The association noted that regulators could provide market participants with much-needed additional trust in ESG ratings and data.

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

On 23 November 2021, the International Organization of Securities Commissions (IOSCO) published a report and set of recommendations (Recommendations) in relation to the providers of environmental, social, and governance (ESG) ratings and data products. The Recommendations come as the market for ESG ratings and data products has grown considerably over recent years, largely as a result of the increasing demands of investors to obtain reliable and comparable ESG-related data on companies. The Recommendations follow on from a consultation that IOSCO issued in July 2021 (for more information, see this Latham blog post), and include a summary of the feedback that was received in relation to the consultation as an Annex.

IOSCO recognised that the area of ESG ratings and data product providers is not one that securities regulators would ordinarily be concerned with. However, given the rapidly expanding role these providers have within global securities markets, IOSCO noted that the involvement of regulators could provide market participants with much-needed additional trust in ESG ratings and data.

After over two weeks of conferencing, the 26th Conference of the Parties to the United Nations Framework on Climate Change (COP26) concluded with the finalization of the Glasgow Climate Pact (the “Glasgow Pact”) listing the accomplishments of the summit. The Glasgow Pact reaffirms the long-term global goals (including those in the Paris Agreement) to hold the increase in the global average temperature to “well below 2°C” above pre-industrial levels and to pursue efforts to limit temperature increase to 1.5°C above pre-industrial levels. It also states that limiting global warming to 1.5°C requires “rapid, deep, and sustained reductions in global greenhouse gas (GHG) emissions, including reducing global carbon dioxide emissions by 45 per cent by 2030 relative to the 2010 level and to net zero around mid-century, as well as deep reductions in other greenhouse gases.”…

Recently, the Cannabis Regulatory Commission (“CRC”) announced that it would begin accepting applications for Class 1 (cultivator), Class 2 (manufacturer), and Test Laboratory licenses under the New Jersey Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization Act on December 15, 2021. Class 5 (retailer) license applications will be accepted beginning March 15, 2022. Although the details…

S4168, a bill introduced in the NJ Senate, would require licensure for veterinary technicians.  New Jersey has not required licensure of veterinary technicians or other veterinary assistants, and the New Jersey Veterinary Medical Association has historically been opposed to such requirements.  Instead, regardless of the experience, training and education of veterinary assistants, New Jersey licensed…

In March 2021, the Office for Product Safety and Standards (“OPSS”) published a call for evidence seeking views on possible changes to the UK product safety regime post-Brexit, including to address new methods of manufacture and distribution, new products and technologies such as artificial intelligence, and environmental considerations. Following the deadline to respond to the…

The Glasgow conference was praised as a huge step forward in tackling climate change, but also drew criticism for not going far enough.

By Jean-Philippe Brisson, Paul A. Davies, Michael D. Green, and James Bee

Between 31 October and 12 November 2021, Glasgow hosted the 26th annual Conference of Parties (COP26) to the United Nations Framework Convention on Climate Change (UNFCCC), held under the presidency of the UK. Governments, corporations, academics, social groups, and other members of civil society converged with the aim of working together at the international level to tackle climate change.

Sunrise on a lake

On November 10, 2021, the Association of Southeast Asian Nations (ASEAN) released Version 1 of the ASEAN Taxonomy for Sustainable Finance (the “ASEAN Taxonomy“). First announced in March 2021, the ASEAN Taxonomy will provide a common language for sustainable finance among the ten ASEAN Member States (AMS) that, together, comprise the fifth largest economy in the world. This is a necessary and timely development as ASEAN remains highly vulnerable to climate change, which has had a significant impact on the people, businesses and governments of ASEAN.

Version 1 is a significant step in ASEAN’s sustainability journey, as this initial document will provide the framework for continuing discussions among AMS as the ASEAN Taxonomy develops. In this Blog Post, we highlight key aspects of Version 1 of the ASEAN Taxonomy and compare this new framework against the world’s most prominent sustainability taxonomy, the EU’s Taxonomy Regulation (the “EU Taxonomy“).

In Cal. Renters Legal Advocacy & Educ. Fund v. City of San Mateo (2021) 68 Cal.App.5th 820, the First District considered an appeal from the denial of a petition that alleged the City of San Mateo (City) improperly denied a housing development under the Housing Accountability Act (HAA). The Court agreed that the denial had violated the HAA, and further upheld the HAA as a constitutional exercise of legislative authority.

COVID-19: Federal Courts Affirm Stay and Consolidate Cases Challenging OSHA’s Vaccination and Testing Emergency Temporary Standard On November 12, 2021, the U.S. Court of Appeals for the Fifth Circuit issued an opinion reaffirming the court’s November 6, 2021  temporary stay of the U.S. Department of Labor (DOL) Occupational Safety and Health Administration’s (OSHA) November 5,…