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 Revises Standard on Margin Rules for Uncleared Derivatives

    APRA revised CPS 226, which is the prudential standard on margin and risk mitigation requirements for non-centrally cleared derivatives.

    September 19, 2019 WebPage Regulatory News
    News

    PRA Issues Consultation on Prudent Person Principle Under Solvency II

    PRA, via the consultation paper CP22/19, has set out its proposed expectations for investment by firms, in accordance with the Prudent Person Principle (PPP).

    September 18, 2019 WebPage Regulatory News
    News

    EIOPA Forms Consultative Expert Group on Digital Ethics in Insurance

    EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance.

    September 17, 2019 WebPage Regulatory News
    News

    FDIC Approves Proposal to Amend Swap Margin Rule

    FDIC approved what would be a joint proposal by the US Agencies (FCA, FDIC, FED, FHFA, and OCC) to amend regulations that require swap dealers and security-based swap dealers under the agencies’ respective jurisdictions to exchange margin with their counterparties for swaps that are not centrally cleared (Swap Margin Rule).

    September 17, 2019 WebPage Regulatory News
    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

    BIS Hosts Conference to Discuss Issues from Emergence of Stablecoins

    BIS hosted a conference in Basel to discuss policy and regulatory issues posed by the emergence of stablecoin initiatives backed by financial institutions and large technology companies.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Paper on Embedded Supervision of Blockchain-Based Financial Market

    BIS published a working paper that investigates ways to regulate and supervise blockchain-based financial markets.

    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
    RESULTS 1 - 10 OF 3830