Global Regulatory Watch April 2022

China's new investor relations regulation requires listed companies to communicate ESG content with investors. European Commission adopted technical standards to be used by financial market participants when disclosing sustainability-related information under the SFDR...

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APAC

  • China:

  • New investor relations regulations requires listed companies to communicate ESG content with investors.

  • The Ministry of Ecology and Environment (MEE) released a guideline for the trial implementation of the environmental protection financial support project reserves. In the same guideline about building a unified national market, China also vowed to cultivate a unified national ecological and environment market. The MEE recently released a guideline that called for the implementation of list-based inspection of law enforcement in granting pollutant discharge permits in key industries by the end of 2023, and achieve nationwide coverage of the practice by the end of 2025…

  • Malaysia: JC3 Issues Draft TCFD Application Guide for Financial Institutions. All Malaysian FIs will be expected to adopt basic recommendations set out in the application guide and encouraged to adopt more sophisticated ‘stretch’ recommendations…



EMEA

  • EU:

  • EIOPA launches climate stress test for the European occupational pension sector.

  • Targeted consultation on the functioning of the ESG ratings market in the European Union and on the consideration of ESG factors in credit ratings is launched.

  • The European Commission adopted technical standards to be used by financial market participants when disclosing sustainability-related information under the Sustainable Finance Disclosures Regulation (SFDR).

  • EU Council agrees its position on European Green Bonds…

  • UK: Guidance and a calculator tool for hydrogen producers to use for greenhouse gas emissions reporting and sustainability criteria under the UK Low Carbon Hydrogen Standard…

  • Sweden: Sweden to target reduction of consumption-based emissions while reaching net zero by 2045; all eight parties in parliament stand behind the proposal…



AMER

  • Canada:

  • Canada Budget 2022 asks Climate Disclosures for Federally Regulated Institutions based on TCFD from 2024.

  • The government will move forward with requirements for disclosure of environmental, social, and governance (ESG) considerations, including climate-related risks, for federally regulated pension plans…

  • US: Maryland Climate Solutions Now Act of 2022 will take effect from June 1, requires the state to slash greenhouse gas emissions 60% by 2031 from 2006 levels and to hit an economy-wide net-zero target in 2045. Pennsylvania to join the Regional Greenhouse Gas Initiative's cap-and-trade market as its 12th states on July 1, 2022…

  • Colombia: led by the Ministry of Finance and Public Credit and the Financial Superintendence, Colombia is leading the way and launches the first Green Taxonomy in the Americas…