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GRI and TNFD publish case studies to support nature-related reporting

The Global Reporting Initiative (GRI) and the Taskforce on Nature-related Financial Disclosures (TNFD) have published a set of case studies to support companies in assessing and disclosing nature-related dependencies, impacts, risks, and opportunities. Published on 30 June 2025, the case studies feature seven publicly listed companies—CDL, Ecopetrol, Enel, Iberdrola, JSW Steel, Reckitt, and Vale—and demonstrate how GRI’s impact materiality approach and TNFD’s LEAP approach can be applied in a complementary manner. Aimed at enhancing transparency and consistency in nature-related reporting, the case studies also highlight the interoperability between the GRI Standards and TNFD Recommendations.

EU T+1 Industry Committee publishes roadmap for 2027 settlement cycle transition

The EU T+1 Industry Committee has published its High-Level Roadmap to support the transition to a T+1 securities settlement cycle across the EU and EEA by 11 October 2027. The roadmap outlines over 70 non-binding recommendations developed through cross-industry collaboration, intended to assist market participants in preparing for the operational, legal, and regulatory implications of the shortened settlement cycle. It covers areas including trading, clearing, settlement, asset management, foreign exchange, and corporate actions, with proposals such as standardised recall and return deadlines, real-time trade matching, harmonised delivery-versus-payment (DvP) and free-of-payment (FoP) cutoffs, and broader use of partial settlement and Hold & Release functionalities. A virtual launch event is scheduled for 3 July 2025.

Upper Tribunal upholds FCA bans and fines three former traders for bond futures manipulation

The Financial Conduct Authority has issued a press release announcing that the Upper Tribunal has upheld the Financial Conduct Authority's (FCA) decision to ban three former Mizuho International Plc traders from financial services and impose fines totalling £381,000 for market manipulation. Diego Urra, Jorge Lopez Gonzalez and Poojan Sheth were found to have engaged in 'spoofing' of Italian Government Bond futures between 1 June and 29 July 2016. The Tribunal confirmed the traders' actions were dishonest and lacked integrity, marking the third recent Upper Tribunal decision supporting FCA enforcement actions.

PRA hosts CFO roundtable on coherent and cost-effective reporting

The Prudential Regulation Authority (PRA) has announced that it hosted a roundtable on 19 May 2025 with chief financial officers from the UK’s largest and most systemic firms to discuss the Future Banking Data (FBD) project. Senior representatives from the Bank of England (BoE) and the Financial Conduct Authority (FCA) also attended. The session focused on gathering feedback on planned deliverables for the year ahead and shaping the longer-term direction of the FBD initiative, which aims to create a coherent, proportionate, and cost-effective reporting framework for UK firms. The PRA plans to continue engagement through trade associations and will provide an update to CFOs in Q3 2025. A multi-year vision for reporting reform is expected by the end of 2025, alongside a discussion paper on data use and challenges.

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