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 ArticleEBA Annual Report Outlines Key Policy Priorities for 2020
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.