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James Taylor is a partner in the Banking & Finance practice of the London office. James’ practice focuses on public and private offerings of debt and equity-linked securities, advising issuers and underwriters on the standalone issue and offering of retail and wholesale medium term notes, commercial paper, certificates of deposit, warrants, convertible and exchangeable bonds and covered bonds, as well as the establishment and update of platforms for the issuance of multiple types of securities, the structuring of liability management transactions and the provision of ongoing advice on securities laws, corporate governance and stock exchange requirements related to them.

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On 10 November 2022, the EU Parliament adopted the Corporate Sustainability Reporting Directive (“CSRD“). The EU Council is expected to adopt the CSRD on 28 November 2022, after which it will be published in the Official Journal. The CSRD will then enter into force 20 days after publication and EU member states will have 18

A lot can happen in ESG in three days. By Wednesday last week, there were three important developments in the world of ESG and sustainable finance from the European Securities and Markets Authority (“ESMA”), the International Capital Markets Association (“ICMA”) and the UK Financial Conduct Authority (“FCA”). Read more

Disclosure of information on the ESG-related risks facing financial institutions is widely recognised as a vital tool to promoting market discipline.  It enables stakeholders to assess the risks presented to financial institutions by issues such as climate change, social and governance risks, whilst also allowing stakeholders to review the sustainable finance strategies of financial institutions.  In light of this, governments are increasingly introducing different mandatory ESG-related reporting requirements for financial institutions, such as TCFD-aligned reporting requirements (for further information on TCFD-aligned reporting requirements, please see our previous blog posts here and here).

Adding to the plethora of existing ESG-related reporting requirements, on 24 January 2022, the European Banking Authority (“EBA“) published its final draft implementing technical standards on Pillar 3 disclosures on ESG risks (the “Final Draft ITS“).  The Final Draft ITS sets out mandatory templates, tables and instructions that supplement the EBA’s ‘Pillar 3 package’ prudential reporting requirements (the “Reporting Requirements“), which certain EU-based financial institutions will be required to comply with under the Capital Requirements Regulation (Regulation (EU) No. 575/2013) (the “CRR“).

Continue Reading The European Banking Authority publishes new ESG reporting requirements