ICMA developments

ICMA developments

This subtopic is part of our Key developments and horizon scanning topic and looks at the latest developments concerning the International

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Latest Banking & Finance News

ICMA publishes position paper on SFDR 2.0 for EU co-legislation process

The International Capital Market Association (ICMA) has published a position paper setting out its views and recommendations on the EU Sustainable Finance Disclosure Regulation (SFDR) 2.0 as feedback for the upcoming EU co-legislation process. ICMA supports the overall direction of SFDR 2.0, noting that it reflects industry feedback by introducing a simplified disclosure regime and a clearer ESG fund categorisation system comprising ‘Transition’, ‘ESG Basics’ and ‘Sustainable’ categories. ICMA’s recommendations for further improvement focus on general aspects, including extending exclusions to legacy coal exposure, the treatment of non-use-of-proceeds instruments of public entities, voluntary disclosure for all relevant funds and effective implementation. In relation to use-of-proceeds bonds and funds, ICMA recommends the explicit recognition of credible market standards and other credible tools, as well as the application of category exclusions to such instruments.

OFSI updates General Licence INT/2025/7328184, UK Financial Sanctions FAQs, and Licensing Delegation Framework

The Office of Financial Sanctions Implementation (OFSI) has updated General Licence INT/2025/7328184 to include definitions of the Welsh Revenue Authority and Revenue Scotland.

LMA publishes guidance on sanctioned lenders in developing market syndicated loans

In response to ongoing geopolitical developments and the increased use of sanctions regimes, the Loan Market Association (LMA) has published a guidance note addressing issues that may arise where a lender becomes sanctioned during the life of a syndicated loan transaction in developing markets. The guidance has been prepared following discussions within the LMA’s Developing Markets, Export Finance and Commodities Finance Working Parties.

ISDA publishes research paper on pension fund derivatives use and regulation

The International Swaps and Derivatives Association (ISDA) has published a paper examining how pension funds use derivative instruments. The paper highlights that pension funds are significant participants in global financial markets, collectively managing more than US$58 trn in assets worldwide. ISDA notes that managing portfolios of this scale presents challenges, particularly in balancing long-term investment objectives with associated risks, including the need to align assets and liabilities within strict fiduciary and regulatory frameworks. It also explores the global regulatory landscape governing derivatives use and outlines ISDA’s role in assisting pension funds as they navigate these markets.

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