By Carly Phillips-Jones

On the 14 March 2022, the International Organization of Securities Commissions (IOSCO) published a press release setting out details of its work plan to develop sustainable finance. The IOSCO is an international body that aims to bring together the world’s securities regulators and develops, implements and promotes adherence to internationally recognised standards for securities regulation.

IOSCO’s aims for 2022 are to:

• Conduct a thorough review of the soon-to-be-published IFRS International Sustainability Standards Board (ISSB) Exposure Drafts of proposed climate and general sustainability disclosure requirements as well as the final standards when they are produced. If IOSCO determines that the IFRS Sustainability Standards are fit for purpose, its decision would provide all 140 IOSCO member jurisdictions with the basis to decide how they might adopt, apply or be informed by these standards.
• Continue work to develop assurance standards. IOSCO has identified independent assurance of the quality of corporate reporting of sustainability information as a key element of building trust in sustainability reporting.
• Conduct an in-depth review of carbon markets to help identify potential vulnerabilities in emerging voluntary carbon markets as well as the transparency and integrity in the functioning of carbon markets from the perspective of financial regulation.
• Increase engagement with both national regulators and market participants to push for the implementation of its recommendations to asset management, ESG ratings and data providers.

For an overview of Burges Salmon’s work in Sustainable Finance and relevant contacts, please see here.