The Federal Reserve and other US financial regulators are framing a slew of regulations on climate change as they hurry to deliver on ambitious policies to combat global warming set out by the Biden administration.
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Future of UK regulatory regime still unclear
In any given year, preparing the UK’s financial services sector for a decoupling from the European Union would have been a monumental task. Throw in a global pandemic and an eleventh-hour trade agreement that made only 90 references to financial services in its 1246 pages, it would be fair to call it a near-impossible task.
SEC consults on ESG disclosure standards for listed companies
Acting chair of the US Securities and Exchange Commission (SEC), Allison Herren Lee, said the agency is consulting on its rules to facilitate the disclosure of consistent, comparable and reliable information on climate change by domestic and foreign companies listed on US exchanges.
CFTC looks to recruit derivatives markets for climate change battle
The US Commodity Futures Trading Commission (CFTC) is following in the footsteps of other US regulatory agencies, such as the Federal Reserve Board, with the set-up of a climate risk unit (CRU). This new division will focus on the role of derivatives in helping the transition to a low-carbon economy.
Swiss systemic firms improve resolvability, but more work needed
Swiss systemically important financial institutions have been making good progress in their recovery and resolution planning according to an annual report from the Swiss Financial Market Supervisory Authority (FINMA) published on March 19.
Industry readies for release of new identifier for digital assets
Industry demand is driving the need for a new type of identifier, and one which looks specifically at digital assets
Tackling post-Brexit regulatory challenges as UK and EU plot separate paths
The UK has now officially left the EU. But Brexit's impact on UK regulation is just beginning to emerge as the UK ventures forth into its new-found ‘third country’: non-EU member status. This means firms operating in both jurisdictions are likely to face diverging rules.
Proposed green asset ratio could inflict reputational damage on banks
A European Union proposal for a green asset ratio for banks is being touted as a wake-up call for the industry, but bankers question its feasibility and the risk of unfair reputational damage.
Singapore Libor transition plan “aggressive but achievable”
Singapore is poised to take the next step in transitioning its interest rate benchmark in April with a ban on issuing swap offer rates (SOR) cash products, as the city-state also sticks to its target to transition most SOR derivatives by end of the third quarter, 2021 - a plan which the country’s leading bank says “is aggressive but achievable”.
Restrictions on shareholder payouts to end on June 30 for most banks
Temporary restrictions on bank holding companies making shareholder payouts will end for most firms on June 30, following the outcome of the upcoming stress tests, the Federal Reserve Board said in a statement on March 25.
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