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In their column for March 2023, Nick, Selmin and Emily draw out the key points from the Bank of England’s report on climate-related risks and the regulatory capital framework, an area that policymakers and regulators have been looking at closely for some time.
They consider the FCA’s discussion paper on finance for driving positive sustainable change (DP23/1), which highlights the role to be played by “governance, incentives and competence” in regulated firms if they are to contribute to the transition to a net zero economy. The column also surveys some of the challenges associated with the assessment and disclosure by banks of Scope 3 emissions.
Finally, the column looks at HM Treasury’s much anticipated vision for the future financial services regulatory regime for cryptoassets, which brings some coherence to an historically fragmented regulatory approach. The proposals are driven in part by the government’s desire to deliver a level playing field between crypto and traditional financial services firms conducting the same activity, where possible.
This article is reproduced with permission from Practical Law and was published in March 2023.
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