On May 3, 2023, the Canadian Parliament made an announcement regarding the passage of Bill S-211, an Act to implement the “Fighting Against Forced Labour and Child Labour in Supply Chains Act”. If it receives royal assent in 2023, the Act will come into effect on January 1, 2024, which will require initial reports for the Act to be submitted no later than May 31, 2024.
The CSRD is set to revolutionize ESG reporting. What exactly is it, who will be impacted, what will be required and when does it take effect? Here’s everything you need to know.
The U.S. Securities and Exchange Commission’s (SEC) proposed ruling aims to enhance and standardize climate-related disclosures for investors in an effort to promote the importance of climate change risks and opportunities among public companies. This ruling, while originally meant to be disclosed in October 2022, is anticipated to be released shortly.
On January 5, 2023, the EU’s Corporate Sustainability Reporting Directive (CSRD) took effect, affecting 10,000 non-EU companies, including 3,000 from the US.
The European Union Deforestation-Free Regulation (EUDR), which is expected to be adopted spring 2023, will attempt to limit deforestation caused by seven key agricultural and forestry commodities.
Sustainable Finance Disclosure Regulation (SFDR) is a European regulation introduced on March 10, 2021. It is an important pillar of the EU action plan on financing sustainable growth. SFDR aims to improve transparency in the market for sustainable investment products, prevent greenwashing and increase transparency around sustainability claims made by financial market participants. Under SFDR, Financial Market Participants (FMPs) and financial products are subject to different disclosure requirements.
