Featured Product

    EC Publishes Guidelines on Climate-Related Information Reporting

    June 18, 2019

    EC published the guidelines and associated frequently asked questions (FAQs) on corporate climate-related information reporting, as part of its sustainable finance action plan. The guidelines will provide companies with practical recommendations on how to better report the impact that their activities are having on the climate as well as the impact of climate change on their business. Additionally, EC welcomed the publication of three reports by the Technical Expert Group (TEG) on sustainable finance, including key recommendations on the types of economic activities that can make a real contribution to climate change mitigation or adaptation. EC has also published a factsheet on sustainable finance.

    The new guidelines will assist nearly 6,000 EU-listed companies, banks, and insurance companies that have to disclose non-financial information under the Non-Financial Reporting Directive. The guidelines are inspired by the recent TEG proposals on sustainable finance and integrate the recommendations of the FSB Task Force on Climate-related Financial Disclosures (TCFD). Valdis Dombrovskis, the EC Vice-President responsible for Financial Stability, Financial Services, and Capital Markets Union, also remarked on the new guidelines on corporate climate-related information reporting and the expert reports by TEG on sustainable finance. 

    EC welcomed the following three TEG reports on sustainable finance:

    • The first report is a classification system—or taxonomy—for environmentally-sustainable economic activities. It offers practical guidance for policy makers, industry, and investors on how best to support and invest in economic activities that contribute to achieving a climate-neutral economy. This expert report is published as the EC proposal on taxonomy, which awaits agreement by the co-legislators.
    • The second expert report on an EU Green Bond Standard recommends clear and comparable criteria for issuing green bonds. By linking the criteria to taxonomy, it will determine which climate and environmentally friendly activities should be eligible for funding via an EU green bond. EC expects this to boost the green bond market, allowing investors to scale up sustainable and green investment
    • The third expert report on EU climate benchmarks and benchmarks' environmental, social, and governance (ESG) disclosures sets out the methodology and minimum technical requirements for indices that will enable investors to orient the choice of investors that wish to adopt a climate-conscious investment strategy and address the risk of green-washing. The report also sets out disclosure requirements by benchmark providers in relation to ESG factors and their alignment with the Paris agreement. This expert report relates to the EC proposal on low-carbon benchmarks, which has recently been agreed by the co-legislators.

     

    Related Links

    Keywords: Europe, EU, Banking, Insurance, Securities, Sustainable Finance, Reporting, TEG, Green Bond Standard, Taxonomy, Climate Benchmarks, ESG, Disclosures, Action Plan, Non-Financial Reporting, FAQ, EC

    Featured Experts
    Related Articles
    News

    APRA Updates Validation and Derivation Rules in September 2020

    APRA updated the lists of the Direct to APRA (D2A) validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    September 24, 2020 WebPage Regulatory News
    News

    EC Proposes Frameworks for Crypto-Assets and Operational Resilience

    EC adopted a package that includes the digital finance and retail payments strategies and the legislative proposals for regulatory frameworks on crypto-assets and digital operational resilience.

    September 24, 2020 WebPage Regulatory News
    News

    ECB Publishes Opinion on Proposals to Amend Securitization Framework

    ECB published an opinion (CON/2020/22) on proposals for regulations amending the securitization framework of EU, in response to the COVID-19 pandemic.

    September 24, 2020 WebPage Regulatory News
    News

    FCA Consults on Regulation of International Firms in UK

    FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.

    September 23, 2020 WebPage Regulatory News
    News

    MAS Amends Notice on Capital Adequacy Requirements of Banks

    MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.

    September 23, 2020 WebPage Regulatory News
    News

    FCA to Begin to Move Firms to New Data Collection Platform RegData

    FCA announced that it will move firms to RegData from Gabriel in the coming months in stages, based on the reporting requirements of firms.

    September 23, 2020 WebPage Regulatory News
    News

    ISDA Expects IBOR Fallbacks to be Effective by End of January 2021

    ISDA issued a letter to regulators to flag that it now expects the supplement to the 2006 ISDA Definitions and the Interbank Offered Rate (IBOR) Fallbacks Protocol to be effective around mid- to late-January 2021.

    September 23, 2020 WebPage Regulatory News
    News

    APRA Reviews Repayment Deferral Plans, Identifies Best Practices

    APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.

    September 22, 2020 WebPage Regulatory News
    News

    ESAs Assess Risks to Financial Sector After COVID-19 Outbreak

    ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.

    September 22, 2020 WebPage Regulatory News
    News

    BoE Confirms Withdrawal of COVID Corporate Financing Facility

    BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.

    September 22, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5836