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Disclosure Requirements Environmental Social & Governance (ESG) Regulatory Requirements

Akin Gump Strauss Hauer & Feld LLP

EU Moves to Simplify Taxonomy Disclosures Without Undermining Green Goals

On July 4, 2025, the European Commission (EC) adopted a “Delegated Act Amending the Taxonomy Disclosures, Climate and Environmental Delegated Acts,” marking a significant shift in how companies will interact with the European...more

Jones Day

Legal Questions for Your Sustainability Team #1

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This series of posts seeks to identify legal questions that can add definition and value to the good work that sustainability teams are doing....more

Paul Hastings LLP

SFDR Update: A Step Up in Scrutiny

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In recent weeks, EU regulators have issued several updates clearly indicating that, while the Sustainable Finance Disclosure Regulation (SFDR) remains subject to review and likely substantial revision at the end of 2025,...more

Morgan Lewis

New Texas Law Puts Proxy Advice Under the Microscope

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Texas Governor Greg Abbott recently signed into law S.B. 2337, marking a significant development in the increasing scrutiny of proxy voting as a focus of regulators targeting environmental, social, and governance (ESG)...more

Proskauer - Regulatory & Compliance

UK Green Taxonomy Shelved as Transition Plans Take Centre Stage

On 15 July 2025, HM Treasury published its response confirming it will no longer pursue a UK green taxonomy – a classification system to define which economic activities could be considered environmentally sustainable (the...more

McDermott Will & Emery

Canaries and coal mines, US insurers and climate change

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Canaries are the most familiar of “sentinel species” – animals (and plants) that can alert us to threats to human health and the environment. Those who know their mining history also know that canaries were first used in...more

Walkers

ESMA's findings on sustainability risk integration and disclosures: What you need to know

Walkers on

ESMA has published its final report on the CSA on the integration of sustainability risks and disclosures in the investment fund sector and a thematic note on sustainability-related claims focusing on ESG credentials. ...more

Hogan Lovells

EU Omnibus updates – Corporate Sustainability Reporting Directive (CSRD) “quick fix” amendments adopted by European Commission

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On 11 July 2025, the European Commission adopted a targeted “quick fix” for companies currently reporting under the Corporate Sustainability Reporting Directive (“CSRD”). The “quick fix” will apply to companies that started...more

Ropes & Gray LLP

The UK’s New Sustainability Reporting Consultations – FAQs for US-based Multinationals

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Many US-based multinationals are required to comply with current UK climate disclosure requirements. Last month during London Climate Action Week, the UK launched three consultations on sustainability reporting, which are...more

Ropes & Gray LLP

Five Takeaways from CARB’s July 9 FAQs on California’s New Corporate Climate Disclosure Requirements

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The California Air Resources Board (CARB) has published seven pages of FAQs on California’s corporate greenhouse gas reporting and climate-related financial risk disclosure programs. These disclosure requirements are...more

Ropes & Gray LLP

New ESMA Guidance on Sustainability Claims and ESG Credentials: A Closer Look

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The European Securities and Markets Authority (ESMA) has taken another step in its ongoing mission to combat greenwashing within the financial services sector. With the release of a new thematic note, ESMA aims to ensure that...more

Proskauer - Regulatory & Compliance

ESMA Publishes Four Principles for Clear, Fair and Not Misleading Sustainability-Related Claims

On 1 July 2025, the European Securities and Markets Authority (“ESMA”) published a thematic note on making clear, fair and not misleading sustainability-related claims, to address greenwashing risks (the “Thematic Note”)....more

Vinson & Elkins LLP

Texas Hold ‘Em: New Law Requires Proxy Advisors to Show Their Cards if “Nonpecuniary” Factors Guide Voting Recommendations

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On June 20, 2025, Texas Governor Greg Abbott signed Senate Bill 2337 (“SB 2337”), a novel regulation that will require significant disclosure obligations for proxy advisors, such as ISS and Glass Lewis, for their voting...more

Hogan Lovells

UK consultation: Exposure draft of UK Sustainability Reporting Standards: UK SRS S1 and UK SRS S2

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On 25 June 2025, the UK Department for Business and Trade published a consultation on the exposure draft of the UK Sustainability Reporting Standards: UK SRS S1 and UK SRS S2. The consultation seeks views on draft UK...more

Proskauer - Regulatory & Compliance

Timetable extended for developing new CSRD Standards, following EFRAG Progress Report

A new extended timetable is now in play for the European Financial Reporting Advisory Group (“EFRAG”) following a letter sent by the EU Commissioner Albuquerque on 1 July 2025. EFRAG is tasked with the responsibility to...more

Ropes & Gray LLP

ESMA’s 2023-2024 Common Supervisory Action on Sustainability Risks and Disclosures: Key Findings

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On 30 June 2025, the European Securities and Markets Authority (ESMA) published its Final Report on the 2023-2024 Common Supervisory Action (CSA) concerning the integration of sustainability risks and disclosures within the...more

Jones Day

ESMA Report on the Integration of Sustainability Risks and Disclosures Under SFDR

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The funds industry continues to wait for regulators and legislators to review and fix the multiple flaws in the existing SFDR regime. In the meantime, in July 2023, ESMA launched a “common supervisory action” ("CSA”)...more

Latham & Watkins LLP

Government Sets Out Next Steps for UK Sustainability Reporting Framework

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The package of consultations covers UK Sustainability Reporting Standards, transition plans, and assurance of sustainability-related disclosures....more

Latham & Watkins LLP

SEC Withdraws Proposed Rule on ESG Disclosures for Investment Advisers and Investment Companies

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The withdrawal aligns with the SEC’s “back to basics” approach, but it does not preclude scrutiny of ESG in asset managers’ strategies, marketing, and fund documentation....more

Skadden, Arps, Slate, Meagher & Flom LLP

ESG in 2025: A Midyear Review

In this article, we reflect on key trends in ESG over the first half of 2025 and look ahead at what to watch in the second half of 2025. We analyse developments, including the following major themes: - EU Omnibus Proposals...more

Jones Day

Texas Enacts New Law to Regulate Proxy Advisory Firms

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On June 20, 2025, Texas Governor Greg Abbott signed Senate Bill 2337 ("SB 2337") to impose first-of-its-kind regulation and significant disclosure obligations on proxy advisors, such as ISS and Glass Lewis. SB 2337 aims to...more

Bracewell LLP

Texas Targets Proxy Advice Based on Nonfinancial Factors With SB 2337

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On June 20, 2025, Texas Governor Greg Abbott signed into law Senate Bill 2337 (SB 2337), which imposes new regulations on proxy advisory firms — such as ISS and Glass Lewis — when providing voting recommendations and other...more

Mayer Brown

Out With a Whimper: BCBS Publishes Climate Disclosure Framework

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On June 13, 2025, the Basel Committee on Banking Supervision (“BCBS”) published its framework for the disclosure of climate-related financial risks. The framework is entirely voluntary and has several notable changes from...more

Alston & Bird

SEC Withdraws Multiple Rule Proposals Affecting Investment Advisers

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The Securities and Exchange Commission (SEC) has retracted 14 rule proposals issued in 2022 and 2023. Our Investment Funds Team examines what the SEC’s withdrawal means for investment advisers going forward....more

Paul Hastings LLP

SEC Withdraws 14 Pending Rule Proposals

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On June 12, the Securities and Exchange Commission (SEC) formally withdrew 14 proposed rules for investment advisers, broker-dealers and public companies, many of which had been pending for several years. Should the SEC...more

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