Season 6, Episode 5: COP27 and the impact on ESG financial services regulation
This episode examines two consultations published by securities regulators at the COP27 climate conference designed to foster fair and efficient carbon markets. One deals with voluntary carbon credits and the other deals with so-called CCMs (compliance carbon markets) and aims to assist with the establishment and supervision of national/governmental schemes. In this episode, Alexander Robson, managing editor, Regulatory Intelligence, is joined by Lindsey Rogerson, senior editor, EMEA wholesale financial markets regulation in London, and Henry Engler, senior editor in New York. Lindsey assesses the implications of the consultations for investment banks, asset managers and exchanges. Henry discusses the recent mid-term elections in the United States and their likely effect on the legislative agenda, and the Securities and Exchange Commission's ESG disclosure rules. Show notes:Link to IOSCO consultation on Compliance Carbon Markets https://www.iosco.org/library/pubdocs/pdf/IOSCOPD719.pdf and Voluntary Carbon Markets https://www.iosco.org/library/pubdocs/pdf/IOSCOPD718.pdf Link to International Capital Markets Association Climate Resilient Debt Clauses term sheet https://www.icmagroup.org/assets/CRDCs-November-2022.pdf Link to Financial Conduct Authority https://www.fca.org.uk/publication/consultation/cp22-20.pdf Link to HM Treasury Transformation Disclosure Framework https://transitiontaskforce.net/get-involved/ Link to U.N. High Level Expert Group recommendations https://www.un.org/sites/un2.un.org/files/high-level_expert_group_n7b.pdf The Compliance Clarified podcast series covers the wide range of topics which affect compliance officers in financial services firms. The series has been designed to help compliance officers make sense of the often-challenging world of financial services regulation, which is now overlaid with expectations not found in the black and white of any rulebook. The role and remit of the compliance officer is ever-growing, and senior compliance officers have had to become polymaths, mastering not only detailed subject matter expertise but also the qualitative mysteries of culture and conduct risk. Compliance Clarified covers the hot topics of the day and the challenges they bring, and aims to offer up practical ideas for emerging good practice.