{"id":102914,"date":"2024-12-16T15:15:45","date_gmt":"2024-12-16T20:15:45","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/december-global-regulatory-brief-green-finance\/"},"modified":"2024-12-16T15:24:39","modified_gmt":"2024-12-16T20:24:39","slug":"december-global-regulatory-brief-green-finance","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/december-global-regulatory-brief-green-finance\/","title":{"rendered":"December Global Regulatory Brief: Green finance"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0b066edbd72]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0b066edbd72'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/sustainable-finance\/\" rel=\"category tag\">\n                    Sustainable Finance\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">December Global Regulatory Brief: Green finance<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b066ee1973'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">December 16, 2024<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b066ee352f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i>The Global Regulatory Brief provides monthly insights on the latest risk and regulatory developments. This brief was written by Bloomberg&#8217;s Regulatory Affairs Specialists.<\/i><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Green finance regulatory developments<\/h2>\n<p><span style=\"font-weight: 400;\">The financial sector continues to face new rules and government expectations as part of the broader effort to aid the green transition. <\/span><span style=\"font-weight: 400;\">From ESG ratings in Hong Kong and UK to ESG investment vehicles in Abu Dhabi,<\/span><span style=\"font-weight: 400;\"> the following developments from the past month in green finance stand out:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Hong Kong:<\/b><span style=\"font-weight: 400;\"> SFC Circular on Due Diligence for Third-Party ESG Ratings<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Philippines:<\/b> <span style=\"font-weight: 400;\">BSP issues adoption guidance for Sustainable Finance Taxonomy<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>US:<\/b><span style=\"font-weight: 400;\"> SEC charges investment adviser for making misleading statements about ESG investment considerations<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>UK: <\/b><span style=\"font-weight: 400;\">HM Treasury publishes draft statutory instrument on ESG ratings<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>UK:<\/b><span style=\"font-weight: 400;\"> Government publishes Transition Finance Market Review<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>EU-China:<\/b><span style=\"font-weight: 400;\"> Common Ground Taxonomy expanded to include Singapore Taxonomy<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Abu Dhabi:<\/b> <span style=\"font-weight: 400;\">FSRA <\/span><span style=\"font-weight: 400;\">publishes guidance for ESG-focused Investment Vehicles<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>UK:<\/b><span style=\"font-weight: 400;\"> Select Committee calls for reform on Modern Slavery Act<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>EU:<\/b><span style=\"font-weight: 400;\"> Commission publishes guidance on the Disclosures Delegated Act under the EU Taxonomy<\/span><\/li>\n<\/ul>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Explore the latest regulatory insights with our outlooks, webinars, research and analysis.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2833012944119112979\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/regulatory-insights\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b066ee8006'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>HK SFC Circular on Due Diligence for Third-Party ESG Ratings<\/h2>\n<p><span style=\"font-weight: 400;\">The Hong Kong Securities and Futures Commission (SFC) <\/span><a href=\"https:\/\/apps.sfc.hk\/edistributionWeb\/gateway\/EN\/circular\/intermediaries\/supervision\/doc?refNo=24EC58\"><span style=\"font-weight: 400;\">provided<\/span><\/a><span style=\"font-weight: 400;\"> asset managers with regulatory guidance on conducting due diligence when engaging third-party ESG ratings and data products providers.<\/span><\/p>\n<p><b>In summary: <\/b><span style=\"font-weight: 400;\">The circular requires asset managers to conduct reasonable due diligence and ongoing assessments of third-party ESG service providers, ensuring they understand how ESG products are produced, their limitations, and intended uses.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The SFC encourages asset managers to take into account the principles and recommended actions of the finalized Hong Kong Code of Conduct for ESG Ratings and Data Products Providers (VCoC) during their due diligence and ongoing assessment process.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The VCoC was created with reference to the global standards for ESG service providers suggested by IOSCO, emphasizing good governance, transparency, effective systems and controls, and conflicts of interest management.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Asset managers may leverage group resources and adopt group policies as long as they adhere to similar or higher standards.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>In more detail: <\/b><span style=\"font-weight: 400;\">At the SFC-backed VCoC launch event held at Bloomberg Hong Kong, the SFC CEO Julia Leung emphasized that \u201cThe VCoC together with our related guidance to asset managers will bring us a step closer to making more creditable ESG information available in the financial market [&#8230;] this should boost Hong Kong\u2019s efforts to steer capital towards investments that can drive our net zero and other sustainable development goals\u201d. See press release here.\u00a0<\/span><\/p>\n<p><b>What this means for asset managers: <\/b><span style=\"font-weight: 400;\">Users are encouraged to reference the VCoC or other comparable\/higher standards that are aligned with IOSCO principles. Where ESG service providers have signed the VCoC and completed the self-attestation document, asset managers can use the information for due diligence and ongoing assessments of ESG service providers and their products.\u00a0<\/span><\/p>\n<h2>BSP issues adoption guidance for Sustainable Finance Taxonomy<\/h2>\n<p><span style=\"font-weight: 400;\">The Bangko Sentral ng Pilipinas (BSP) has <\/span><a href=\"https:\/\/www.bsp.gov.ph\/Regulations\/Issuances\/2024\/M-2024-035.pdf\"><span style=\"font-weight: 400;\">issued<\/span><\/a><span style=\"font-weight: 400;\"> new guidelines on the adoption of the Philippine Sustainable Finance Taxonomy Guidelines (SFTG) for banks, following the recommendations of the Financial Sector Forum (FSF).<\/span><\/p>\n<p><b>Philippine Sustainable Finance Taxonomy Guidelines: <\/b><span style=\"font-weight: 400;\">The Philippine Sustainable Finance Taxonomy Guidelines (SFTG) was first formulated through collaborative efforts between the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC), and Insurance Commission (IC).\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This initiative was carried out under the auspices of the FSF in line with the directives outlined in the Philippine Sustainable Finance Roadmap.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The primary goal of the SFTG is to channel and amplify capital towards economic endeavors that further sustainability goals, such as lowering greenhouse gas (GHG) emissions and bolstering climate resilience.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Additionally, it fosters transparency and reliability by reducing the likelihood of greenwashing and facilitates a fair transition to a sustainable economy.<\/span><\/li>\n<\/ul>\n<p><b>Updates to the SFTG: <\/b><span style=\"font-weight: 400;\">The revised SFTG aims to facilitate the assessment process in determining if an economic activity contributes to the SFTG&#8217;s environmental objectives (i.e. climate change mitigation and climate change adaptation) and meets the essential criteria of Do No Significant Harm and Remedial Measures to Transition, and that the entity executing the activity fulfills the Minimum Social Safeguards criterion.\u00a0<\/span><\/p>\n<p><b>Seven steps:<\/b><span style=\"font-weight: 400;\"> The guidelines recommend that banks undertake the following seven steps:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Check if the activity is an \u2018Excluded Activity\u2019 such as gambling or weaponry, as adopted from the Philippines Sustainable Finance Framework.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Check if the activity complies with Philippine law. If not, then the activity is out of scope.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Check if the activity substantially contributes to at least one Environmental Objective (EO).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Check if the activity does no significant actual\/potential harm to the other Environmental Objective (DNSH).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If there is harm\/potential harm, check if it has been or will be remediated within the defined period (RMT).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Check if the entity complies with the MSS.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Classify the activity as Green, Amber or Red<\/span><\/li>\n<\/ul>\n<p><b>Next steps:<\/b><span style=\"font-weight: 400;\"> The BSP will engage banking industry associations in relation to the roll-out of capacity building activities on the local taxonomy as well as the consultations for the further update of the SFTG.<\/span><\/p>\n<h2>SEC charges investment adviser for making misleading statements about ESG investment considerations<\/h2>\n<p><span style=\"font-weight: 400;\">The U.S. Securities and Exchange Commission (\u201cSEC\u201d)\u00a0 <\/span><a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2024-179\"><span style=\"font-weight: 400;\">charged<\/span><\/a><span style=\"font-weight: 400;\"> an investment adviser (\u201cthe Adviser\u201d) for making misleading statements about the percentage of assets under management (\u201cAUM\u201d) that integrated environmental, social, and governance (&#8220;ESG&#8221;) factors in investment decisions. The Adviser agreed to pay a $17.5 million civil penalty to settle the charges.<\/span><\/p>\n<p><b>In more detail:<\/b><span style=\"font-weight: 400;\"> The<\/span><a href=\"https:\/\/www.sec.gov\/files\/litigation\/admin\/2024\/ia-6770.pdf\"> <span style=\"font-weight: 400;\">SEC&#8217;s order<\/span><\/a><span style=\"font-weight: 400;\"> notes that, from 2020 to 2022, the Adviser told clients and stated in marketing materials that between 70 and 94 percent of its AUM were \u201cESG integrated,\u201d a term used to indicate that ESG factors were incorporated into investment decisions. However, these stated percentages included a substantial amount of assets that were held in passive ETFs that did not follow an ESG-related index. Additionally, the order notes that the Adviser had no comprehensive set of written policies and procedures concerning how it would determine the percentage of firmwide AUM that was ESG integrated. Instead, the order found that the Adviser based its analysis on assessments of its investment teams\u2019 general ESG integration approach rather than analysis at a fund or strategy level.\u00a0<\/span><\/p>\n<p><b>Continued focus:<\/b><span style=\"font-weight: 400;\"> The action follows similar <\/span><a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2024-173\"><span style=\"font-weight: 400;\">charges<\/span><\/a><span style=\"font-weight: 400;\"> against a separate investment adviser last month for failing to adhere to its own investment criteria for ESG-marketed funds.\u00a0 Additionally, a recent SEC Division of Examinations <\/span><a href=\"https:\/\/www.sec.gov\/files\/risk-alert-registered-investment-companies.pdf\"><span style=\"font-weight: 400;\">Risk Alert<\/span><\/a><span style=\"font-weight: 400;\"> notes that examiners continue to observe mischaracterizations in registrants\u2019 sales literature regarding their use of ESG factors in investment decision-making processes.\u00a0<\/span><\/p>\n<h2>HM Treasury publishes draft statutory instrument on ESG ratings<\/h2>\n<p><span style=\"font-weight: 400;\">HM Treasury (HMT) has published its <\/span><a href=\"https:\/\/assets.publishing.service.gov.uk\/media\/6735d760b613efc3f18230da\/UK_Government_consultation_response_on_a_future_regulatory_regime_for_Environmental__Social__and_Governance_ratings_providers.pdf\"><span style=\"font-weight: 400;\">response document<\/span><\/a><span style=\"font-weight: 400;\"> to its earlier consultation on the future regulatory regime for ESG ratings providers in the UK, alongside a <\/span><a href=\"https:\/\/assets.publishing.service.gov.uk\/media\/6735d7392469c5b71dbc7b10\/The_Financial_Services_and_Markets_Act_2000__Regulated_Activities___Amendment___No._2__Order_2024_-_Draft_Statutory_Instrument.pdf\"><span style=\"font-weight: 400;\">draft statutory instrument (SI)<\/span><\/a><span style=\"font-weight: 400;\"> which frames how the regulatory perimeter for ESG ratings provision will be established.<\/span><\/p>\n<p><b>In summary:<\/b><span style=\"font-weight: 400;\"> HMT has confirmed that the regulatory perimeter will be expanded to capture ESG ratings which are &#8220;likely to influence&#8221; a decision to make a specified investment under the UK&#8217;s Regulated Activities Order (RAO). For example, this could include ESG ratings that are likely to be used to inform asset allocation and portfolio construction, or pre-initial public offering (IPO) ratings. In-scope ESG ratings providers would need to obtain authorization from the UK Financial Conduct Authority (FCA) and comply with detailed requirements around governance, conflicts of interest management, and transparency.\u00a0<\/span><\/p>\n<p><b>Next steps and timing: <\/b><span style=\"font-weight: 400;\">The draft SI will be open to feedback until 14 January 2025, with the Government planning to introduce secondary legislation in early 2025 (subject to Parliamentary timing). Once legislation is finalized, the FCA will develop and consult on detailed policy proposals to underpin the future regime. Designing, developing and commencing the ESG ratings regulatory regime is expected to take approximately four years.\u00a0<\/span><\/p>\n<h2>UK publishes Transition Finance Market Review<\/h2>\n<p><span style=\"font-weight: 400;\">The UK has <\/span><a href=\"https:\/\/www.theglobalcity.uk\/PositiveWebsite\/media\/Research-reports\/Scaling-Transition-Finance-Report.pdf\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> its Transition Finance Market Review (TFMR) outlining key recommendations in terms of policy actions on how the UK can lead in developing norms and practices for transition finance that facilitate an economy-wide shift towards sustainability. The Review&#8217;s recommendations include a roadmap detailing the necessary next steps needed from government, regulators and the market.<\/span><\/p>\n<p><b>Background:<\/b><span style=\"font-weight: 400;\"> The 2023 Green Finance Strategy <\/span><a href=\"https:\/\/www.gov.uk\/government\/publications\/green-finance-strategy\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> that the government will commission a review into how the UK can become the best place in the world for raising transition capital.<\/span><\/p>\n<p><b>Objectives: <\/b><span style=\"font-weight: 400;\">The Review sets out a framework for public-private collaboration, with a focus on the role of the private sector. The objectives are centered on:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Scaling transition focused capital raising with integrity. We want to scale transition finance and grow the UK market for transition finance services, which should be designed as attractive, investible instruments to unlock long term capital (such as sustainability linked debt and transition bonds), while maintaining the integrity of climate goals and helping to build trust in financial solutions<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Maximizing the opportunity for UK based financial services to develop, structure and export high integrity transition finance services<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Positioning the UK\u2019s professional services ecosystem as a global hub &#8211; supporting this innovative activity and ensuring market confidence (legal, audit, consultancy, data and analytics, skills and education).<\/span><\/li>\n<\/ul>\n<p><b>Additional considerations and next steps:<\/b><span style=\"font-weight: 400;\"> The Review leverages the Transition Plan Taskforce (TPT) work and recommends a forthcoming transition plan consultation, as well as the FCA\u2019s further work to implement TPT-aligned disclosures alongside its implementation of UK-endorsed International Sustainability Standards Board (ISSB) reporting standards.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In addition, the Review recommends that the Government moves to issue a consultation on the use cases for a UK Green Taxonomy, including a plan to move from green to transition taxonomies so that activities are appropriately time bound and\/or bound to follow a progression framework.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This could include a traffic light system to show how they will change over time to remain aligned with a credible decarbonization pathway.<\/span><\/li>\n<\/ul>\n<h2>EU-China Common Ground Taxonomy expanded to include Singapore Taxonomy<\/h2>\n<p><span style=\"font-weight: 400;\">The International Platform on Sustainable Finance (IPSF) <\/span><a href=\"https:\/\/finance.ec.europa.eu\/document\/download\/e83394d0-daf1-487e-b1bf-922731767a10_en?filename=241113-common-ground-taxonomy-multi-jurisdiction-activity-tables_en.pdf\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> the Multi-Jurisdiction Common Ground Taxonomy (M-CGT), mapping out commonalities across the sustainable finance taxonomies of China, Singapore and the EU.\u00a0<\/span><\/p>\n<p><b>What this means:<\/b><span style=\"font-weight: 400;\"> Following the publication of the M-CGT, the bilateral EU-China CGT will be expanded to include the Singapore-Asia Taxonomy, enhancing the interoperability of taxonomies across the three jurisdictions.<\/span><\/p>\n<p><b>Background:<\/b><span style=\"font-weight: 400;\"> The M-CGT was developed jointly by the People&#8217;s Bank of China (PBOC), the EU Directorate-General for Financial Stability, the Financial Services and Capital Markets Union, and the Monetary Authority of Singapore (MAS).\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It serves as a technical reference document for a wide range of market participants including financial institutions, corporates, investors and external reviewers.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It allows them to assess what could be considered green across the three jurisdictions in scope, based on the activities, environmental objectives, and criteria covered in the M-CGT.<\/span><\/li>\n<\/ul>\n<p><b>Key findings from the mapping exercise:<\/b><span style=\"font-weight: 400;\"> Findings from the mapping exercise revealed that:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Around 60% of common activities extracted from the three taxonomies could be clearly defined with the most stringent criteria, mainly across the manufacturing, transportation, water and waste sectors.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The criteria for 5% of the common activities, mainly in the electricity generation and construction sectors, was aligned across the taxonomies.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The criteria for around 33% of common activities was not directly comparable across the taxonomies. In such cases, to be aligned with the M-CGT, an activity has to meet at least one of the taxonomies\u2019 criteria. This was seen more commonly in sectors in which local regulations, standards or certifications are conventionally referenced, such as the construction and agriculture and forestry sectors.<\/span><\/li>\n<\/ul>\n<p><b>Looking ahead: <\/b><span style=\"font-weight: 400;\">The M-CGT will also serve as a reference for jurisdictions that are developing their domestic green taxonomies and has been designed to accommodate the comparison of more jurisdictions\u2019 taxonomies in the future. This will increase the number of taxonomies that are interoperable and help facilitate cross-border green capital flows.<\/span><\/p>\n<h2>Abu Dhabi publishes guidance for ESG-focused Investment Vehicles<\/h2>\n<p><span style=\"font-weight: 400;\">The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) <\/span><a href=\"https:\/\/www.adgm.com\/media\/announcements\/adgm-fsra-publishes-guidance-for-esg-focused-investment-vehicles\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> guidance to support its regulation of sustainable investments and ESG related products.<\/span><\/p>\n<p><b>In summary:<\/b><span style=\"font-weight: 400;\"> This guidance provides clear expectations for the management and marketing of ESG-focused investment vehicles and services.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The guidance is intended to mitigate the risk of greenwashing such that ESG-focused investment vehicles and services are marketed in a manner that is clear, fair and not misleading; and<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The guidance is intended to encourage disclosure of ESG-related information in line with global best practices.<\/span><\/li>\n<\/ul>\n<p><b>Final guidance:<\/b><span style=\"font-weight: 400;\"> To view the final guidance, please click here: Guidance on ESG Funds and Model Portfolios in ADGM.<\/span><\/p>\n<h2>Select Committee calls for reform on UK Modern Slavery Act<\/h2>\n<p><span style=\"font-weight: 400;\">The House of Lords Select Committee on the Modern Slavery Act (2015) (&#8216;MSA&#8217;) <\/span><a href=\"https:\/\/publications.parliament.uk\/pa\/ld5901\/ldselect\/ldmodslav\/8\/8.pdf\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> a new report evaluating the impact and effectiveness of the MSA.\u00a0<\/span><\/p>\n<p><b>Background:<\/b><span style=\"font-weight: 400;\"> In January 2024, the House of Lords Select Committee was appointed by Parliament to review the impact and effectiveness of the Act. The review aimed to understand if the Act has kept up with evolving human rights developments globally, how the Act&#8217;s provisions have been implemented, and whether the Act requires improvement.<\/span><\/p>\n<p><b>The Committee&#8217;s primary recommendations include: <\/b><span style=\"font-weight: 400;\">Introduce legislation requiring companies meeting the threshold to undertake modern-slavery due diligence in their supply chains and to take reasonable steps to address problems.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Make UK due-diligence law compatible with equivalent standards being introduced elsewhere to make compliance easier.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Consider introducing import laws which ban goods being brought into the UK if they are produced by companies known to use forced labour.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Make publication of statements on the modern slavery registry mandatory.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Introduce proportionate sanctions for organisations that do not comply with supply chain requirements.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Improve the implementation of its guidelines so that compliance is proactive rather than passive, encouraging companies to report modern slavery if they come across it.<\/span><\/li>\n<\/ul>\n<p><b>Wider context: <\/b><span style=\"font-weight: 400;\">The recommendations would bring the UK into closer alignment on mandatory due diligence legislation with other jurisdictions such as the EU, which has implemented the Corporate Sustainability Due Diligence Directive (CS3D).\u00a0<\/span><\/p>\n<p><b>Next steps:<\/b><span style=\"font-weight: 400;\"> The Government must respond to the report by December 16. Should it decide to proceed with any of the recommendations, the Government will need to enact primary legislation which may involve a stakeholder consultation process.\u00a0<\/span><\/p>\n<h2>EU Commission publishes guidance on the Disclosures Delegated Act under the EU Taxonomy<\/h2>\n<p><span style=\"font-weight: 400;\">The European Commission has <\/span><a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/?uri=OJ:C_202406691\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> Frequently Asked Questions (FAQs) on financial entity reporting under Article 8 of the Taxonomy Regulation in the Official Journal (OJ) of the EU.<\/span><\/p>\n<p><b>Context:<\/b><span style=\"font-weight: 400;\"> These FAQs are the third in a series of Commission Notices published with the intention of helping the industry with the implementation of Taxonomy reporting requirements under the Non-Financial Reporting Directive (NFRD) and the Corporate Sustainability Reporting Directive (CSRD).\u00a0<\/span><\/p>\n<p><b>In detail:<\/b><span style=\"font-weight: 400;\"> The FAQs cover general questions around the scope of entities, consolidation of reporting for financial undertakings, and the assessment of groups and specific exposures as well as the verification of compliance. The second section responds to targeted questions related to credit institutions, insurance undertakings and asset managers.<\/span><\/p>\n<p><b>Non-binding:<\/b><span style=\"font-weight: 400;\"> The FAQs do not impose additional requirements on companies in scope of the EU Taxonomy. They merely clarify the rules and provide guidance with the interpretation and implementation of the reporting requirements.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b066eeb324'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>View the additional regulatory briefs from this month:<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/december-global-regulatory-brief-trading-and-markets\/\">Trading and markets<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/december-global-regulatory-brief-risk-capital-and-financial-stability\/\">Risk, capital and financial stability<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/december-global-regulatory-brief-digital-finance\/\">Digital finance<\/a><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.bloomberg.com\/professional\/global-regulatory-brief\/\">Sign up<\/a> to receive these updates in your inbox first.<\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b066eecc0d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>How we can help<\/h2>\n<p>Bloomberg\u2019s Public Policy and Regulatory team brings you insight and analysis on policy developments to help navigate the complex and fast changing global regulatory landscape. To discuss regulatory solutions, <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/#contactus\">please get in touch with our specialists<\/a> or <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/\">read more insights<\/a> from our Regulatory team.<\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0b066eee210]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0b066eee210'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for 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Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_8519064544852299897\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The financial sector continues to face new rules and government expectations as part of the broader effort to aid the green transition.<\/p>\n","protected":false},"author":1679,"featured_media":102932,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"486","footnotes":""},"categories":[453,486,524],"tags":[3662],"series":[],"class_list":["post-102914","post","type-post","status-publish","format-standard","hentry","category-markets","category-regulation","category-sustainable-finance","tag-esg","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>December Global Regulatory Brief: Green finance | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"The financial sector continues to face new rules and government expectations as part of the broader effort to aid the green transition.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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