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As part of our sector-focused series, we have spoken with our in-house PSLs to outline the key legal trends to watch in Financial Services as 2019 draws to a close.
This article focuses on sustainable finance, LIBOR and the new prudential regime.
On 22 September 2019, 13 years after the launch of the United Nations (UN)-supported Principles for Responsible Investment (PRI), the UN Environment Programme Finance Initiative’s (UNEP FI) Principles for Responsible Banking (PRB) were launched.
The PRB aim to strategically align banks with the UN Sustainable Development Goals (SDGs) and the UN Paris Agreement on Climate Change and - like the PRI - contain mandatory reporting requirements for signatories.
Both the PRI and the PRB have a significant number of signatories globally and it is likely that further banks, asset owners, investment managers and service providers will sign up to these principles.
In addition to the global, voluntary PRB and PRI - and a wide range of industry best practice guidance for different asset classes - there are proposals for EU regulations (and amendments to delegated acts under the recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and the Insurance Distribution Directive (EU) 2016/97) on:
For further information about these EU regulatory developments, see the European Commission’s webpage on green finance and frequently asked questions and our Sustainable finance timeline.
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