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  10/07/2025

  United Kingdom

  FCA’s Consultation on Tackling Non-Financial Misconduct

  On 2 July 2025, the FCA published its Consultation Paper and Policy Statement (CP25/18) on tackling non-financial misconduct in the financial services sector. The Consultation Paper follows the FCA’s consultation in 2023 (CP23/20) which proposed broader reforms in relation to diversity and inclusion and non-financial misconduct. While the FCA confirmed in March 2025 that it would not be taking forward the D&I related reforms, it made clear that it would continue to prioritise its work to tackle non-financial misconduct (NFM). CP25/18 builds on CP23/20 and feedback received on those proposals....

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  03/07/2025

  Europe

  ESMA Releases Practical Guidance on Sus­tain­ab­il­ity Claims and ESG Credentials

  On 1 July, the European Securities and Markets Authority (“ESMA”) released “thematic notes” on sustainability claims. ESMA emphasises that these are intended to inform and educate market participants about making clear, fair and not misleading sustainability claims, with the initial thematic note focussing on references to “ESG credentials” (e.g. participation or involvement in voluntary alliances or initiatives, ESG labels, ESG awards and comparisons to peers). ESMA states that other thematic notes will follow on other topics as judged necessary.Key ExpectationsBuilding...

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  06/06/2025

  International

  Sustainable Finance Regulation 2025 Timeline

  Our updated sustainable finance timeline sets out recent and expected EU, US, UK and International regulatory developments relating to sustainable finance in 2025.

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  21/05/2025

  Europe

  EU Benchmarks Regulation Overhaul Published

  The long awaited overhaul of Regulation (EU) 2016/1011 (“EU BMR”) was published on the 19th May 2025. Regulation (EU) 2025/914 (the “EU BMR Amending Regulation”)  amends and updates EU BMR to conduct a significant overhaul of the regime.Executive SummaryThe key focus of amendments are changes in-scope leading to a significant net reduction in benchmarks subject to the EU BMR. Notably:reducing the scope of the EU BMR so it only applies to critical and significant benchmarks, EU Climate Transition and EU Paris-Aligned benchmarks (“EU Climate Benchmarks”) and...

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  07/05/2025

  Europe

  EU ESG Ratings Regulation – What do I need to do if I’m not a ratings provider?

  The EU ESG Ratings Regulation (“ESGRR”) entered into force on 2 January 2025 and will start applying from 2 July 2026.The ESGRR is primarily aimed at firms that aim to explicitly position themselves as an ESG ratings provider.However, the broad scope of the ESGRR will impact other firms who may not think of themselves as an ESG ratings provider. It is therefore a key compliance issue for other types of firms (both EU and non-EU) to consider.Executive SummaryEven where a firm is not intending to operate as an ESG ratings provider, it will need to carefully consider whether ESG related...

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  07/05/2025

  Europe

  European Commission publishes Call for Evidence on SFDR revision

  On 2 May 2025, the European Commission (“EC”) published its call for evidence to help form an impact assessment on the revision of the EU Sustainable Finance Disclosure Regulation (“SFDR”).The Call for Evidence, which follows the Platform on Sustainable Finance’s briefing note outlining its proposal for a new categorisation system under the SFDR (which you can read more about here), invites stakeholders to submit general feedback.The Call for Evidence states that due to a lack of legal clarity on key concepts, the limited relevance of certain disclosure requirements,...

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