The regulator's consultation on ESG data and ratings providers, published on Wednesday (5 July) will close on 5 October 2023.
The UK regulator established a working group to develop the code last November, as a «kick-start» for progress towards a separate consultation launched by the Treasury into whether ESG data and ratings providers should be folded more strictly into the FCA's regulatory perimeter.
This consultation closed last month, and while the Treasury will set any resulting legislation, the FCA and PRA will be charged with enforcing it.
The regulator's consultation on ESG data and ratings providers, published on Wednesday (5 July) will close on 5October 2023, with a finalised code expected by the end of the year. It has confirmed it «will continue to work closely» with the Treasury as it considers the feedback and next steps.
FCA group to develop code of conduct for ESG data and ratings providers
The news comes just days after MSCI announced its endorsement of the Financial Services Agency of Japan (FSA)'s equivalent standard, which was finalised and published in December. A full list of the providers endorsing the standard is still awaited from the FSA since the endorsement period closed last week.
Other major players such as Refinitiv, FTSE Russell, Bloomberg and S&P have all made public endorsements over the past six months, with ISS ESG applauding the watchdog for its «leadership in prioritising the principles of research independence and robust and transparent internal governance practices of ESG research providers».
Speaking at the Sustainable Investment Festival earlier this month, Mark Manning, responsible for sustainable finance and stewardship at the FCA, said «the providers of these services need
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