kenya, Morocco, Norway, and Switzerland. The International Platform on Sustainable Finance focuses on initiatives such as taxonomies, standards and labels, and disclosures, which are fundamental for investors to identify and seize green investment opportunities worldwide.
The platform works by facilitating information exchanges and, where relevant, coordinating efforts on initiatives and approaches to environmentally sustainable finance. The International Platform on Sustainable Finance is essential for stimulating investment and redirecting capital flows toward the EC climate objectives at a scale required for the most important economic transition. The platform is supported by the European Bank for Reconstruction and Development, the European Investment Bank, the Coalition of Finance Ministers for Climate Action, IOSCO, the Network for Greening the Financial System or NGFS, the Organization for Economic Co-operation and Development, and the United Nations Environment Program-Finance Initiative in their role as observers. The platform is open to public authorities that are taking action and are willing to promote international cooperation in this area.
Related Link: Press Release
Keywords: International, Europe, Asia Pacific, EU, Singapore, Banking, Insurance, Securities, Sustainable Finance, IPSF, Climate Change Risk, ESG, EC
Previous Article
EBA Annual Report Outlines Key Policy Priorities for 2020Related Articles
BCBS Amends Guidelines on Sound Management of AML/CFT Risks
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies Finalize Amendments to Swap Margin Rule
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA Letter Sets Expectations on Approach to Managing Climate Risks
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS Publishes List of Internationally Active Insurance Groups
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC Launches Consultation on Review of Solvency II Directive
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB Consults on Supervisory Approach to Consolidation in Banking
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS on Package for 2020 Data Collection on ICS and Aggregation Method
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.
