This week the European Supervisory Authorities (ESAs), together with the European Central Bank (ECB) published a statement encouraging disclosure standards for climate-related data on securitised assets.
The ECB and ESAS argue that there is a lack of climate-related data on the assets underlying structured finance products, posing an obstacle to the proper assessment of climate-related risks and effective investment in climate-friendly products.
To address this the ESAs are working towards disclosure standards for securitized assets that will include climate-related information and reviewing regulation to promote robust disclosure requirements for financial products. While disclosures are voluntary at present, the ESAs are calling on originators to collect the data that investors need via existing securitization disclosure templates. The aim is for securitisation repositories to offer seamless access to climate-related data to support transparency and clarity for investors.
And for the future? Potentially, new climate change related disclosure requirements for similar funding instruments could provide consistent, comparable, harmonised data – ideally, in digital format!
“I just signed this veto because the legislation passed by the Congress would put at risk the retirement savings of individuals across the country,” Biden said in a video posted on Twitter.
The bill cleared Congress on March 1, when the Senate voted 50-46 to adopt a measure to overturn a Labor Department rule making it easier for fund managers to consider environmental, social and corporate governance, or ESG, issues for investments and shareholder rights decisions, such as through proxy voting.
The outcome highlighted Republicans’ willingness to oppose their traditional allies in Wall Street and corporate America that adopt what party lawmakers characterize as “woke” liberal practices.
Two Democratic senators, Joe Manchin of West Virginia and Jon Tester of Montana, voted with Republicans. Both face re-election in Republican-leaning states in 2024. The Republican-controlled House of Representatives passed the bill in February.
