Financial services firms have a lot on their plate. They need to adjust to greater uncertainty, technology that changes faster than ever and customers who expect more and more flexibility. We believe sustainability is central to this new normal – pressure is coming in the form of consumer demand so firms and regulators must step up.
Reporting and Governance
COP26 gives climate finance a further boost
The high profile COP26 conference, which ended on November 12, is likely to accelerate the use of climate finance and will see financial regulators act with greater urgency to green the financial system, according to industry sources.
FINMA sees real estate as top threat to the Swiss financial system
Six significant risks to Switzerland’s financial system have been identified in the 2021 Risk Monitor from the Swiss Financial Market Supervisory Authority (FINMA), with mortgages and real estate markets remaining a top concern.
New board to bring ‘welcome’ consolidation of ESG standards
The creation of an International Sustainability Standards Board promises to replace a patchwork of ESG company disclosures standards with a single set of global rules, but will prove challenging to implement.
ESG regulations: what financial institutions need to know in 2022
The global pandemic delivered the biggest shock to the financial services industry since the financial crash. Many financial institutions grappled with fresh challenges from the fall in financial assets or reduction in liquidity to ensuring operational resilience.
FCA crackdown on ‘grey area’ could choke SME lending
There is a grey area in the financial market that is largely unregulated. This area is populated by intermediary companies that do not outrightly sell speculative illiquid securities, but promote and market them to high-net-worth individuals and sophisticated investors.
France’s regulators urge banks to strengthen their climate policies
France’s regulators are prompting financial firms to strengthen their climate policies and take into account expected long-term weather patterns to help meet the objectives of the Paris Agreement to reduce carbon emissions.
IOSCO updates outsourcing principles to reflect evolving trends
A set of outsourcing principles for regulated financial firms has been updated by the International Organization of Securities Commissions (IOSCO) reflecting new technological developments.
Climate change poses risk to financial stability
Climate change threatens US financial stability, says the Financial Stability Oversight Council (FSOC), which is pushing for more reporting requirements.
ESMA proposes streamlining certain MiFID reporting requirements
Certain ‘burdensome’ reporting requirements contained in the markets in financial instruments directive (MiFID) 2 look set to be streamlined under proposals from the European Securities and Markets Authority (ESMA) – a move welcomed by the industry.
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