The following Financial Services practice note produced in partnership with Arun Srivastava of Paul Hastings provides comprehensive and up to date legal information covering:
This Practice Note, produced in partnership with Arun Srivastava, partner at Paul Hastings (Europe) LLP, analyses the new proposed mandatory climate-related disclosures for financial institutions that were announced by the Chancellor in his statement on the post-Brexit future of UK financial services.
On 9 November 2020, Rishi Sunak, the Chancellor of the Exchequer, set out the UK’s ambitions for the future of financial services in his Financial Services statement.
For banks and other financial institutions, the statement contains important details of the government’s proposals around mandatory disclosures in relation to environmental issues. These proposals need to be considered in the context of the EU’s Sustainable Finance Disclosure Regulation, Regulation (EU) 2019/2088 (Disclosure Regulation) and the Taxonomy Regulation, Regulation (EU) 2020/852. It is clear both at the EU and UK domestic level that sustainability, and environmental social and governance (ESG) issues are key issues on the regulatory agenda. All firms will need to address these issues as they become increasingly integrated in the way businesses operate, the investment decisions that they take and the products that they offer.
The policy intention is both to ensure that financial institutions operate sustainably in their own right and that they play a role in directing capital and investment to businesses that promote sustainability. Environmental concerns around climate change also create
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Summary assessment—statement of costsSummary assessment is the procedure whereby costs are assessed by the judge who has heard the case or application (see Practice Note: Summary assessment). This Practice Note considers the use of a statement of costs in summary assessment. Form N260 is a model
AML and counter-terrorist financing—source of funds and source of wealthSource of funds and wealth was a key focus of the SRA’s Preventing Money Laundering and Financing of Terrorism thematic review, published in March 2018. Its findings included that:•most firms understood the distinction between
Pre-trial and case management hearings in the Crown CourtCoronavirus (COVID-19): This Practice Note contains guidance on subjects impacted by the Coronavirus Act 2020 (CA 2020). CA 2020, among other measures, makes provision for the extended use of live links and audio links in criminal proceedings.
Proprietary estoppelThis Practice Note considers proprietary estoppel from a generic standpoint.For industry specific guidance on proprietary estoppel, see Practice Notes:•Estoppel and property law•Mortgages by estoppelProprietary estoppel—what is it?Unlike the other forms of estoppel (see Practice
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