The regulators have said they will not pursue their proposals on announcing enforcement investigations and on D&I.
By Rob Moulton, Nicola Higgs, Becky Critchley, Anna James, and Charlotte Collins
On 12 March 2025, the FCA and PRA made important announcements regarding the long-awaited outcomes on certain key policy proposals. The FCA published a letter addressed to the Treasury Select Committee and accompanying statement, while the PRA also published a letter to the Treasury Select Committee.
The draft guidelines outline expectations for institutions to adopt forward-looking strategies and incorporate scenario analysis into their management framework to assess resilience against the negative impacts of ESG factors.
By Axel Schiemann, Paul A. Davies, and Nicola Higgs
On 16 January 2025, the European Banking Authority (EBA) launched a public consultation on its draft guidelines on ESG scenario analysis. The draft guidelines have been developed in line with the EBA’s roadmap on sustainable finance as part of the
The guidelines set out requirements for institutions regarding the identification, measurement, management, and monitoring of ESG risks.
By Axel Schiemann, Paul A. Davies, and Nicola Higgs
On 9 January 2025, the European Banking Authority (EBA) published its final guidelines on the management of environmental, social, and governance (ESG) risks. The guidelines have been developed in line with the EBA’s roadmap on sustainable finance and as part of the EBA’s actions outlined in the roadmap on the implementation of the
In this publication and podcast series, we explore some of the core focus areas for UK-regulated financial services firms in the year ahead.
In 2024, we saw disruption to the regulatory reform agenda as the unexpected timing of the general election impacted work and publication schedules. Now that the reform agenda is back on track and aligned to the new government’s plans for growth, we are likely to see improved progress on existing reforms as well as fresh initiatives in the pursuit of growth during 2025.
There is doubtless a strong focus on retail markets under the new government, but the UK’s competitiveness as a place to do business remains vital as improvements to the UK’s wholesale markets continue. ESG and AI continue to dominate across the sector as rapidly evolving areas that profoundly impact the regulatory landscape.
“Fair access” banking laws, at the epicenter of the debates between ESG and “anti-woke” regulation and federal/state preemption, may see a resurgence under the incoming administration.
By Betty M. Huber, Arthur S. Long, Pia Naib, Austin J. Pierce, and Deric Behar
In recent years, the landscape of “fair access” banking laws, now also known as “anti-debanking” laws, has changed as quickly as the shifting political climate.
Federal and state fair access laws and regulations are legislative
The consultation covers new methodologies for the financial sector’s GHG emissions reporting, including regarding avoided emissions, or “scope 4” emissions.
By Paul A. Davies, Nicola Higgs, Michael D. Green, Jaime Martin, James Bee, and Charlotte Collins
On 3 December 2024, the Partnership for Carbon Accounting Financials (PCAF) launched a consultation to gather financial industry feedback on its newly proposed methodologies for measuring and reporting greenhouse gas (GHG) emissions associated with financial activities.
As part of
When the Edinburgh Reforms were announced on 9 December 2022, they were billed as an ambitious set of reforms. Two years on, we assess which of the measures have been completed, which remain outstanding, and whether they have delivered on the agenda set out.
We also reflect on the recent Mansion House announcements, which have reset the future of regulatory reform.
Three recent enforcement actions highlight the risks of failing to adhere to representations made to investors regarding ESG and biblically responsible investing strategies.
The upcoming change in US administration is expected to bring about significant priority shifts by the federal government, including at the US Securities and Exchange Commission (SEC). One area of potential overlap that the investment community should be prepared for, however, is in the realm of thematic investing. Citing its core mission to protect investors; maintain fair
The regime will have broad reach, although its implementation will likely take several years.
By Nicola Higgs, Rob Moulton, Becky Critchley, and Charlotte Collins
On 14 November 2024, HM Treasury laid out the future UK regulatory regime for environmental, social, and governance (ESG) ratings providers. It previously consulted on proposals for the new regime in spring 2023 (see this Latham blog post).
HM Treasury has now confirmed:
“With the global ESG market predicted to surpass $40
The UK Chancellor announces a growth-focused agenda for financial services.
By Rob Moulton, Nicola Higgs, Becky Critchley, and Charlotte Collins
On 14 November 2024, the new Chancellor of the Exchequer, Rachel Reeves, delivered her first Mansion House speech. She used her speech as an opportunity to announce reforms designed to drive growth and competitiveness in financial services, stating that many of the regulatory changes introduced to eliminate risk after the financial crisis had “gone too far” and led to unintended consequences. Although she did not announce a swathe of deregulatory measures, this speech sets the tone for how the government will likely approach regulation in the financial services sector going forward.