On 25 September 2023, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published long-awaited proposals to introduce a regulatory framework for diversity and inclusion (D&I) in the financial...more
On 14 September 2023, the European Commission launched a targeted consultation and a public consultation seeking feedback on Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector...more
On 31 July 2023, the Commission adopted the European Sustainability Reporting Standards (ESRS) for companies reporting under the Corporate Sustainability Reporting Directive ((EU) 2022/2464) (CSRD). The ESRS are based on...more
The Retained EU Law (Revocation and Reform) Act 2023 received Royal Assent on 29 June 2023. We set out below the key provisions and objectives of this wide-ranging Act....more
Throughout July we have continued to see key developments in ESG and sustainable finance regulation as regulators and legislators start to move into summer recess. Notably this week we have seen the adoption by the European...more
On 11 July 2023, HM Treasury published the response to its December 2022 consultation paper which set out its intention to repeal the retained EU law version of the Packaged Retail and Insurance-based Investment Products...more
The FCA has announced that it will delay the Sustainability Disclosure Requirements and investment labels Policy Statement until Q4 2023. In a further delay to the announcement of the final Policy Statement relating to the...more
As we reach the midway point of 2023, the Hogan Lovells Sustainable Finance and Investment practice thought it would be useful to provide a review of recent key ESG developments from March-June 2023 to assist with navigating...more
7/10/2023
/ Banking Sector ,
Banks ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
HM Treasury ,
International Capital Markets Association (ICMA) ,
Popular ,
Sustainability ,
Sustainability-Linked Loans (SLLs) ,
UK
The Financial Services and Markets Act 2023 which received Royal Assent on 29 June 2023 contains new provisions to establish a regulatory gateway for the approval of unauthorised persons’ financial promotions. This presents...more
Hailed as a landmark piece of legislation and a once in a generation reform to the UK financial services sector, the new Financial Services and Markets Act 2022-2023 which received Royal Assent on 29 June 2023 aims to bolster...more
On 22 May 2023, the FCA published a consultation paper (CP23/12) on the second phase of expanding the Dormant Assets Scheme. The Dormant Assets Scheme was initially set up to allow banks and building societies to pay dormant...more
The FCA has published its anticipated Policy Statement (PS23/6) ‘Financial promotion rules for cryptoassets’ which brings cryptoasset promotions made to UK consumers within the regulator’s remit. The new rules, which come...more
On 12 April 2023, the three European Supervisory Authorities (EBA, EIOPA and ESMA, together the ESAs) published a joint consultation paper in response to their joint mandate to review and revise the RTS supplementing SFDR....more
The European Commission has published a call for feedback on proposals for a new set of EU Taxonomy criteria for the remaining environmental objectives. In addition, the European Commission has published the EU Taxonomy...more
With the economic and geopolitical environment likely to remain ‘highly uncertain’, the FCA’s latest Business Plan reflects its decision to accelerate work in four areas over the next year: putting consumers’ needs first;...more
On 30 March 2023, the FCA and PRA published a joint discussion paper which seeks views on the operational aspects of the Senior Managers and Certification Regime. Alongside this, HM Treasury also published a Call for Evidence...more
The government's updated net-zero Green Finance Strategy was published on 30 March 2023. We set out below the key elements of the updated Strategy which focuses on the need for green investment and on opportunities for the...more
3/31/2023
/ Climate Change ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Services Industry ,
Green Finance ,
Popular ,
Sustainability ,
Sustainable Finance ,
UK ,
Wealth Management
The FCA has confirmed that it is delaying its final rules and policy statement in relation to the Sustainability Disclosure Requirements and investment labels proposals from the end of June 2023 to Q3 2023....more
Following on from HM Treasury’s consultation and call for evidence on the regulation of cryptoassets and an updated policy approach in relation to financial promotions, a draft version of the Financial Services and Markets...more
The Central Bank of Ireland (Individual Accountability Framework) Bill 2022 has now been finalised in the Houses of the Oireachtas and referred to the President for signing into law later this month. The Bill is intended to...more
ESG developments have continued at a steady pace throughout February with ESG remaining squarely on the financial services regulatory agenda in the UK, EU and internationally. In this edition, we share the latest regulatory...more
HM Treasury have published a Call for Evidence seeking views on the practicalities of aligning the ring-fencing and resolution regimes for banks and long-term options for reform. The Call for Evidence closes on 7 May 2023....more
The eagerly awaited sixth edition of the Financial Services Regulatory Initiatives Grid has been published by the Financial Services Regulatory Initiatives Forum. The delay to its publication (originally expected in November...more
The Financial Conduct Authority has published a discussion paper, ‘Updating and improving the UK regime for asset management’, requesting views on the current UK regime for regulating funds and asset managers. The discussion...more
The Treasury Sub-Committee on Financial Services Regulations has opened an Inquiry into greenwashing and sustainability disclosure requirements following the FCA’s SDR and labelling proposals in FCA CP22/20 which concluded...more