[co-author: Sofia Karagianni]
The need for a new sustainability reporting framework
On 21 April 2021, the European Commission (the Commission) adopted the Sustainable Finance Package (the Package).
The Package is comprised of an ambitious set of policy measures aimed at boosting sustainable investments to finance an inclusive economic recovery from the COVID-19 pandemic and help the redirection of private capital towards green activities.
The Package includes, among other things, a legislative proposal on a new Corporate Sustainability Reporting Directive (CSRD), which would revise the existing reporting rules introduced for public-interest entities by the Non-Financial Reporting Directive (NFRD).
1 The CSRD would also amend provisions from the Transparency Directive,
The European Commission has released the results of its legislative review of corporate reporting in the EU. While comprehensive changes are underway to enhance sustainability reporting in the EU, financial reporting is assessed as being broadly fit-for-purpose.
The European Commission Sustainable Finance Package is comprised of an ambitious set of policy measures aimed at boosting sustainable investments to finance inclusive economic recovery from COVID-19 pandemic and help redirection of private capital towards green activities.
Samuel Brown Share:
The Biden administration faces many challenges, including the ongoing pandemic, the associated economic fallout, and the deep divisions in the country and ongoing implications from the January 6 insurrection in Washington, D.C. Between the time I write this–my first Back Page–and publication, new priorities may emerge. Two items on the long to-do list include repairing the U.S. relationship with our allies in Europe and tackling climate change. There is a real opportunity to use climate change as an issue to re-cement the U.S.-European Union (EU) relationship and re-establish U.S. leadership in the world.
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Recent regulatory developments of interest to most financial institutions, including updates from the UK government, PRA, FCA, JMLG and the European Commission.
Contents
UK FinTech and financial services plans
LC&F compensation scheme and complaints to FCA
Lessons from Greensill Capital: Treasury Committee inquiry
Diversity: BoE launches Meeting Varied People initiative
PRA authorisations: updates on rule waivers and modifications and CRR and Solvency II permissions
UK Investment Firms Prudential Regime: FCA second consultation CP21/7
FCA transformation programme: update to HM Treasury
FCA appoints sustainability and technology directors
FCA regulated fees and levies for 2021/22: CP21/8