Financial Services Regulatory ESG Monthly Updaters

Environmental, Social and Governance-related (ESG) matters are high on the global agenda with a focus not only on climate change, but also on wider environmental issues, such as, diversity and inclusion.  Our monthly updaters track ESG regulatory developments from UK, US, EU, French and global regulators.

November - December 2024

In this month's updater we look at our latest podcasts, webinars and publications on a variety of topics. In the UK we discuss the FCA's ‘All aboard: strong infrastructure for smooth journeys’, HMT consults on a UK Green Taxonomy, HMT responds to earlier consultation on the future regulatory regime for ESG ratings providers, draft statutory instrument, and The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2024. In the EU, council of the EU publishes text of Regulation on the transparency and integrity of ESG rating activities, commission Notice on the interpretation and implementation of certain legal provisions of the Disclosures Delegated Act under Article 8 of the EU Taxonomy Regulation, commission Notice on the interpretation of certain legal provisions in the Accounting Directive, Audit Directive, Audit Regulation and Transparency Directive, MiCAR ITS on appropriate public disclosure of inside information and report on ‘Fit for 55’ climate scenario analysis. In the Netherlands we look at consultation on the implementation of CSDDD into Dutch law and asset managers and investment advisors still not always ask about investors’ sustainability preferences. A short overview of the SEC charges Invesco Advisors for making misleading ESG claims in the US and lastly in Australia we take a look at ASIC releasing draft regulatory guide on the sustainability reporting regime for consultation, ASIC’s 2025 Enforcement Priorities highlight ongoing focus on greenwashing, the Environmental Defender’s Office ordered to pay over $9 million in costs for its failed suit against Santos and NGFS publishes a Conceptual Note on Adaptation and a Synthesis Report on the greening of the financial system.

Read our December 2024 updater

October - November 2024: 

In this month's updater we discuss the results of the FCA's culture and non-financial misconduct survey, the FCA's three new Climate Financial Risk Forum guides, the Transition Finance's Market Review findings and the FCA's response, GFANZ's guidance and support for net-zero transition and real-economy decarbonisation, The Transition Plan Taskforce's final report on the private sector's transition plans, the FCA's speech on sustainable investment finance. For the European Union, ESMA's annual report on EU carbon markets and their implementation timeline on sustainable finance, ESAs joint report on PAI disclosures under the SFDR for the UK. For The Netherlands we explore AFM's exporative study into ESG data risk management and DNB's urge to pension funds to address ESG risks. In the USA, updates on Wisdom Tree's $4 million pay out over SEC 'greenwashing' charges. In Australia we look at ACCR'S greenwashing proceedings against Santos and sustainable finance taxonomy consultation. Lastly, for international regulators we look at TNFD's draft guidance on nature transition planning at COP16.

Read our November 2024 updater

September-October 2024:

In this month’s updater we discuss key issues for fund managers in Let's talk asset management Episode 5 - Updated Q&As on SFDR, DESNZ note on extending the UK ETS first Free Allocation period to 2026, DNB Working Paper: Green transition in the Euro area - Domestic and Global Factors and Vanguard ordered to pay $12.9 million penalty for greenwashing.

Read our September 2024 updater

August-September 2024:

In this month’s updater we discuss 'Climate adaptation: What steps should financial institutions be taking now?', updated Q&As on SFDR: Key issues for fund managers in the new Global Regulation Tomorrow Plus podcast, FAQs on the implementation of the EU corporate sustainability reporting rules and mandatory climate reporting Bill passes the Senate.

Read our August 2024 updater

July-August 2024:

In this month’s updater we discuss the future of the SFDR, a new briefing note on the FRC Plan 2024-2025 – which considers the enforcement aspects of the plan, the AMF findings of three supervisory initiatives on sustainable finance, the SEC’s upcoming rulemaking agenda, the ACC’s draft guidance “Sustainability collaborations and Australian competition law” and an information note published by NGFS on “Improving Greenhouse Gas Emissions Data”.

Read our July 2024 updater

May-June 2024:

In this edition, we discuss the finalised non-Handbook guidance (FG24/3) published by the FCA on the anti-greenwashing rule, 10 things to know about the EU Corporate Sustainability Due Diligence Directive, the opening of the first round of public consultation regarding the development of an Australian Sustainable Finance Taxonomy and the cover report and two technical documents published by the NGFS on Sustainable and Responsible Investment for Central Banks.

Read our June 2024 updater

April-May 2024:

In this month's edition, we discuss the FCA's recently published finalised guidance on the anti-greenwashing rule, the European Commission’s Progress Report on Sustainable Finance’s Monitoring Capital Flows to Sustainable Investments and an Order issued by the Securities and Exchange Commission staying its climate reporting rules for public companies.

Read our May 2024 updater

February-April 2024:

In this edition, we discuss the US Securities and Exchange Commission's climate-related disclosure rules; the Transition Plan Taskforce's mandate extension to support the Transition Finance Market Review; the House of Commons Treasury Committee report published as part of its current inquiry into Sexism in the City; the European Banking Authority issuing consultation on draft guidelines on the management of ESG risks; ASIC first greenwashing penalty proceeding; and the Network for Greening the Financial System technical document providing guidance on the purpose and use of the NGFS scenarios.

Read our April 2024 updater

January 2024:

In this month's edition, we discuss: The FCA's newly established industry-led working group for financial advisers focused on building capability in sustainable finance across the financial advice sector. The California Climate Emissions and Carbon Offset Disclosure Laws. The Australian Treasury's climate-related financial disclosure: draft exposure legislation.

Read our January 2024 updater 

November/December 2023:

In our November /  December updater we discuss the development of Australian Sustainability, Reporting Standards, The FCA's final rules and guidance on SDR and investment labels and the FCA's proposed new guidance on the anti-greenwashing rule.

Read our November/December 2023 updater 

October 2023:

Some of the highlights in this month’s updater include the Transition Plan Taskforce's publication of the final version of its Disclosure Framework; the recently launched consultations by the Financial Conduct Authority and the Prudential Regulation Authority setting out their proposals to introduce a new regulatory framework on diversity and inclusion in the financial sector; and the Taskforce on Nature-related Financial Disclosures recommendations published in September.

Read our October 2023 updater 

August 2023:

This month, we discuss the European Commission's adoption of the European Sustainability Reporting Standards (ESRS), the interim report on Climate Resilience Dialogue and provide an updated timeline setting out key ESG milestones in the UK and EU from a financial services regulatory perspective.

Read our August 2023 updater

July 2023:

In this months' updater we discuss the European Securities and Markets Authority Call for Evidence on the integration of sustainability preferences in the suitability assessment and product governance arrangements and the publishing of the International Sustainability Standards Board (ISSB) inaugural standards and ClientEarth's recent attempt to judicially review a decision of the Financial Conduct Authority to approve the prospectus of a UK oil and gas company, Ithaca Energy plc.

Read our July 2023 updater

June 2023: 

Highlights from June's updater include an overview of The European Commission's sustainable finance package and the ESAs Progress Reports on greenwashing in the financial sector. 

Read our June 2023 updater