{"id":87500,"date":"2024-09-03T12:16:23","date_gmt":"2024-09-03T16:16:23","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/september-global-regulatory-brief-green-finance\/"},"modified":"2025-12-26T13:13:26","modified_gmt":"2025-12-26T18:13:26","slug":"september-global-regulatory-brief-green-finance","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/september-global-regulatory-brief-green-finance\/","title":{"rendered":"September Global Regulatory Brief: Green finance"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a09bdd0b29f4]::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-6a09bdd0b29f4'>\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\">September 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-6a09bdd0b879b'>\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\">September 3, 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-6a09bdd0ba697'>\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 climate risk in Hong Kong to sustainability reporting in Switzerland,<\/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>Australia:<\/b><span style=\"font-weight: 400;\"> Senate passes laws on mandatory climate disclosures and financial market infrastructure<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Hong Kong: <\/b><span style=\"font-weight: 400;\">HKMA issues guidelines on climate-related risk governance\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Switzerland: <\/b><span style=\"font-weight: 400;\">Federal Council consults on extending sustainability reporting<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>EU: <\/b><span style=\"font-weight: 400;\">Commission publish FAQs on the Corporate Sustainability Reporting Directive\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>India:<\/b><span style=\"font-weight: 400;\"> SEBI consults on expanding the scope of sustainable finance in the Indian securities market<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>New Zealand:<\/b><span style=\"font-weight: 400;\"> Technical Advisory Group publishes recommendations for a Sustainable Finance Taxonomy<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>New Zealand:<\/b><span style=\"font-weight: 400;\"> Financial Markets Authority consults on climate reporting guidance<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>China: <\/b><span style=\"font-weight: 400;\">Government unveils Guidelines to Accelerate Comprehensive Green Transition of Economic and Social Development<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>EU:<\/b><span style=\"font-weight: 400;\"> Commission publishes FAQs on the application of the Corporate Sustainability Due Diligence Directive (CS3D)<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>US: <\/b>Republican ESG working group releases final staff report<\/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_8722842517233991982\"\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-6a09bdd0bf50a'>\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>Australian Senate passes laws on mandatory climate disclosures and financial market infrastructure<\/h2>\n<p><a href=\"https:\/\/ministers.treasury.gov.au\/ministers\/jim-chalmers-2022\/media-releases\/new-laws-strengthen-financial-system-and-boost\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">The Australian government has <\/span><span style=\"font-weight: 400;\">introduced<\/span><\/a><span style=\"font-weight: 400;\"> new legislation aimed at enhancing the resilience of the financial system and improving consumer protections, covering climate reporting and financial market infrastructure.\u00a0<\/span><\/p>\n<p><b>In summary: <\/b><span style=\"font-weight: 400;\">The legislation reiterates the broad and ambitious economic reform agenda, with the newly introduced laws supporting these objectives and facilitating a more prosperous, productive and resilient economy.<\/span><\/p>\n<p><b>Background: <\/b><span style=\"font-weight: 400;\">The reforms focus on increasing accountability within financial institutions, ensuring they act in the best interests of consumers. Key measures include stronger regulations for financial advice and increased transparency in financial products:<\/span><\/p>\n<p><b>Climate reporting: <\/b><span style=\"font-weight: 400;\">The new laws establish Australia\u2019s climate risk disclosure framework, introducing standardized reporting requirements for businesses, to ensure they are making high quality climate related financial disclosures.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Australian Accounting Standards Board will issue internationally\u2011aligned standards in the near future.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Reporting requirements will commence from 1 January 2025 for Australia\u2019s largest listed and unlisted companies and financial institutions, and other large businesses will be phased in over time.<\/span><\/li>\n<\/ul>\n<p><b>Financial market infrastructure: <\/b><span style=\"font-weight: 400;\">The new laws also provide regulators with more powers to manage financial market infrastructure risks, addressing a regulatory gap and implementing recommendations of the Council of Financial Regulators.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Reserve Bank of Australia (RBA) now has powers to step in and promptly resolve a crisis at a domestic clearing and settlement facility, to ensure Australia\u2019s critical financial market infrastructure can continue to operate.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Australian Securities and Investments Commission and the RBA\u2019s powers have been strengthened and streamlined, better equipping the regulators to manage risks.<\/span><\/li>\n<\/ul>\n<p><b>What&#8217;s next?<\/b><span style=\"font-weight: 400;\"> The government aims to implement these changes swiftly, reinforcing trust in the financial system and providing consumers with greater security and confidence in their financial dealings.<\/span><\/p>\n<h2>HKMA issues guidelines on climate-related risk governance<\/h2>\n<p><a href=\"https:\/\/brdr.hkma.gov.hk\/eng\/doc-ldg\/docId\/20241024-2-EN\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">The Hong Kong Monetary Authority (HKMA) has <\/span><span style=\"font-weight: 400;\">released<\/span><\/a><span style=\"font-weight: 400;\"> guidelines aimed at enhancing the governance and management of climate-related financial risks within the banking sector.<\/span><\/p>\n<p><b>Background:<\/b><span style=\"font-weight: 400;\"> The guidelines outline expectations for banks to integrate climate risk into their governance frameworks, risk management processes, and strategic planning, as well as good practices observed &#8211; these can be categorized into three main areas:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Fostering and overseeing the effective development and implementation of a climate strategy &#8211; including setting climate goals and targets to guide their actions<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Exercising appropriate oversight of climate risk management &#8211; including incorporation of climate-related considerations into risk management frameworks and policies, and incorporating quantitative metrics in climate risk appetite statements<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Cultivating a strong organizational climate risk culture, including embedding climate-related risk considerations into performance evaluation and remuneration frameworks<\/span><\/li>\n<\/ul>\n<p><b>Looking ahead: <\/b><span style=\"font-weight: 400;\">The HKMA encourages banks to adopt a proactive approach in addressing climate-related risks and to enhance their disclosures, ensuring alignment with global best practices and regulatory expectations. This initiative is part of a broader effort to promote sustainable finance in Hong Kong.<\/span><\/p>\n<h2>Swiss Federal Council consults on extending sustainability reporting<\/h2>\n<p><a href=\"https:\/\/www.news.admin.ch\/de\/nsb?id=101585\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">The Swiss Federal Council has <\/span><span style=\"font-weight: 400;\">opened<\/span><\/a><span style=\"font-weight: 400;\"> a consultation to amend the <a href=\"https:\/\/www.fedlex.admin.ch\/eli\/cc\/27\/317_321_377\/en\" target=\"_blank\" rel=\"noopener\">Swiss <\/a><\/span><span style=\"font-weight: 400;\">Code of Obligations <\/span><span style=\"font-weight: 400;\">and propose an expansion of sustainability reporting obligations for Swiss companies. The proposals aim to align the country\u2019s sustainability-related rules with the EU&#8217;s Corporate Sustainability Reporting Directive (CSRD).<\/span><\/p>\n<p><b>More entities in scope:<\/b><span style=\"font-weight: 400;\"> Large Swiss companies are already required to report on certain ESG metrics as per national law since financial years starting on or after 1 January 2023. However, the suggested changes would bring up the number of entities in scope of the Swiss Sustainability Reporting obligations from approximately 200 to 3500.<\/span><\/p>\n<p><b>The new requirements in detail:<\/b><span style=\"font-weight: 400;\"> Detailed requirements are to be included in a separate consultation report, however the Council&#8217;s proposals would mandate reporting for Swiss companies that meet at least two of the following three criteria:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">over 250 employees;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">a balance sheet total of CHF20 million; or<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">a turnover of CHF40 million.<\/span><\/li>\n<\/ul>\n<p><b>Next steps: <\/b><span style=\"font-weight: 400;\">The consultation closes on 17 October 2024. Companies would need to start applying the new reporting rules two years after these enter into force. Separately, the Federal Council is analyzing the effects on Swiss companies of the Corporate Sustainability Due Diligence Directive (CS3D), including steps to strengthen alignment between Swiss and European requirements in this area.<\/span><\/p>\n<h2>European Commission publishes FAQs on the Corporate Sustainability Reporting Directive (CSRD)<\/h2>\n<p><a href=\"https:\/\/finance.ec.europa.eu\/document\/download\/c4e40e92-8633-4bda-97cf-0af13e70bc3f_en?filename=240807-faqs-corporate-sustainability-reporting_en.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">The European Commission has <\/span><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> a set of detailed FAQs clarifying the implementation of the Corporate Sustainability Reporting Directive (CSRD) covering issues including the scope of the rules, application dates, exemptions, type of information to be reported, and assurance requirements.\u00a0<\/span><\/p>\n<p><b>Background: <\/b><span style=\"font-weight: 400;\">The FAQs do not introduce new obligations &#8211; they simply clarify the existing rules and are meant to support undertakings that need to report in accordance with the CSRD. They also clarify certain provisions of the SFDR and the first set of European sustainability reporting standards (ESRS).<\/span><\/p>\n<p><b>The FAQs in detail:<\/b><span style=\"font-weight: 400;\"> The document is divided into eight sections and covers the following topics:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section I &#8211; Glossary of relevant terms<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section II &#8211; Overview of the sustainability reporting requirements introduced by CSRD<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section III &#8211; FAQs on sustainability information to be reported under Articles 19a\/29a<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section IV &#8211; FAQs on sustainability information to be reported under Article 40a<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section V &#8211; FAQs on assurance<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section VI &#8211; FAQs on key intangible resources<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section VII &#8211; Additional FAQs on requirements for third-country undertakings<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section VIII &#8211; FAQs on SFDR<\/span><\/li>\n<\/ol>\n<p><b>Application of the rules:<\/b><span style=\"font-weight: 400;\"> The CSRD entered into force on 1 January 2024. EU Member States had until 6 July 2024 to transpose the Directive into national law. The first group of companies will need to start reporting in 2025.<\/span><\/p>\n<h2>SEBI consults on Expanding the Scope of Sustainable Finance in the Indian Securities Market<\/h2>\n<p><span style=\"font-weight: 400;\">The Securities and Exchange Board of India (SEBI) has issued a consultation on Expanding the Scope of Sustainable Finance in the Indian Securities Market.<\/span><\/p>\n<p><b>Context: <\/b><span style=\"font-weight: 400;\">SEBI is consulting on reviewing the 2017 regulatory framework for listed issuance of green debt securities, which was updated in February 2023 to align with ICMA&#8217;s Green Bond Principles. Enhancements made in 2023 included:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Enhancing the scope of definition of \u2018green debt security\u2019 by including new modes of sustainable finance in relation to pollution prevention and control, eco-efficient products, etc.;\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Introducing the concept of blue bonds (related to water management and marine sector), yellow bonds (related to solar energy) and transition\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">bonds as sub categories of green debt securities;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A complete definition of green debt securities is listed in Annex 1 of the consultation paper.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>International frameworks: <\/b><span style=\"font-weight: 400;\">Some of the international frameworks that will be considered for SEBI&#8217;s exercise are the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">ICMA Principles for Green Bond, Social Bond, Sustainability Bonds, Sustainability-Linked Bonds<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Climate Bond Standard of the Climate Bond Initiative<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Sustainability-Linked Loans Principles published by the Asia Pacific Loan, Market Association, Loan Market Association and Loan Syndication and Trading Association.<\/span><\/li>\n<\/ul>\n<p><b>External reviewers:<\/b><span style=\"font-weight: 400;\"> The consultation paper also recommends appointing an independent external reviewer for these new bond categories, mirroring the existing requirements for green bonds.<\/span><\/p>\n<p><b>Next steps:<\/b><span style=\"font-weight: 400;\"> Consultation responses must be submitted by 6 September 2024.<\/span><\/p>\n<h2>New Zealand Technical Advisory Group publishes recommendations for a Sustainable Finance Taxonomy<\/h2>\n<p><span style=\"font-weight: 400;\">The Independent Technical Advisory Group (convened by the New Zealand government) has <\/span><span style=\"font-weight: 400;\">published<\/span><span style=\"font-weight: 400;\"> its recommendations for the design and development of a Sustainable Finance Taxonomy.<\/span><\/p>\n<p><b>A bit of background:<\/b><span style=\"font-weight: 400;\"> The report provides a set of recommendations for the design and development of a Sustainable Finance Taxonomy for Aotearoa New Zealand developed by an Independent Technical Advisory Group (ITAG) convened by the Centre for Sustainable Finance: Toit\u016b Tahua (CSF).\u00a0<\/span><\/p>\n<p><b>Key elements:<\/b><span style=\"font-weight: 400;\"> The recommendations are structured around five key elements:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Credibility: Applying an evidence-based approach together with international best practices and standards to attract and direct the flow of international capital towards green solutions<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Usability: The New Zealand Taxonomy should be easy to use and fit-for-purpose.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Interoperability: As much as possible, the New Zealand Taxonomy should align with international standards and best practices for the design of its structure.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Culture: Iwi and M\u0101ori leaders will be represented in all governance tiers, and indigenous views of nature will be integrated in the design.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Prioritization: Prioritization should determine the selection of environmental objectives the New Zealand Taxonomy should focus on.<\/span><\/li>\n<\/ul>\n<p><b>Going forward: <\/b><span style=\"font-weight: 400;\">The recommendations will be reviewed by the New Zealand government as it moves toward publishing a Sustainable Finance Strategy in 2026.<\/span><\/p>\n<h2>New Zealand Financial Markets Authority consults on climate reporting guidance<\/h2>\n<p><a href=\"https:\/\/www.fma.govt.nz\/assets\/Consultations\/Consultation-paper-Guidance-on-references-to-climate-statements-in-disclosure-documents.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">The New Zealand Financial Markets Authority (FMA) is seeking <\/span><span style=\"font-weight: 400;\">feedback<\/span><\/a><span style=\"font-weight: 400;\"> on a proposed information sheet that provides guidance on the following documents applicable to climate reporting entities (CREs):\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">any current or new Product Disclosure Statement (PDS) for their financial products\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">the Other Material Information (OMI) on the offer register on Disclose for their financial products<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">any Statement of Investment Policies and Objectives (SIPO) on the offer register on Disclose\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">any annual reports.<\/span><\/li>\n<\/ul>\n<p><b>Background:<\/b><span style=\"font-weight: 400;\"> Since 1 January 2023, around 200 large financial institutions in New Zealand have had to start making climate-related disclosures. Earlier this year,<a href=\"https:\/\/www.fma.govt.nz\/news\/all-releases\/media-releases\/fma-and-xrb-issue-user-guides\/\" target=\"_blank\" rel=\"noopener\"> New Zealand <\/a><\/span><span style=\"font-weight: 400;\">issued<\/span><span style=\"font-weight: 400;\"> new user guides to help users understand the climate-related disclosures (CRD) regime and the information provided in climate statements. The What You Need to Know guide provides an overview of the CRD regime for primary users, while the Navigating Climate Statements guide provides a more detailed explanation of the information disclosed in climate statements.<\/span><\/p>\n<p><b>Structure of the consultation:<\/b><span style=\"font-weight: 400;\"> This proposed guidance aims to assist CREs in determining how they should reference their climate statements within their disclosure documents. The consultation puts forward a number of proposals to help CREs understand the FMA&#8217;s expectations across the following documents:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Product Disclosure Statement (PDS)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Other Material Information (OMI)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Statement of Investment Policies and Objectives (SIPO)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Annual reports<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Timing for document updates<\/span><\/li>\n<\/ul>\n<p><b>Deadline for comments: <\/b><span style=\"font-weight: 400;\">The consultation of the draft guidance closes on 30 August 2024.<\/span><\/p>\n<h2>European Commission publishes FAQs on the application of the Corporate Sustainability Due Diligence Directive (CS3D)<\/h2>\n<p><span style=\"font-weight: 400;\">The European Commission has <\/span><span style=\"font-weight: 400;\">published<\/span><span style=\"font-weight: 400;\"> an FAQ document clarifying some of the key elements and obligations of the Corporate Sustainability Due Diligence Directive (CS3D).\u00a0<\/span><\/p>\n<p><b>Background:<\/b><span style=\"font-weight: 400;\"> The CS3D entered into force on 25 July 2024 and will need to be transposed by the EU Member States by 26 July 2026. The CS3D rules will then start to apply one year later, as of 26 July 2027, and will be phased in starting with the largest firms.<\/span><\/p>\n<p><b>Content of the FAQs: <\/b><span style=\"font-weight: 400;\">The FAQ document covers questions regarding the application, scope, obligations, enforcement, safeguards, and impacts of the Directive. The FAQs are divided into eight sections:\u00a0<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Objectives<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Entry into force and Application<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Personal scope<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Material scope<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Content of the obligations<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Enforcement<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Burden limitation and Safeguards<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Impacts of the Directive<\/span><\/li>\n<\/ol>\n<p><b>Impact on financial services:<\/b><span style=\"font-weight: 400;\"> The Commission expects around 6,000 EU companies and 900 non-EU companies to be in-scope.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Non-EU companies of a legal form comparable to LLCs\/partnerships with a net turnover of more than EUR 450 million generated in the EU will be scoped in. The Commission is due to publish a list of non-EU companies that are in scope.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Financial services provided in the context of relationships with clients are excluded from the scope. However, financial firms will still need to comply with the climate transition plan requirements set out in the CS3D if they meet the turnover and employee thresholds set out in the Directive.<\/span><\/li>\n<\/ul>\n<p><b>Going forward:<\/b><span style=\"font-weight: 400;\"> In addition to these high-level FAQs, the European Commission will adopt delegated measures and various general and sector-specific guidelines to support the application of the CS3D.<\/span><\/p>\n<h2>China unveils Guidelines to Accelerate Comprehensive Green Transition of Economic and Social Development<\/h2>\n<p><a href=\"https:\/\/www.gov.cn\/zhengce\/202408\/content_6967665.htm\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">The Communist Party of China (CPC) Central Committee and the State Council <\/span><span style=\"font-weight: 400;\">unveiled<\/span><\/a><span style=\"font-weight: 400;\"> the Guideline to Accelerate Comprehensive Green Transition of Economic and Social Development.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The blueprint has outlined the goals for 2030 and 2035 with specific quantitative targets, emphasized the carbon peak and carbon neutrality, and discussed comprehensive measures including improving the policy mechanisms and international cooperation for green transition.<\/span><\/p>\n<p><b>Background: <\/b><span style=\"font-weight: 400;\">The guideline is followed by the Resolution of Further Deepening Reforms Comprehensively to Advance Chinese Modernization by CPC Central Committee.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Resolution highlights the commitment of comprehensive reforms and sets the overall development target for 2035.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Resolution summarizes the major measures including building market economy, supporting private sector, spurring technology and innovation, improving macroeconomic management, deepening fiscal and tax system as well as financial system, and pursuing high-level opening-up, advancing green and low-carbon development.<\/span><\/li>\n<\/ul>\n<p><b>Looking ahead:<\/b><span style=\"font-weight: 400;\"> Every government agency (including financial regulators) and province in China is likely to announce its respective actions accordingly.<\/span><\/p>\n<h2>Republican ESG working group releases final staff report<\/h2>\n<p><span style=\"font-weight: 400;\">The Republican Environmental, Social, and Governance (ESG) Working Group &#8211; led by Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04)\u2014<\/span><a href=\"https:\/\/financialservices.house.gov\/news\/documentsingle.aspx?DocumentID=409339\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">released<\/span><\/a> <span style=\"font-weight: 400;\">its<\/span><a href=\"https:\/\/financialservices.house.gov\/UploadedFiles\/HFSC_ESG_Working_Group_Staff_Report.pdf\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">final staff report<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><b>Context: <\/b><span style=\"font-weight: 400;\">This follows the<\/span><a href=\"https:\/\/financialservices.house.gov\/UploadedFiles\/HFSC_ESG_Working_Group_Memo_FINAL.pdf\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">interim report<\/span><\/a><span style=\"font-weight: 400;\"> that was published in June 2023. According to the announcing release, the report &#8220;is the culmination of the Working Group\u2019s comprehensive examination of the factors contributing to the rise of ESG initiatives and the consequences for everyday investors.&#8221;\u00a0<\/span><\/p>\n<p><b>In summary:<\/b><span style=\"font-weight: 400;\"> Key priorities identified in the report include, among others: reforming the proxy voting system; improving ESG rating agency accountability and transparency; demanding adherence to statutory limits from financial and consumer regulatory agencies; and protecting US companies from burdensome European Union regulations.\u00a0<\/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-6a09bdd0c3334'>\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\/september-global-regulatory-brief-trading-and-markets\/\">Trading and markets<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/september-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\/september-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-6a09bdd0c4da5'>\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-6a09bdd0c65c0]::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-6a09bdd0c65c0'>\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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transition.<\/p>\n","protected":false},"author":1679,"featured_media":87524,"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-87500","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>September 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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