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Regulatory Radar

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Updates to financial industry principles for assessing environmental and social risk

REGULATORY RADAR - The Equator Principles Association has released a new version of the Equator Principles, which serve as a common set of standards for financial institutions to assess and manage environmental and social risks in financing projects, such as project-related loans and project finance advisory services.

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California bans insurers from dropping fire coverage

REGULATORY RADAR - The California Insurance Commission issued a one-year ban on insurers cancelling policies for homes and businesses in wildfire areas, a move that will impact at least 800,000 homes.

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New Jersey Assembly passes electric vehicle bill

REGULATORY RADAR - On January 6, 2020, the New Jersey Assembly’s Environment and Solid Waste and Appropriations Committees voted to pass legislation that establishes goals, initiatives, and programs to encourage and support use of plug-in electric vehicles (EVs).

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In U.S., 24 states raise the minimum wage in 2020

REGULATORY RADAR - Across the United States, the minimum wage increased for 24 states and 48 cities at the start of 2020.

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Hong Kong releases new ESG reporting requirements for publicly listed companies

REGULATORY RADAR - The Hong Kong Stock Exchange has published conclusions to its ESG Reporting Guide consultation, based on a questionnaire seeking public views on strengthening ESG rules and publishing guidance materials on ESG and gender diversity.

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EPA aims to reduce truck pollution

REGULATORY RADAR - On January 6, 2020, the United States Environmental Protection Agency (EPA) signed an Advance Notice of Proposed Rule with the intention of enacting a rulemaking effort known as the Cleaner Trucks Initiative.

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Shipping industry cutting sulfur emissions

REGULATORY RADAR - On January 1, 2020, a global regulation set by the International Maritime Organization (a United Nations agency responsible for ensuring safe and efficient shipping on clean oceans) came into effect, and will substantially reduce harmful sulfur oxide emissions from ships.

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Denmark Climate Act commits to reduce emissions 70% by 2030

REGULATORY RADAR - Denmark has adopted its first ever climate bill. In December 2019, the Danish Parliament approved a target of reducing carbon dioxide (CO2) emissions by 70% by 2030, in comparison with 1990 levels.

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CFPB issues clarification on abusive financial practices

REGULATORY RADAR - The Consumer Financial Protection Bureau (CFPB) has issued policy guidance clarifying its intended application of the “abusiveness” standard under the Dodd-Frank Act, which was intended to protect consumers from abusive practices related to financial services and products.

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France passes anti-waste legislation

REGULATORY RADAR - France has passed new rules prohibiting luxury goods companies from destroying returned items and unsold goods.

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New Jersey builders required to consider climate change

REGULATORY RADAR - On January 27, 2020, New Jersey Gov. Philip D. Murphy announced that builders will be required to account for the impact of climate change, including rising sea levels, to receive government approvals for projects.

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Virginia ratifies Equal Rights Amendment

REGULATORY RADAR - In January 2020, the Virginia Senate and House of Delegates voted to amend the U.S. Constitution, becoming the last state needed to ratify the Equal Rights Amendment (E.R.A.).

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