Global Trustee and Fiduciary Services Bite Sized Issue 12 2024

12 QUICK LINKS COSTS & CHARGES CSDR CRYPTOASSETS EMIR FINTECH FSB FUND LIQUIDITY MIFID II/MIFIR NBFI OPERATIONAL RESILIENCE SUSTAINABLEFINANCE/ESG T+1 ASIA NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 12 | 2024 IOSCO Publishes Report on Transition Plans Disclosures On 13 November 2024, International Organization of Securities Commissions (IOSCO) published a Report on Transition Plans Disclosures. Developed by IOSCO’s Sustainable Finance Taskforce (STF), IOSCO says that the Report sets out how transition plans disclosures can support the objectives of investor protection and market integrity, and shares challenges and key findings which point towards a series of coordinated actions for IOSCO and other stakeholders to consider in the future which concern four main aspects: 1. Where transition plans are published, encouraging consistency and comparability through guidance on transition plan disclosures; 2. Promoting assurance of transition plan disclosures; 3. Enhancing legal and regulatory clarity and oversight; and 4. Building capacity. IOSCO’s Report welcomes the IFRS Foundation’s plan to develop educational material and, if needed, application guidance to support transition plans disclosures that provide investors with the information needed to make informed decisions about risks and opportunities. IOSCO says it encourages relevant standard setters to consider providing markers on what would constitute forward-looking information, in accordance with their standards and governance processes to enhance clarity. The Report highlights the five most useful components of transition plans disclosures that were suggested by market participants in IOSCO’s outreach: 1. Ambition and targets; 2. Decarbonization levers and action plan; 3. Governance and oversight; 4. Financial resources and human capital; and 5. Financial implications. Link to Report here IFRS Report Sets out Global Progress Towards Both Mandated and Voluntary Corporate Climate-related Disclosures On 12 November 2024, the IFRS Foundation published a progress report on the global introduction of ISSB standards. The report also sets out alignment of disclosures with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. The report shares information about the status of the 30 jurisdictions that are progressing towards introducing ISSB Standards in their regulatory frameworks, as well as insights into how companies are transitioning from disclosures prepared using the TCFD recommendations to disclosures prepared using ISSB Standards. A separate analysis by the IFRS Foundation on some key features in these 30 jurisdictional frameworks illustrates: • Jurisdictions see the value of Scope 3 greenhouse gas (GHG) emissions disclosures. All 29 jurisdictions that have finalised or published proposals on climate-related disclosures have included Scope 3 GHG emissions disclosure requirements, with some allowing or proposing brief extensions of transitional reliefs to prepare for the requirements. • Jurisdictions see the value of including industry-specific disclosure requirements. 28 jurisdictions have included or are considering requirements for industry-specific disclosure. Just two of the 30 jurisdictions have signalled the intention to make industry-specific disclosure voluntary, at least initially.