Reports on key recent regulatory developments focussing on banking and finance.
Contents
COVID-19: PRA update on disclosure of exposures subject to COVID-19 response measures
Prudential framework for non-systemic banks and building societies: PRA DP1/21 Higher paid material risk taker : PRA CP9/21 on correcting definition
Remuneration benchmarking and remuneration high earners reporting templates: PRA statement
BRRD: European Commission adopts Delegated Regulation on contractual recognition of stay powers
CRR: EBA consults on draft ITS on supervisory reporting relating to additional liquidity monitoring metrics
CRR: EBA consults on draft RTS specifying factors and conditions to be considered when assessing appropriateness of risk weights and minimum LGD values for mortgage exposures
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In the few short weeks since our last report on climate change and the US insurance industry, the volume of climate change news has been extraordinarily high. The range of developments has been broad to say the very least from fund managers announcing new offerings said to be green and sustainable, to critics denouncing fund managers falling short on sustainability, to Aviva, Citibank and Generali (and others) publishing sustainability achievements or new targets to achieve net-zero emissions, to advances by developers and providers of climate change standards and metrics (
Friday, March 12, 2021
In the few short weeks since our last report on climate change and the US insurance industry, the volume of climate change news has been extraordinarily high. The range of developments has been broad to say the very least from fund managers announcing new offerings said to be green and sustainable, to critics denouncing fund managers falling short on sustainability, to Aviva, Citibank and Generali (and others) publishing sustainability achievements or new targets to achieve net-zero emissions, to advances by developers and providers of climate change standards and metrics (
e.g., the Geneva Association, Moody’s), to China reiterating goals to reduce its emissions over the next five years, to the politically charged debate within the US Securities and Exchange Commission (SEC) as to which comes first a new global framework of common metrics and standards to help regulators analyze climate change risk disclosures or stepped-up enforcement efforts.
The UK is investing £10 million in a new national green finance research centre that will advise lenders, investors and insurers, enabling them to make environmentally sustainable decisions, and support a greener global economy.
Date Time
Bristol part of new £10 million research centre to spur a greener global financial system
The UK is investing £10 million in a new national green finance research centre that will advise lenders, investors and insurers, enabling them to make environmentally sustainable decisions, and support a greener global economy.
Access to scientifically robust data and analytics is currently patchy and unreliable. Armed with better information, underpinned by innovative UK science, financial institutions around the world will be much better placed to make decisions that contribute to a more sustainable planet.
This will help financial institutions shift money away from risky activities that harm the environment, such as coal-fired power and deforestation, and towards activities that are less harmful, such as renewable power and sustainable agriculture.