- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-11-29T19:49:00
The Financial Conduct Authority (FCA) will implement a series of rules to minimize instances of “greenwashing” in the U.K. market.
The regulation package, confirmed by the FCA and announced Tuesday, contains two sets of rules and an investment labels regime all set to take effect during 2024.
The anti-greenwashing rule will apply to all FCA-authorized firms who make sustainability-related claims about their products and services. The regulator will pay scrutiny to how terms like “ESG,” “green,” and “sustainable” are used in marketing to ensure any such claims are fair, clear, and not misleading.
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The U.K. Financial Conduct Authority issued new guidance on how to comply with its upcoming anti-greenwashing rule, which is set to take effect May 31.
Two U.S. subsidiaries of Brazilian meat processing company JBS are the subject of a lawsuit filed by the New York attorney general accusing the businesses of using misleading statements and marketing regarding their environmental commitments.
Consumer goods company Unilever will be scrutinized by the U.K. Competition and Markets Authority regarding its marketing of certain products as environmentally friendly.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
