Global Regulatory Watch July 2022

Measures by CAC for Data Exportation Security Assessment of Cross-border Data Transfer effective from Sep 1, 2022. ECB to account for climate change in its corporate bond purchases, collateral framework, disclosure requirements, and risk management, in line with its climate action plan...

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APAC

China


  • Ministry of Housing and Urban-Rural Development, National Development and Reform Commission published the Implementation Plan for Emission Reduction & Carbon Sequestration in Agriculture/ Rural Areas.


  • Measures by Cyberspace Administration of China ("CAC") for Data Exportation Security Assessment of Cross-border Data Transfer effective from Sep 1, 2022.


  • The China Green Bond Principles were published to build unified criteria for domestic issuers...


HK


  • HKEX launches HONG KONG International Carbon Market Council, unveils carbon market plans. The principal focus of this collaboration is to develop an international carbon market that leverages Hong Kong’s position as a leading global financial center, contributing to the realization of carbon neutrality goals and the development of the green and sustainable finance ecosystem in Hong Kong, Mainland China and beyond...


Singapore


  • The Monetary Authority of Singapore (MAS) released Disclosure and Reporting Guidelines for Retail ESG Funds. This Circular sets out MAS’ expectations on how existing requirements under the Code on Collective Investment Schemes and the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations apply to retail ESG funds, and the disclosure and reporting guidelines applicable to these funds...


India


  • India's Central Bank: Reserve Bank of India published a Discussion Paper on Climate Risk and Sustainable Finance...



EMEA

EU


  • The Governing Council of the European Central Bank (ECB) to account for climate change in its corporate bond purchases, collateral framework, disclosure requirements, and risk management, in line with its climate action plan.


  • EU Taxonomy: MEPs do not object to the inclusion of gas and nuclear activities.


  • Parliament pushes for greener aviation fuels. New rules for companies to stop EU-driven deforestation globally.


  • The draft report on the application of minimum safeguards set out in Art. 18 of the Taxonomy Regulation is published for feedback by 6 September 2022…

UK


  • The UK’s Financial Conduct Authority (FCA) is planning to consult on its development of the Sustainability Disclosure Requirements (SDRs) for asset managers and FCA-regulated asset owners in the autumn…



AMER

US

  • The Biden-Harris Administration, through the U.S. Department of Energy (DOE), issued Notices of Intent to fund two programs that will advance carbon capture demonstration projects and expand regional pipeline networks to transport carbon dioxide (CO2) for permanent geologic storage or for conversion into valued end uses, such as construction materials.


  • A new ‘Climate Analytics and Data Hub’ developed by the US Treasury’s research unit aims to help federal agencies police climate risks to the financial system…


Canada


  • The Government of Canada is launching two consultations in support of its Zero Plastic Waste Agenda:

  • 1) the development of labeling rules for recyclability and compostability (e.g., the use of the “chasing arrows”), and

  • 2) the development of a federal plastics registry for producers of plastic products. These measures will help improve the collection and end-of-life management (e.g. reuse, recycling) of plastics and help keep these products out of landfills and the environment. The consultations will be open until October 7, 2022. A draft regulatory text for labeling rules is targeted for publication as early as mid-2023…