On 4 July 2025, the European Commission adopted a regulation (the “Delegated Regulation”) aimed at streamlining the European Union’s Taxonomy Regulation (the “Taxonomy Regulation”). These reforms are intended to ease administrative burdens on EU companies and strengthen the EU’s global competitiveness, while maintaining the integrity of its core climate and environmental
ESG
ESMA Publishes Four Principles for Clear, Fair and Not Misleading Sustainability-Related Claims
By John Verwey, Rachel Lowe, Michael Singh & Sulaiman Malik on
On 1 July 2025, the European Securities and Markets Authority (“ESMA”) published a thematic note on making clear, fair and not misleading sustainability-related claims, to address greenwashing risks (the “Thematic Note”).
In the Thematic Note, ESMA sets out that sustainability information is increasingly important in investor choice, and, due to its…
Timetable extended for developing new CSRD Standards, following EFRAG Progress Report
By John Verwey, Rachel Lowe, Michael Singh & Sulaiman Malik on
A new extended timetable is now in play for the European Financial Reporting Advisory Group (“EFRAG”) following a letter sent by the EU Commissioner Albuquerque on 1 July 2025. EFRAG is tasked with the responsibility to streamline the European Sustainability Reporting Standards (“ESRS”) which form the core requirements of the Corporate…
Council of the European Union Agrees Mandate to Streamline CSRD and CSDDD Requirements
By John Verwey, Rachel Lowe, Sulaiman Malik & Michael Singh on
On 23 June 2025, the Council of the European Union (“Council”) endorsed its negotiating mandate on the European Commission’s Omnibus I proposal, which aims to streamline the Corporate Sustainability Reporting Directive ((EU) 2022/2464) (“CSRD”) and the Corporate Sustainability Due Diligence Directive ((EU) 2024/1760) (“CSDDD”). This initiative forms part of a broader EU strategy to reduce regulatory complexity and enhance…
Crack the Code: A guide to the UK Stewardship Code 2026
By John Verwey, Rachel Lowe, Michael Singh & Sulaiman Malik on
On 3 June 2025, the Financial Reporting Council (“FRC”) published its new UK Stewardship Code 2026 (the “Code”). The voluntary Code applies to asset managers, asset owners and services providers with the aim of providing greater transparency on reporting in respect of the stewardship roles undertaken on behalf of clients and…
Beyond the Forest: Navigating the EU’s Deforestation Rules
By John Verwey, Rachel Lowe, Michael Singh & Sulaiman Malik on
On 15 April 2025, the European Commission (the “Commission”) released new simplification measures relating to the EU Deforestation Regulation (“EUDR”) with the promise of ensuring a “simple, fair and cost-efficient implementation”. This is part of the Commission’s broader agenda for economic competitiveness and to reduce reporting burdens on businesses.
We recap…
Final opportunity to shape SFDR’s future in European Commission’s Call for Evidence
By Rachel Lowe, John Verwey, Michael Singh & Sulaiman Malik on
On 2 May 2025, the European Commission launched its ‘Call for Evidence’ on the review of the Sustainable Finance Disclosure Regulation (SFDR).
The European Commission aims to review the SFDR to simplify the framework, enhance usability, and prevent greenwashing. Stakeholders are invited to submit general feedback rather than answer specific questions…
EU Regulators Take Different Enforcement Paths for ESMA ESG Fund Name Guidelines
By John Verwey, Rachel Lowe, Sulaiman Malik & Michael Singh on
European regulators have taken different routes as to how they plan to enforce the European Securities and Markets Authority’s (“ESMA”) guidelines (the “Guidelines”) with respect to the use of sustainability‑related terms in fund names. The deadline to implement these changes for existing funds is by 21 May 2025 and has applied to…
CSRD’s ESRS Draft Work Plan Faces Rejection At Latest EFRAG Meeting
By John Verwey, Rachel Lowe, Sulaiman Malik & Michael Singh on
On 15 April 2025, the sustainability reporting board (“SRB”) of the European Financial Reporting Advisory Group (“EFRAG”) failed to agree to an internal timeline for delivering advice to the European Commission on the simplification of the European Sustainability Reporting Standards (“ESRS”), which is at the centre of the Corporate Sustainability…
AIFMD 2.0 – Draft RTS and Final Guidelines Published on Liquidity Management Tools
By John Verwey, Rachel Lowe, Sulaiman Malik & Michael Singh on
On 15 April 2025, the European Securities and Markets Authority (“ESMA”) published draft regulatory technical standards (the “Draft RTS”) and final guidelines (the “Guidelines”) on Liquidity Management Tools (“LMTs”), as required under the revised Alternative Investment Fund Managers Directive (EU/2024/927) (“AIFMD 2.0”).
Under AIFMD 2.0…