ESG – Global Investment Law Watch

Australia: ASIC Enforcement for Sustainability Reporting Will be Different to Greenwashing

Oct 30 2024

By: Jim Bulling, Simon Kiburg and Alex Parker

When assessing how to comply with the new reporting obligations, reporting entities should recognise the differences in the enforcement approach that ASIC will take in relation to mandatory climate reporting compared with the approach adopted by it in relation to Greenwashing.

Europe: New Irish Fast-Track Filing Process for Fund Name Changes To Comply With ESG-Related Rules

Oct 01 2024

By: Áine Ní Riain and Gayle Bowen

The Central Bank of Ireland (CBI) has announced a streamlined filing process for Irish UCITS and AIFs seeking to change their name to comply with the European Securities and Markets Authority’s guidelines on funds’ names using ESG or sustainability-related terms (the Guidelines).

United States: Volunteer Fire Fighters: CFTC Attempts to Boost Integrity of Voluntary Carbon Credit Derivative Contracts With New Guidance for DCMS

Sep 24 2024

By Cheryl L. Isaac, Matthew J. Rogers, and Benjamin C. Skillin

On 20 September 2024, the Commodity Futures Trading Commission (CFTC) released final guidance regarding the listing of voluntary carbon credit (VCC) derivative contracts on CFTC-registered exchanges known as designated contract markets (DCMs). VCCs are tradable, intangible instruments issued by a carbon crediting program and generally represent the equivalent of one metric ton of carbon dioxide avoided or removed from the atmosphere. As with other commodities, the CFTC does not have regulatory authority over VCCs, but can promulgate guidance and regulations related to derivatives on VCCs.

Australia: ASIC Releases Some Additional Guidance on Greenwashing

Sep 12 2024

By: Jim Bulling and Anthony Shorten

Much of the recent media commentary on greenwashing has revolved around enforcement action taken by ASIC against entities who have misled investors or shareholders. However, there has been less discussion on best practices for entities looking to avoid greenwashing.

Europe: BaFin Changes Its Process for Fund Passporting Into Germany

Sep 03 2024

By: Hilger Von Livonius, Emma O’Dwyer, Aoife Maguire, and Gayle Bowen

On 14 and 15 August 2024, the German Federal Financial Supervisory Authority (BaFin) updated the following guidance notices:

Guidance Notice on marketing of EU UCITS in Germany

Guidance Notice (2013) for marketing units or shares of EU AIFs or domestic special AIFs (Spezial-AIF) managed by an EU AIF management company to semi-professional and professional investors in the Federal Republic of Germany pursuant to section 323 of the Investment Code

Europe: FCA Amends Opening Date for Registration of New UCITS Schemes Under UK Overseas Fund Regime

Aug 23 2024

By: Emma O’Dwyer, Aoife Maguire, and Gayle Bowen

The UK’s Financial Conduct Authority has put back the opening date for the application gateway for recognition of new UCITS schemes (i.e. those schemes not already registered under the Temporary Marketing Permissions Regime) under the OFR.

United States: Missouri Anti-ESG Rules Struck Down

Aug 15 2024

By: Lance C. Dial and Pablo J. Man

Yesterday, 14 August 2024, a United States District Court issued a decision in Securities Industry and Financial Markets Association vs. Ashcroft finding that a pair of “anti-ESG” regulations promulgated by the Missouri Securities Division were both preempted by federal law and unconstitutional. While specifically applicable only to the Missouri regulations, this decision sets new guardrails for existing and future state regulation of federally-registered broker-dealers and investment advisers both generally and relating to environmental social and governance (ESG) investing.

Australia: Environmental Futures Launch on the ASX

Aug 06 2024

By: Matthew Watts, Lisa Lautier, and Dhivya Kalyanakumar

Environmental Futures

In a push to support investors through the energy transition, the Australian Securities Exchange (ASX) has listed a suite of environmental futures contracts on ASX 24 covering:

Europe: European Commission Adopts Delegated Regulations for ELTIF 2.0 and Rejects Key Changes Proposed by ESMA

Jul 23 2024

By: Gayle Bowen and Shane Geraghty

The European Commission (EC) has adopted the long awaited ELTIF 2.0 Delegated Regulation (RTS). Its version rejects a number of key proposals previously introduced by ESMA. In particular, the EC has returned to its original versions of Annex I and Annex II, with minor amendments.

Category:ESG