EU sets out plan for investor sustainability disclosure rules

first_imgThe European Parliament and EU member states have reached a political agreement on the so-called disclosure regulation that forms part of the European Commission’s sustainable finance plan, it was announced today.According to a statement from the EU Council, the EU member states body, the text that was agreed today requires institutional investors to disclose:the procedures they have in place to integrate environmental and social risks into their investment and advisory processes;the extent to which those risks might have an impact on the profitability of the investment; andwhere they claim to be pursuing an environmentally friendly strategy, information on how this strategy is implemented and the sustainability or climate impact of their products and portfolios.The Council said the proposed regulation “should in practice limit possible ‘greenwashing’, or “the risk that products and services which are marketed as sustainable or climate friendly in reality do not meet the sustainable/climate objectives claimed to be pursued”. The rules would “encourage investors to be more aware of the impact of their business on the environment”, it added.According to the Commission, the regulation is about more than disclosure. It said the new regulation set out how financial market participants and advisers must integrate environmental, social or governance (ESG) risks and opportunities in their processes. This was in addition to rules about how those financial market participants should inform investors about their “compliance” with the integration of ESG risks and opportunities.Next stepsEU ambassadors must now endorse the political agreement, and after that the European Parliament and Council will be called on to adopt the proposed regulation at the first reading.An EU press officer told IPE the agreement was a provisional political one, and that further technical work was required on the text to finalise drafting. The text should be made available when it is confirmed by the EU ambassadors.The disclosures regulation is the second of the Commission’s sustainable finance legislative proposals for which there is now political agreement. Last month agreement was reached on a low-carbon benchmarks regulation proposal.‘Delegated acts’It is not clear what was agreed, if anything, with regard to whether the regulation should allow for delegated acts under the new EU pension fund legislation, the IORP II directive.The European Commission’s proposal for the regulation, unveiled in May last year, provided for this, but the EU pension fund industry has lobbied against it.The European Parliament went into negotiations with the Council having stuck with a provision for delegated acts under IORP II, while the member states dropped it from their version.The EU press officer could not say what had been agreed about this.According to the Commission, the regulation covered five financial services sectors, including investment funds, private and occupational pensions, and individual portfolio management. It also indicated the rules were for “manufacturers of financial products and financial advisers towards end-investors”, while the Council statement referred to “financial companies” and “institutional investors, such as asset managers or insurance companies”.Aba, the German occupational pension association, argued that occupational pension funds, which have a social purpose and regularly act as users of financial market products, should not be included in the definition of financial market participants under the regulation.It has also said that pension schemes should not be defined as financial market products because they were embedded in national social and labour law. The Commission said the rules introduced ”a disclosure toolbox to be applied in the same manner by different financial market operators”.The European Insurance and Occupational Pensions Authority and the other two European supervisory authorities, plus a joint committee of these three bodies, would “ensure further convergence and harmonisation of disclosures in all the sectors concerned”, it said.last_img read more

Fast reaction: 3 takeaways from Syracuse’s 10-9 season-ending loss to Cornell

first_img Facebook Twitter Google+ Published on May 13, 2018 at 9:36 pm Contact Charlie: csdistur@syr.edu | @charliedisturco Nate Solomon took the ball in play before being knocked down by a Cornell defender. A yellow flag flew in the air and the clock ticked past seven seconds left. The two grappled for the ball, but the penalty would never come. The clock hit zero and a sea of red jerseys flooded the field.On Sunday night, No. 8-seed Syracuse (8-7, 4-0 Atlantic Coast) had an opportunity to get revenge against Cornell (13-4, 3-2 Ivy). It had fallen earlier in the year, 13-8, to the Big Red. The Orange never trailed in the first half and entered the break up a pair of goals. It had been 5-0 in previous games when leading at half. But in the second half, Cornell crept back in and with SU constantly turning the ball over, the Big Red took advantage, taking its first lead late in the fourth quarter. Syracuse would never take the lead back, falling to Cornell, 10-9, in the opening round of the NCAA tournamentFor the first time since 2011, Cornell won at the Carrier Dome and will play Maryland in the quarterfinals next weekend.Here are three reactions from the game.Nick Mellen dominates Jeff Teat, but not enough in lossThe biggest storyline heading into Sunday night’s matchup was the battle between first-team All-American Jeff Teat and Syracuse’s No. 1 defender, Nick Mellen. The last time these two faced off, Mellen caused three turnovers but Teat tagged the Orange with a pair of goals and four assists.AdvertisementThis is placeholder textBut in the opening 30 minutes in the first round of the NCAA tournament, Teat had just one assist to his name. Mellen on the other hand, had two caused turnovers on the sophomore attack.Mellen stuck to Teat for most of the game and the only point for the latter came after a switch on a pick by Jake McCulloch. Andrew Helmer was beaten off a dodge and Mellen slid to help, leaving McCulloch wide open.The two caused turnovers came when Teat tried driving on Mellen. The first was a quick poke in the opening minutes of the second quarter that sent the ball bouncing free. The other came right before half, as Mellen’s stick wrapped around Teat and sent the ball into a scrum of white and red jerseys.The second half was similar, with Teat rarely seeing the ball. Mellen stuck to him, stick to his chest at all times and fought through screens to stay on Cornell’s leading points scorer.On one play in the second half, with the shot clock winding down for Cornell, Teat sat behind the net. He fired a pass but it was deflected off Mellen’s stick. Teat recovered it and quickly passed to the top of the offense. But the ball bounced around and the shot clock hit zero, giving the Orange possession.The entire game, Mellen kept Teat in check, whether it was at even strength or while man-down. But that didn’t matter, as Cornell won the game.Danny Varello bounces backOne of Syracuse’s biggest struggles all season long has been its success at the faceoff X. Since the Orange lost Ben Williams to graduation, it has relied on sophomore Danny Varello to fill the hole left by the All-American.And since March 24, when Varello won just 2-of-12 faceoffs against Duke, he has won the faceoff battle just once out of eight times — against North Carolina.But on Sunday, Varello won the faceoff battle handily. He had multiple pick-and-pop wins and other times, his wings scooped up loose ground balls after Varello sent the ball backwards.By the end of the first half, Varello had taken all but one faceoff — a win from Seth DeLisle. The Orange entered the break up two and had dominated the faceoff game, going 9-for-13.The second half trended the same, with Syracuse’s wings coming up big after multiple scrums off the faceoff. Syracuse kept turning the ball over, allowing Cornell to creep back into the game and making each faceoff became much more important.If it weren’t for Varello’s bounce back game, where he finished 12-for-18 from the faceoff X, the game would likely have ended with a larger margin than just one goal. Varello gave SU the opportunities it needed. The offense just couldn’t finish them.Man-Up kills SyracuseSyracuse entered Sunday night as the No. 18 team in the country while man-up, converting at a 41-percent clip. Its offense normally works the ball around before often finding an open man near the crease. But against Cornell, that offense fell short. By the final buzzer, Syracuse had finished 0-for-3 while man-up.Its first man-up came on a slash from Cornell goalkeeper Christian Knight. Jamie Trimboli scored a goal right before the penalty was in effect and the Orange had an opportunity to control momentum even further — SU was already on a 3-0 run. But its only shot came from Brendan Bomberry and it sailed wide.Its next man-up also came after a Syracuse goal — this one from Brendan Curry — late in the third quarter. Stephen Rehfuss sent a cross-field pass to Bomberry, whose shot was saved by Knight. Again, the penalty was killed.And then, trailing by one late in the fourth quarter, SU had a man-up opportunity with the chance to take the lead and gain momentum. But again, Bomberry was stopped by Knight.In the most important game of the season, Syracuse’s extra-man unit fell short. Had it converted on those chances, the Orange would be looking at a whole different game. But it didn’t. Commentslast_img read more

AUDIO: Premiership preview on Joy/BBC two way series

first_imgJoy Sports George Addo Jnr previews the Premiership games this weekend with BBC’s John Bennett on the Joy/ BBC two way series.https://soundcloud.com/gajnr/joysportsbbc-epl-surf-22nd-april-2016  –Follow Joy Sports on Twitter: @JoySportsGH. Our hashtag is #JoySportslast_img

Watch live stream of Attorney General William Barr holding press conference before release of Mueller Report

first_imgAttorney General William Barr will hold a press conference at 8:30 a.m. Central Time at the Justice Department headquarters, with Deputy Attorney General Rod Rosenstein in attendance.last_img