UK Financial Conduct Authority Publishes Policy Statement on Climate-Related Disclosures by Listed Issuers12/21/2020The U.K. Financial Conduct Authority has published a policy statement introducing a new rule and guidance on climate-related disclosures for commercial companies with a U.K. premium listing.
The new rule, which will apply for accounting periods beginning on or after January 1, 2021, will require premium-listed commercial companies to state in their annual reports whether they have made disclosures consistent with the recommendations of the Taskforce on Climate-related Financial Disclosures and, if they have not done so, explain why that is the case. The first financial reports containing these disclosures are expected to be published in Spring 2022.
The FCA's policy statement also includes a Technical Note, which applies with immediate effect and provides guidance on disclosures in relation to environmental, social and governance matters for a broader scope of entities, including listed issuers, other issuers with securities admitted to trading on regulated markets and certain issuers in scope of requirements under the EU Market Abuse Regulation and the EU Prospectus Regulation (both of which will have been onshored into U.K. law by the end of the Brexit implementation period).
The FCA intends to consult on implementing TCFD-aligned disclosures for a broader range of firms, including U.K.-authorized asset managers, life insurers and FCA-regulated pension providers in 2021.
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