ESG – Page 3 – Global Investment Law Watch

Asia: ICMA’s Code of Conduct for ESG Ratings and Data Products Providers – A Step Towards Consistent Global Standards

Dec 18 2023

The International Capital Market Association (ICMA) has released a voluntary code of conduct for ESG ratings and data products providers (the Code), reflecting recommendations by the International Organization of Securities Commissions (IOSCO). The Code is intended to be internationally interoperable and may be used by jurisdictions where no local code or regulation is in place.

United States: CFTC Proposes Highly Anticipated Guidance on Voluntary Carbon Credit Derivatives

Dec 05 2023

By: Cheryl Isaac and Wiley Cole

On 4 December 2023, the Commodity Futures Trading Commission (CFTC) proposed guidance on the listing of voluntary carbon credit (VCC) derivative contracts. The proposal outlines how designated contract markets (DCMs), which are CFTC-registered derivatives exchanges, may list VCC derivative contracts while complying with statutory “Core Principles” set forth in the Commodity Exchange Act (CEA) and applicable CFTC rules and regulations.

Australia: ASIC to Focus on Net Zero Statements and Targets

Dec 04 2023

By: Lisa Lautier and Dhivya Kalyanakumar

On 21-22 November 2023, the Australian Securities & Investments Commission (ASIC) hosted the ASIC Annual Forum with a focus on ‘navigating disruption’. With heightened geopolitical uncertainty and market volatility, ASIC outlined its key focus areas for 2024:

Europe: Final SDR rules published by FCA – Time to label your funds (maybe)

Dec 01 2023

The FCA has published its final rules on the UK’s Sustainability Disclosure Requirements (SDR) regime. The key features include:

Europe: New Screening Criteria for the EU Taxonomy’s Environmental Objectives

Nov 27 2023

By: Áine Ní Riain and Gayle Bowen

Following their adoption and publication in draft form by the European Commission last June, two new EU Taxonomy delegated acts were published in the Official Journal on 21 November, and will apply from January 2024. They confirm new and amended technical screening criteria (TSCs) in relation to the environmental objectives in the Taxonomy Regulation. This is a significant build-out in the application of the Taxonomy Regulation given that for an economic activity to be taxonomy-aligned, it must:

Global: ESG Labelling On the Cards for Global Regulation

Nov 15 2023

By: Jim Bulling and Laura McFadzean

On 2 November 2023, the Australian Treasury announced a proposal to develop a labelling system for investment products marketed as sustainable in its Sustainable Finance Strategy Consultation Paper.

Asia: Hong Kong delays implementation of Listing Rules Amendments for Climate Disclosures to 2025

Nov 13 2023

By: Carolyn Sng and Sook Young Yeu

The Stock Exchange of Hong Kong Limited (HKEX) had been consulting on proposals to enhance climate-related disclosures under its environmental, social and governance framework, with a previously proposed implementation date of 1 January 2024. The HKEX announced on 3 November 2023 that the implementation date of the Listing Rules amendments will be postponed to 1 January 2025.

Asia: Hong Kong Backs Industry-led Voluntary Code for ESG Ratings and Data Products Providers

Nov 02 2023

By: Carolyn Sng and Sook Young Yeu

The Securities and Futures Commission in Hong Kong (SFC) has announced its support for the development of a voluntary code of conduct (VCoC) for ESG ratings and data products providers. The proposed VCoC, which will be open for ESG ratings and data products providers to sign up voluntarily, and will align with international best practices as recommended by the International Organization of Securities Commissions.

Australia: Mandatory Climate Reporting – The Draft Australian Standards are Here!

Oct 30 2023

By: Jim Bulling, Lisa Lautier and Ben Kneebush

On 23 October 2023, the Australian Accounting Standards Board (AASB) released the long-awaited Exposure Draft outlining the Australian climate-related reporting standards.

Australia: Mandatory Climate Disclosure-October Update

Oct 11 2023

By: Jim Bulling and Ben Kneebush

As previously discussed in our post, the Australian Treasury has proposed to introduce mandatory climate-related financial disclosure standards in Australia. This will have a profound impact on the financial services industry, as financial services entities (including superannuation funds) will be captured by this disclosure framework. Under a phased implementation, reporting commences on 1 July 2024 for certain large entities.

Category:ESG