The FCA hopes the proposals will protect consumer trust in ESG-related financial products and help consumers navigate the increasingly complex ESG-related financial market.

By Paul A. Davies, Nicola Higgs, Michael D. Green, James Bee, and Anne Mainwaring

On 25 October 2022, the UK’s Financial Conduct Authority (FCA) issued a consultation paper (the Consultation Paper) on Sustainability Disclosure Requirements (SDR) and investment labels.[1] According to the FCA, investment firms in the UK may intentionally or unintentionally be making exaggerated, misleading, or unsubstantiated sustainability-related claims about their products — also known as greenwashing — which has impacted consumer confidence in ESG-related or sustainable investment products in the UK. The proposals in the Consultation Paper seek to address this risk and restore consumer faith.

In Leisure Recreation & Entertainment, Inc. v. First Guaranty Bank, the Louisiana Supreme Court found the voluntary pay doctrine to be in direct conflict with the Civil Code.   In this action, the borrower was to make payments with interest accruing at 6.5% for years one through five of the loan, 7.5% in years six…

More and more states are passing statutes to restrict and/or monitor sales of products containing PFAS.  Recent news out of Maine suggests some practical downsides to a more aggressive legislative scheme; last month California took a more measured approach.

In July 2021, Maine enacted a law that will bar the sale in Maine of new…

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The U.S. Fish and Wildlife Service recently published a proposed rule revising regulations that authorize permit issuance for eagle incidental take and eagle nest take under the Bald and Golden Eagle Protection Act (the “Act”). In addition to retaining the individual permits already available under the Act, the new rule proposes creation of a “general” permit for qualifying wind energy and power line infrastructure projects.

For air emission sources in New Haven County, Middlesex County, and Shelton, Connecticut, the regulatory landscape will change on November 7, 2022. 

Per a regulation published on October 7, 2022, the EPA is reclassifying the extent to which air quality in these parts of the state has failed to attain a certain federal air quality…

On Tuesday, October 25, 2022, from 12 noon – 1pm (ET), Penn State Law’s Center for Agricultural and Shale Law held the latest installment in its Quarterly Dairy Legal Webinar series. In addition to a round-up of quarterly legal developments, the focus topic was the upcoming 2023 Farm Bill and the potential implications for the…

The number of pollution incidents allegedly perpetrated by water companies in the UK has risen sharply in the last few years. On 3 October 2022, the UK Government shared proposals to raise the maximum cap on civil penalties for pollution incidents to unprecedented levels – from £250,000 up to £250 million per violation.

If retained by the Sunak Government, the proposals will be subject to consultation. If implemented, they would represent a 1,000-fold increase on current levels. 

Why the increase?

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The requirement for companies to conduct human rights diligence (“HRDD“) is increasingly being implemented by legislators across the globe.  For example, the EU is expected to adopt its draft corporate sustainability and due diligence directive in 2023. Importantly, the Directive will apply to Japanese companies and their subsidiaries if they meet certain criteria (for further information on the applicability of the directive to Japanese companies, read our earlier blog post here). Japanese companies are, therefore, being required to strengthen their HRDD processes as a result of the legislation of foreign jurisdictions (including the EU).

On 13 September 2022, the Japanese Government published its Guidelines on Respecting Human Rights in Responsible Supply Chains (the “Guidelines“), which recommend that all enterprises engaging in business activities in Japan respect human rights in their supply chains and carry out HRDD.

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Earlier this year, Governor John Bel Edwards signed into law House Bill No. 515, amending La. R.S. 12:1333 and enacting the new La. R.S. 12:1333.1 of the Louisiana Limited Liability Company Law (the “LLC Law”), which became effective on August 1, 2022. This legislation represents meaningful changes to the nature of membership interests in Louisiana…