Christmas is coming early to the ESG bond market as the new EU Green Bond Standard applies from 21 December 2024. The new standard is conceptually similar to existing ICMA use of proceeds standards but quite different in...more
On October 31, 2023, the International Capital Market Association (ICMA) announced that it would be forming a working group to develop a voluntary code of conduct for Hong Kong-based ESG ratings and data providers. ICMA will...more
As we reach the midway point of 2023, the Hogan Lovells Sustainable Finance and Investment practice thought it would be useful to provide a review of recent key ESG developments from March-June 2023 to assist with navigating...more
When the European Parliament announced that political agreement on the EU Green Bond Regulation (the Regulation) had been reached with the Council on 28 February 2023, rapporteur Paul Tang was quoted as saying...more
La Superintendencia Financiera de Colombia (SFC) expidió recientemente la Circular Externa 020 del 29 de julio de 2022 mediante la cual se define el contenido que deberán tener aquellos prospectos de información que tengan...more
Challenges create opportunities and the environmental and social challenges we currently face are no exception. In this paper we consider the opportunities provided by sustainable finance, and more specifically impact...more
As “Green Bond” designations become more prevalent in the public finance market, many health care providers are asking: Are Green Bonds Right for Me? Not all transactions are able to achieve designation as Green Bonds,...more
Environmental, Social, and Governance (ESG) bonds have generated increasing investor demand, media attention, and regulatory focus over the past several years. ESG bonds, broadly encompassing “green bonds” and “social bonds,”...more
In this infographic, we break down the key differences between the International Capital Market Association (ICMA) Green Bond Principles and the proposed EU Green Bond Standard. The infographic can also be downloaded...more
The International Capital Market Association (“ICMA”) submitted June 15th comments to the Securities and Exchange Commission (“SEC”) in response to a request for public input on current potential regulation of climate change...more
Environmental, social and governance (ESG) factors are becoming increasingly relevant across a range of financial investments. This has been driven in part by changes in the legal and regulatory landscape, including increased...more
The ESG bond market is growing by leaps and bounds, buoyed partly by the COVID-19 pandemic. Our Finance Group takes a look at some recent green and sustainability-linked bond offerings in the sub-investment-grade market and...more
We break down the key differences between the ICMA Green Bond Principles and the proposed EU Green Bond Standard in the infographic below...more
Following the end of the Brexit transition period, debt capital markets participants may now need to consider both EU rules and the parallel UK rules for EU and UK transactions, particularly those that are cross-border. ...more
The International Capital Market Association ("ICMA") has published its much anticipated Climate Transition Finance Handbook1 (the "Handbook"). Unlike previous releases, the Handbook does not comprise a formal set of...more
On December 9, 2020, the International Capital Market Association (ICMA) released its Climate Transition Finance Handbook (Handbook) and related Q&As to guide issuers in connection with the issuance of...more
UK BMR: FCA approach to orderly wind down of LIBOR and consultation on Statements of Policy - The UK Financial Conduct Authority has published a document on the Benchmarks Regulation (UK BMR) and proposed amendments under...more
Annual transparency calculations for non-equity instruments: ESMA grants option to postpone to 21 September 2020 - The European Securities and Markets Authority (ESMA) has announced that trading venues and investment...more
In the wake of the unprecedented success of sustainability-linked loans, the concept of linking a debt instrument to sustainability performance and its utility was quickly adopted by the bond market with the creation of...more
La finance durable connaît une popularité considérable depuis quelques années alors que les promoteurs font valoir que les opérations liées à la durabilité constituent une façon novatrice et efficace d’améliorer la durabilité...more
Sustainable finance has gained significant popularity in recent years, as proponents argue that sustainability-linked transactions are an innovative and efficient way to enhance corporate sustainability through economic...more
BROKER-DEALER - SEC Amends CAT NMS Plan - On May 15, the Securities and Exchange Commission adopted amendments to the national market system plan governing the consolidated audit trail (the CAT NMS Plan). The Financial...more
BROKER-DEALER - FINRA Proposes Rule Change to Temporarily Amend Certain Timing, Method of Service and Other Procedural Requirements in FINRA Rules - On May 8, the Financial Industry Regulatory Authority (FINRA) filed...more
Since their introduction in 2017, social bonds issuances have increased in popularity as an alternative or additional sustainable option to the green bond market. Social bonds allow issuers to raise funds that provide support...more