Regulatory Timeline

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March 24, 2022
This Supervisory Statement of the European Supervisory Authorities (ESAs) seeks to mitigate the risk of divergent application of Regulation (EU) 2019/2088 on sustainabilityrelated disclosures in the financial services sector (hereinafter referred to as “SFDR”) and Article 5 and 6 of Regulation (EU) 2020/852 (Taxonomy Regulation, hereinafter referred to as “TR”) within the period from 10 March 2021 (the application date of most of the provisions of the SFDR) to the application date of the Regulatory Technical Standards (“RTS”) under empowerments from SFDR which covers the content, methodologies and presentation of sustainability-related disclosures in Articles 2a(3), 4(6) and (7), 8(3), 8(4), 9(5), 9(6), 10(2), 11(4) and 11(5) of the SFDR.
  • EBA
  • Europe
  • English
December 8, 2021
La présente circulaire concrétise l’art. 16 de l’ordonnance sur les fonds propres (OFR ; RS 952.03) et l’art. 17e de l’ordonnance sur les liquidités (OLiq ; RS 952.06). Cette circulaire définit en outre les devoirs de publication en matière de gouvernance d'entreprise, de risque de taux et de rémunérations. Elle désigne les banques et maisons de titres tenant des comptes ainsi que les groupes financiers (ci-après désignés par « banques ») soumis aux exigences de publication financière et décrit l’étendue de leurs obligations.
  • FINMA
  • Europe
  • ,Switzerland
  • French
December 8, 2021
This circular expands on Articles 111a and 203a of the Insurance Supervision Ordinance (ISO; SR 961.011) on the financial condition report of supervised insurance companies, groups and conglomerates. It describes the basic contents and structure of the financial condition report and the minimum requirements for the type and contents of the disclosure.
  • FINMA
  • Europe
  • ,Switzerland
  • English
December 3, 2021
The recommendations set out in this paper are directed at the asset management industry with the intention to build a bridge between asset managers, other financial service providers and endinvestors. It focuses on the products designed by the fund and asset management industry and sold by financial service providers to investors. and has three main goals:
• Define the various sustainable investment approaches and instruments in more detail and set minimum criteria for the implementation of each of them.
• Specify minimum requirements for investor information on the different investment approaches and instruments.
• Identify which of these sustainable investment approaches satisfy the three main sustainable investor goals most effectively.
  • Asset Management Association Switzerland
  • Europe
  • ,Switzerland
  • English
November 16, 2021
In this consultative document, the Committee examines the extent to which climate-related financial risks can be addressed within the Basel Framework, identifying potential gaps in the current framework and considering possible measures to address any identified gaps. Specifically, with regard to scenario analysis, including stress testing, the principles are formulated with a view towards application to large, internationally active banks and to supervisory and other relevant financial authorities in Basel Committee member jurisdictions. However, smaller banks and authorities in all jurisdictions can benefit from a structured consideration of the potential impact of climate-related financial risks.
  • Basel Committee
  • Universal
  • English
November 3, 2021
FINMA aims, to the extent that it is empowered to do so, to protect investors and clients from improper business conduct and to ensure that they are not deceived regarding the alleged sustainability of products and financial services. In relation to the management of sustainability-related collective investment schemes, FINMA’s focus in preventing and combating greenwashing is on the following areas:
i. sustainability-related information at the fund level and
ii. suitable organisational structure at the institutional level for managing such products.
  • FINMA
  • Switzerland
  • English
June 1, 2021
This Report on ESG risks management and supervision provides a comprehensive proposal on how ESG factors and ESG risks should be included in the regulatory and supervisory framework for credit institutions and investment firms. It provides institutions with common definitions of ESG risks and their transmission channels and identifies evaluation methods that are needed for effective risk management.
  • EBA
  • Europe
  • English
May 27, 2021
Ce texte définit l’encadrement du reporting extra-financier des établissements, en particulier les informations à publier sur la prise en compte dans leur stratégie d’investissement des objectifs et critères ESG, ainsi que sur les moyens mis en œuvre pour contribuer à la transition énergétique et écologique (incl. la biodiversité) à date et au sein d’un plan d’amélioration.
  • AMF
  • Europe
  • ,France
  • French
April 21, 2021
This Delegated Regulation introduces sustainability factors to be implemented into policies and procedures for MifiD investment firms in the EU, EU Alternative Investment Fund Managers and EU UCITS management companies.
General ESG requirements (integration of sustainability factors, risks into organizational requirements) & Sustainability preference regime
  • European Commission
  • Europe
  • English
April 21, 2021
This Delegated Act to Mifid 2 introduces sustainability factors to be implemented into product governance obligations for investment firms, as well as product governance obligation for distributors.
Product governance requirements (integration of sustainability factors into the product governance obligations)
  • European Commission
  • Europe
  • English
April 1, 2021
This report explores how climate-related financial risks can arise and impact both banks and the banking system.
By synthesizing existing literature, it illustrates how physical and transition climate risk drivers affect banks’ financial risks via micro and macroeconomic transmission channels.
It also explores various factors that may determine the likelihood or size of the impact from climate-related risk drivers.
  • Basel Committee
  • Universal
  • English
April 1, 2021
This report provides an overview of conceptual issues related to climate-related financial risk measurement and methodologies, as well as practical implementation by banks and supervisors. It outlines general issues in measuring climate-related financial risks, takes stock of how banks and supervisors are currently employing or developing methodologies for measuring climate-related financial risks and provides a high-level overview of strengths and weaknesses of the main types of measurement approaches, as well as assessing gaps and challenges in their execution and implementation.
  • Basel Committee
  • Universal
  • English
February 2, 2021
The regulation aims to provide information to end-investors about financial products' investments in environmentally sustainable economic activities, providing them with comparable information to make informed investment choices; and establish a single regulation for sustainability information under the GDPR and the Taxonomy Regulation
  • ESMA
  • Europe
  • English
January 1, 2021
Released by the OSFI (or BSIF in french), this paper focuses on risks arising from climate change that can affect the safety and soundness of federally regulated financial institutions (FRFIs) and federally regulated pension plans (FRPPs). Climate-related risks can affect theirs safety and soundness by driving financial, strategic and operational risks and by affecting a FRFI's reputation.
For FRFIs, OSFI agrees guidance on climate-related risks should be principles-based and consider the Canadian context as well as international developments and for FRPPs, OSFI will continue collaborating with the Canadian Association of Pension Supervisory Authorities to develop guidance on integrating ESG factors in pension investment decisions.
  • BSIF
  • Canada
  • English
November 1, 2020
Ce document présente les attentes BCE en matière de gestion et de déclaration des risques liés au climat et à l’environnement dans le cadre prudentiel actuel, à destination des établissements de crédit. En particulier, le guide décrit les attentes relatives à l’articulation et l’intégration de ces risques aux modèles opérationnels et à la stratégie, à la gouvernance et à l’appétence pour le risque. Il précise également les attentes BCE de transparence de la communication des établissements sur ces risques.
  • BCE
  • Europe
  • French
October 29, 2020
The Superintendent of New York State Department of Financial Services, Linda A. Lacewell, published an industry letter entitled “Climate Change and Financial Risk” to all the CEOs and equivalent leaders of regulated financial institutions. In this letter, the superintendent addresses the following topics: (i) The Severity of Climate Change (ii) Risks of Climate Change and Impact on Regulated Organizations (iii) Risks of Climate Change and Impact on Regulated Non-Depositories (iv) Risk Management (v) Global Climate-Related Supervision and (vi) DFS Expectations
  • New York State Department of Financial Services
  • USA
  • English
June 18, 2020
This regulation is intended to provide companies and investors across the EU with a common language for identifying the extent to which economic activities can be considered environmentally sustainable.
  • UE
  • Europe
  • English
June 16, 2020
The objective of this paper is to give an overview about the main beliefs of the Swiss asset management industry and to provide asset managers with an effective guide for the implementation of a sustainable asset management process including governance, risk management, investment policy and strategy. The recommendations describe the most important elements that are crucial for the successful implementation of a sustainable asset management process. They provide a general overview of how ESG factors should be implemented into the different elements of an investment process for it to be considered sustainable. This paper does not take the form of binding SFAMA Guidelines.
  • SFAMA
  • Europe
  • ,Switzerland
  • English
June 1, 2020
These guidelines provide a framework on how financial service providers can successively integrate ESG considerations into the advisory process for private clients. The guidelines are essentially principles that can be applied in the context of the specific advisory processes of financial service providers. They are not legally binding and promote ESG considerations in the market, recognizing that individual institutions are on varying paths in fulfilling these recommendations.
  • Swissbanking
  • Europe
  • ,Switzerland
  • English
June 1, 2020
The Hong Kong Monetary Authority (HKMA) authored the “White Paper on Green and Sustainable Banking” to assist Authorized Institutions (AIs) prepare for the challenges presented by the physical and transition impacts of climate change. Segmented into four sections, this paper addresses the following topics: (i) sustainability and climate change issues, (ii) risks and opportunities that banks in Hong Kong face as a result of climate change, (iii) HKMA’s three-phased approach to promoting green and sustainable banking, (iv) HKMA’s initial views on future regulatory action.
  • HKMA
  • Global
  • English
May 1, 2020
Ce document s’inscrit dans la continuité des travaux de l’ACPR de 2016 sur les risques associés au changement climatique ; il vise à encourager la diffusion des bonnes pratiques au sein des établissements financiers, sur les aspects de stratégie à déployer en matière de risques climatiques, d’organisation interne des établissements face à ces risques, ainsi que les outils de gestion des risques et la communication associée.
  • ACPR
  • Europe
  • ,France
  • French
April 1, 2020
This report summarises the main results of the stocktake of 27 Basel Committee members and observers, including the European Central Bank (ECB) and the European Banking Authority (EBA)’ initiatives on climate-related financial risks.
In short, the survey suggests that the majority of members consider it appropriate to address climate-related financial risks within their existing regulatory and supervisory frameworks.
A majority of the members have raised risk awareness with banks through different channels, and many banks are disclosing information related to climate-related financial risks to some extent.
  • Basel Committee
  • Universal
  • English
December 31, 2019
The Hong Kong Monetary Authority (HKMA) issued the “Common Assessment Framework on Green and Sustainable Banking” to banks in Hong Kong.
The purpose of this assessment is for HKMA to assess Hong Kong banks' ability to react and respond to potential climate and environmental risk.
  • HKMA
  • Global
  • English
November 27, 2019
The disclosure regulation sets harmonized rules applicable to financial market participants and advisors regarding the integration and consideration of sustainability risks and sustainability negative impacts in their decision-making or investment advice processes investment advice; and the provision of sustainability-related information on financial products.
This regulation offers the possibility to achieve more transparency on sustainability in the financial markets in a unified way and to ensure comparability.
  • UE
  • Europe
  • English
November 27, 2019
This Low Carbon Benchmark Regulation introduces two categories (EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks) as well as sustainability-related disclosures for benchmarks. It aims at increasing transparency and uniformity in the use of low-carbon indices.
  • UE
  • Europe
  • English
September 22, 2019
The Principles for Responsible Banking, created in 2019 through a partnership between founding banks and the United Nations, seeks to embed sustainable finance at the largest banks throughout the world, and is designed to help meet the UN's Sustainable Development Goals and the Paris Climate Agreement. They ensure that signatory banks’ strategy and practice align with the vision society has set out for its future.
  • UN
  • Universal
  • English
August 1, 2019
Le principal objectif du présent avis est de fournir aux émetteurs, particulièrement les petits, des indications sur la manière d’établir l’information à présenter sur les risques importants liés au changement climatique. En particulier, les indications qui y sont fournies s’intéressent essentiellement aux obligations d’information de l’émetteur en ce qui a trait au rapport de gestion et à la notice annuelle.
  • CSA
  • Canada
  • French
September 21, 2018
The Securities and Futures Commission (SFC) of Hong Kong is the independent organization responsible for regulating the securities and futures markets in Hong Kong. Published by the SFC, “The Strategic Framework for Green Finance” addresses three main topics: (i) the importance of listed companies, asset managers, and investment products to issue detailed and accurate disclosures pertaining to ESG factors and climate risk, (ii) the need for asset managers in Hong Kong to develop ESG-related investment products, (iii) Hong Kong’s effort to establish itself as an international hub of green finance.
  • Securities and Futures Commission
  • Global
  • English
June 30, 2017
Le reporting extra-financier des investisseurs permet d’évaluer la prise en compte de critères ESG dans les politiques d’investissements. L’objectif du ministère est d’améliorer la transparence de l’information auprès des épargnants et de mobiliser les investisseurs en faveur de la transition écologique
  • AMF
  • Europe
  • ,France
  • French
June 1, 2017
The TCFD developed four widely adoptable recommendations that are supported by key climate related financial disclosures—referred to as recommended disclosures. In addition, there is guidance to support all organizations in developing disclosures consistent with the recommendations as well as supplemental guidance for specific sectors and industries.
  • TCFD
  • Universal
  • English
June 1, 2017
The TCFD developed four widely adoptable recommendations that are supported by key climate related financial disclosures—referred to as recommended disclosures. In addition, there is guidance to support all organizations in developing disclosures consistent with the recommendations as well as supplemental guidance for specific sectors and industries.
  • TCFD
  • Universal
  • English
June 1, 2012
The Principles for Sustainable Insurance (PSI),developed by the UN Environment Programme’s Finance Initiative, provide global guidance on the integration of environmental, social, and governance (ESG) risks into insurance underwriting. The purpose of the tool is to foster a resilient insurance industry based on holistic and far-sighted risk management in which ESG issues are considered.
  • UN
  • Universal
  • English
October 27, 2010
Le présent avis a pour objet de donner des indications aux émetteurs assujettis (à l’exception des fonds d’investissement) sur l’information continue relative aux questions environnementales qu’ils sont actuellement tenus de fournir en vertu de la législation en valeurs mobilières.
Le présent avis apporte des précisions sur les obligations d’information existantes en matière d’environnement; il ne modifie aucune obligation légale actuelle ni n’en crée de nouvelle. Il a pour but : 1) d’aider les émetteurs à définir quels éléments d’information environnementale ils doivent diffuser, et 2) de les aider à améliorer ou à compléter cette information, au besoin.
  • CSA
  • Canada
  • ,North America
  • French
February 8, 2010
-The Securities Exchange Commission issued an interpretation to provide guidance for public companies on disclosure requirements regarding climate change matters. This interpretation is a reminder of company’s obligation to consider climate change as they prepare disclosure documents to regulators and investors.
The SEC identifies three key areas in this interpretation (i) background and purpose of interpretive guidance, (ii) historical background of SEC environmental disclosure, (iii) overview of rules requiring disclosure of climate change issues
  • Securities & Exchange Commission (SEC)
  • USA
  • English
April 1, 2006
The Principles for Responsible Investment were developed by an international group of institutional investors reflecting the increasing relevance of environmental, social and corporate governance issues to investment practices. The process was convened by the United Nations Secretary-General. This text shows what are the six principles and possible actions to make for each of them.
  • UN
  • Universal
  • English