Establishing a Sustainability Standards Board (SSB) has won the support of the International Organization of Securities Commissions (IOSCO) to help promote consistency and comparability across capital markets and to reduce the risk of fragmentation around sustainability disclosures.
Reporting and Governance
AMF/AFM propose EU ESG framework
A joint framework proposed by market regulators in France and the Netherlands, aimed at greening the EU economy, could become a core part of the European Commission’s sustainable finance strategy.
Covid, recession and Brexit to influence UK regulation in 2021
Significant macroeconomic headwinds including a Covid-19-induced recession, mounting debt and the end of the Brexit transition period will impact all areas of financial services in 2021, meaning plenty more work for compliance departments over the course of 2021. By Frank Brown, risk and transformation practice lead at Bovill.
Global regulation in 2021: reaction, reflection and a return to priorities
The year 2020 defied expectations and saw disruption to both financial markets and regulatory agendas. As the world recovers, 2021 is shaping up to be defined by continued regulatory reactions to the Covid-19 pandemic, and geopolitical changes such as the UK’s exit from the EU.
Financial firms will have to adapt to seismic changes this year
The year 2020 generated seismic shifts in the structure of markets, ways of working, the landscape of risks and paths of recovery. Harnessing these requires firms to prioritise a purposeful recovery, resilience and restructuring in the year ahead. By Adam Markson, head of UK and Ireland risk practice at Accenture.
OCC criticised over climate change stance
A formal comment was submitted to the Office of the Comptroller of the Currency (OCC) by Ceres, claiming the agency is fundamentally misrepresenting climate risk management, and warned that it could endanger the country’s banking system and economy.
ECB could pivot QE programme away from carbon-intensive companies
Economists believe that the European Central Bank (ECB) is set to pivot its quantitative easing programme by ceasing to purchase bonds issued by fossil fuel-intensive companies as part of a pioneering approach towards climate change.
Euroclear’s UK CSD given temporary recognition by ESMA
Euroclear UK & Ireland will be recognised as a third-country central securities depository when the UK’s transition period out of the EU ends on December 31, 2020, the European Securities and Markets Authority said in a statement.
SFC wants to tighten requirements for Hong Kong licensed financial professionals
A consultation by the Hong Kong Securities and Futures Commission would see licensed financial professionals needing to have higher minimum academic qualifications and undergo further training.
GRC 2021 predictions: digitising in a hybrid world
Governance, risk and compliance (GRC) teams started 2020 with a clear picture of what they were going to focus on this year, but the onset of Covid-19 pandemic threw up new GRC challenges, such as around bank staff having to work from home. By Henry Umney, SVP Commercial at Mitratech.
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