June 23, 2021

Volume XI, Number 174

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June 23, 2021

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June 22, 2021

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June 21, 2021

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UK Treasury Committee Publishes Report on Net Zero and the Future of Green Finance

On April 22, the House of Commons Treasury Committee (Committee) published a report on net zero and the future of green finance in the UK (the Report) along with a press release.

The key recommendations proposed by the Committee to achieve net-zero in the UK by 2050 include:

  • labeling financial products clearly for consumers to assess their climate impacts and make choices accordingly;

  • preventing greenwashing of financial products to combat the potential to mislead consumers;

  • recommending the Financial Conduct Authority (FCA) should consider undertaking additional FinTech challenges to encourage innovation and tackle any remaining regulatory barriers that discourage innovative ‘green’ financial products from coming to market;

  • efficiently incorporating revised remits by the FCA and the Prudential Regulation Authority (PRA) to include climate change;

  • reporting the proportion of pension holders who remain in default funds and the extent to which those funds are compatible with the aim to net-zero;

  • issuing the UK’s first green sovereign bonds (or ‘green gilts’); and

  • advising the government to outline principles on which the UK will fund its transition to net zero.

The Report

Committee Press Release

©2021 Katten Muchin Rosenman LLPNational Law Review, Volume XI, Number 120
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TRENDING LEGAL ANALYSIS

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About this Author

Carolyn H. Jackson, International Attorney, Katten Muchin law firm
Partner

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...

+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
Partner

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...

44-0-20-7776-7666
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