Global Regulatory Watch October 2022

ESMA is changing its Union Strategic Supervisory Priorities (USSPs) to include ESG disclosures alongside market data quality; The Platform on Sustainable Finance published two reports on “data and usability” and “minimum safeguards”...

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APAC

  • China: National Energy Administration (NEA) releases the Action Plan for Energy Carbon Peak Carbon Harmonisation Standardisation.// The Ministry of Finance, Ministry of Housing and Urban-Rural Development, and Ministry of Industry and Information Technology published a notice on expanding the implementation scope of government procurement to support green building materials to promote building quality improvement…


  • HK: HKEX Launches Core Climate, Hong Kong’s International Carbon Marketplace, supporting Global Transition to Net Zero. The platform will allow participants to source, hold, trade, settle and retire voluntary carbon credits from internationally-certified carbon projects from around the world, including carbon avoidance, reduction, and removal projects. All projects listed on Core Climate will be verified against international standards, such as the Verified Carbon Standard by Verra.


  • Singapore: To equip producers of packaged products, as well as retailers with industry best practices on sustainable packaging in Singapore, a new Technical Reference (TR) 109 on Sustainable Packaging Guiding Framework and Practices, was launched at the Singapore Manufacturing Federation’s (SMF) Packaging Partnership Programme (PPP) x Packaging Council of Singapore (PCS) Conference 2022 .…


EMEA

  • EU: The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is changing its Union Strategic Supervisory Priorities (USSPs) to include ESG disclosures alongside market data quality.// The Platform on Sustainable Finance published two reports on “data and usability” and “minimum safeguards”.// The Council reached an agreement (general approach) on a proposal to revise the energy performance of buildings directive.// Deal confirms zero-emissions target for new cars and vans in 2035.// MEPs to G20: Increase your climate change targets before COP27…


  • ESMA's USSPs proposed to enable sustainable finance by improving the effectiveness and integrity of ESG markets, ESMA will support the ESG transition by taking a holistic view across the sustainable investment value chain. When taking regulatory or supervisory actions in this area, ESMA will contribute to the improvement of the complex framework.


  • UK: FCA to tackle greenwashing proposes new rules to introduce sustainable investment product labels, restrictions on how certain sustainability-related terms, and disclosures requirements.// Parliament urges government must support behavior change to meet climate targets…


UK Sustainability Disclosure Requirements (SDR) and investment labels from FCA (2022):



AMER

  • US: The U.S. Department Of The Treasury announced that the Financial Stability Oversight Council (Council) established the Climate-related Financial Risk Advisory Committee (CFRAC).