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

    BIS Report Notes Existing Gaps in Climate Risk Data at Central Banks

    A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.

    July 29, 2022 WebPage Regulatory News
    News

    EBA Examines Remuneration Data and Use of Large Exposure Exemptions

    The European Banking Authority (EBA) published a report that examines the use of certain exemptions included in the large exposures regime under the Capital Requirements Regulation (CRR).

    July 22, 2022 WebPage Regulatory News
    News

    BoE Issues Update on Ongoing Data Transformation Program

    The Bank of England (BoE) issued a communication to firms to provide an update on the progress of the joint data transformation program—which is being led by BoE, the Financial Conduct Authority (FCA), and the industry—for the financial sector in UK.

    July 21, 2022 WebPage Regulatory News
    News

    EBA Issues Draft Methodology and Templates for 2023 Stress Tests

    The European Banking Authority (EBA) published the draft methodology, templates, and template guidance for the European Union-wide stress test in 2023.

    July 21, 2022 WebPage Regulatory News
    News

    EBA Issues SREP Guidelines and Standards for Investment Firms

    The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) jointly published the final guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) for investment firms.

    July 21, 2022 WebPage Regulatory News
    News

    BoE and PRA Publish Regulatory Updates for Financial Sector Entities

    The Prudential Regulatory Authority (PRA) proposed expectations, via CP8/22, in respect of changes to the instruments or claims that comprise unvested deferred sums awarded to material risk-takers as part of their variable pay.

    July 19, 2022 WebPage Regulatory News
    News

    EIOPA Issues Taxonomy for Solvency II Reporting, Issues Other Updates

    The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.7.0 of the Solvency II data point model (DPM) and XBRL taxonomy.

    July 16, 2022 WebPage Regulatory News
    News

    OSFI Updates Address BCAR Reporting, Basel Reforms, and Cyber Risk

    The Office of the Superintendent of Financial Institutions (OSFI) updated the 2023 Basel Capital Adequacy Reporting (BCAR) manual as well as the 2023 BCAR return.

    July 15, 2022 WebPage Regulatory News
    News

    FSB Report Outlines Progress on Climate Risk Roadmap

    In a letter to the G20 Leaders, ahead of the July 2022 meeting, the Financial Stability Board (FSB) Chair set out an overview of the key work done by FSB.

    July 14, 2022 WebPage Regulatory News
    News

    SRB Issues Resolvability Assessment and Bail-in Implementation Guide

    The Single Resolution Board (SRB) published its resolvability assessment and "heat map" for 2021, updated the operational guidance on implementation of bail-in tool, and issued the annual report for 2021.

    July 14, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8400