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.
Reporting and Governance
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.
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
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.
US agencies querying financial institutions over their use of artificial intelligence
Financial institutions are being asked about how they use artificial intelligence (AI) by five US federal regulatory agencies, which are seeking more detail over how the technology is employed in areas such as fraud prevention, personalised customer services and credit underwriting.
UK financial firms to explain IT failure recovery plans by March 2022
By March 31, 2022, financial firms in the UK should be able to explain how fast critical parts of their businesses could recover from IT failures and other operational issues and how they would minimise the impact.
SFC clamps down on market manipulation scheme and announces arrests
The Hong Kong Securities and Futures Commission (SFC) has shut down several market manipulation schemes in the Chinese territory leading to trading accounts being frozen and even some arrests.
EBA investigating cyber attack but believes its data is secure
The European Banking Authority (EBA) said on March 8 that its Microsoft Exchange Servers had been subject to a cyber attack, but does not believe that any data was stolen
FINMA rejects bank licence application from cryptocurrency firm
Bitcoin Suisse AG, a Zug-based cryptocurrency financial intermediary, has had its application for a banking licence, which it submitted in 2019, rejected by the Swiss Financial Market Supervisory Authority (FINMA).
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