Global Financial Regulatory Blog

Tag Archives: climate change

FSOC Issues Recommendations on Climate-Related Financial Risk

A wide-ranging report encourages regulators to take a concerted approach to combat climate-related risks to the US financial system. By Jean-Philippe Brisson, Paul A. Davies, Nicola Higgs, Malorie R. Medellin, and Deric Behar On October 21, 2021, the Financial Stability Oversight Council (FSOC) published a lengthy report on Climate-Related Financial Risk (the Report), marking the … Continue Reading

President Biden Presents a Roadmap for Mitigating the Climate Crisis

A new national strategy report aims to combat climate-related risks to the US financial system. By Jean-Philippe Brisson, Paul A. Davies, Nicola Higgs, Malorie R. Medellin, and Deric Behar On October 14, 2021, the Biden Administration issued “A Roadmap to Build a Climate-Resilient Economy” (the Roadmap), a national strategy report with tangible initiatives that build … Continue Reading

Private Bank Briefing – June 2021

By Rob Moulton, Nicola Higgs, Anne Mainwaring, and Charlotte Collins The latest edition of our Private Bank Briefing provides a roundup of legal and compliance issues impacting private banks and their clients from Q2 2021. In this edition, we cover sustainable finance developments, the regulators’ expectations regarding operational resilience and outsourcing, and the PRA’s plans … Continue Reading

CFTC Takes Action With New Climate Risk Unit

The CFTC continues to demonstrate a commitment to using its regulatory mandate to combat climate change risks to the US financial system. By Yvette D. Valdez, Douglas K. Yatter, Jean-Philippe Brisson, Paul Davies, Nicola Higgs, and Deric Behar On March 17, 2021, the Commodity Futures Trading Commission (CFTC) announced the establishment of an interdivisional Climate … Continue Reading

Federal Reserve Recognizes Significance of Climate Risks on Financial Stability

The US prudential regulator is paying attention to climate risks, and will likely act to mitigate those risks if they threaten financial stability. By Alan W. Avery, Pia Naib, Deric Behar, and Kristina S. Wyatt In its November 2020 Financial Stability Report (the Report), the Board of Governors of the Federal Reserve System (Federal Reserve) … Continue Reading

UK Announces Climate Focused Financial Services Regime

The UK Government presents initiatives designed to green the UK economy and bolster attractiveness as an international financial centre. By Paul A. Davies and Michael D. Green On 9 November 2020, Rishi Sunak, Chancellor of the Exchequer, announced several initiatives designed to help the UK tackle climate change, while maintaining its position as an “open, … Continue Reading

Key Regulatory Developments in Hong Kong and Singapore: July 2020

Regulators are consulting on how to enhance trust business regulation, introduce new omnibus legislation, and encourage best practices in sustainable banking. By Farhana Sharmeen, Simon Hawkins, Kenneth Hui, and Marc Tan This blog post summarises key regulatory developments in Hong Kong and Singapore during July 2020, including: The HKMA’s publication of examples of good practices … Continue Reading

Dear CEO: UK Banks and Insurers Should Embed Approaches to Managing Climate Change Risks by End-2021

The PRA expands its supervisory expectations for firms on managing climate-related financial risk — publishing a Dear CEO guidance letter. By Nicola Higgs and Anna Lewis-Martinez On 1 July 2020, the PRA published guidance in the form of a Dear CEO letter to banks, insurers, and other PRA-regulated firms on managing climate-related financial risk. The … Continue Reading
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