ISDA publishes monthly updates on the OTC reform calendar, detailing all the forthcoming regulations by jurisdictions. This is a useful reminder of changes to come and dates to pay attention to. ISDA document: https://www.isda.org/a/vU6gE/Updated-OTC-Derivatives-Compliance-Calendar-2022-1-1.pdf
The FCA issues 2 Policy Statement on climate-related disclosures: one for Listed Companies, issuers of Shares and GDRs (PS21-23) and one for Asset Managers and Asset Owners (PS21-24). The FCA introduced climate-related disclosure requirements in December 2020, through a Listing Rule for premium listed commercial companies referencing the TCFD’s recommendations. PS21-23 extends the application of [...]
The US SEC issues CFR 17 Parts 270 and 274, a (very lengthy...) proposed set of rules to amend the governance of Money Market Funds (MMF) and increase their resilience in times of stress. In particular, the proposed rule would remove the liquidity fee and redemption gate provisions contained in the existing rule. The idea [...]
The Risk Coalition brings a useful Guidance to plug a gap in Board Governance: prior to the publication of Raising the Bar, there had been no comprehensive principles-based guidance for risk committees and risk functions. The guidance emphasises the importance and seniority of a Chief Risk Officer (CRO) or equivalent, as well as their independence. [...]
The EBA discloses detailed bank-by-bank data for the reference dates of 30 September 2020, 31 December 2020, 31 March 2021 and 30 June 2021. Information collected via the EBA EUCLID platform is published at the highest level of consolidation for 120 banks across 25 countries of the European Union (EU) and the European Economic Area [...]
The FSB issues its annual Report on the implementation of the OTC Derivatives Market Reform which was decided following the 2008/09 financial crisis. Nothing major has come out in the last 12 or 15 months, partly as a result of COVId-19. The FSB report can be found here: https://www.fsb.org/2021/12/otc-derivatives-market-reforms-implementation-progress-in-2021/
HKEX takes an important step to help listed issuers with their existing and forthcoming requirements to ensure disclosure of ESG information to investors. The Net-Zero Guide introduces the essential steps for businesses to develop a pathway to net zero, aiming to help companies to understand their greenhouse gas (GHG) emissions in terms of where they [...]
Following the submission of draft RTS for the SFDR (Sustainable Finance Disclosure Regulation) by EBA, EIOPA and ESMA (jointly), the European Commission had 3 months to approve and adopt the text. But the complexity and length of the RTS mean that the EC won't be able to respect the deadline. Additionally, the EC wants to [...]
Small and Medium Size Enterprises represent a very significant part of the economy. The disclosures from those firms about their climate impacts, either through legal or regulatory requirements or because of pressure from banks, asset managers or investors, are crucial. But those companies are struggling to understand what they have to do, to put in [...]
The UK FRC reviewed the reporting provided by UK premium listed companies (100 randomly selected firms from the FTSE 350 and Small Cap listing). One conclusion from this report is that many areas can be improved, out of which the same issues are persisting from last year without being addressed... Even if climate and environmental [...]
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