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PRA and FCA Hosted the First Meeting of the Climate Financial Risk Forum

On March 8, the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) hosted the first meeting of the Climate Financial Risk Forum (CFRF). A press release covering the event was published by the FCA on March 12.

The CFRF’s objective is to build capacity and share best practices across financial regulators and the industry in order to advance financial sector responses to the financial risks resulting from climate change. It brings together senior representatives from across the financial sector, including banks and asset managers. The CFRF is chaired by Sarah Breeden, PRA Executive Director of International Banks Supervision, and Christopher Woolard, FCA Executive Director of Strategy and Competition.

At its first meeting, the CFRF set up four working groups to focus on risk management, scenario analysis, disclosure and innovation. The CFRF will meet three times a year, with its working groups meeting more frequently than the CFRF and reporting back to the larger group at each CFRF meeting. The aim is to produce practical guidance on each of the four focus areas, the final outputs of which will be shared widely with industry.

The CFRF will include observers from trade bodies in order to represent a broad range of firms and ensure the CFRF’s outputs are communicated to their members. Membership of its working groups will be wider than of the CFRF to enable the working groups to draw on expertise as necessary, such as from academia and industry.

The FCA’s press release is available here.

©2020 Katten Muchin Rosenman LLPNational Law Review, Volume IX, Number 74


About this Author

John Ahern, Financial Attorney, London, Katten Law Firm

John Ahern, partner at Katten Muchin Rosenman UK LLP and head of the London Financial Services group, focuses his practice on banking, financial services, UK and European financial markets, and related regulations. His background in private practice and as in-house counsel at a global investment bank provides him with perspective on the unique regulatory issues facing the wholesale and private banking sectors. John advises multilateral trading facilities, broker-dealers and banks on trading, clearing and settlement as well as custody of securities—both physical and...

+44 (0) 20 7770 5253
Carolyn H. Jackson, International Attorney, Katten Muchin law firm

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws and regulations. 

+44 0 20 7776 7625
Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring...

+44 0 20 7776 7629
Neil Robson, private equity fund managers counselor, Katten Law Firm, London

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...