International Sustainability Standards Board (ISSB)’s Post

🖥️This week, Securities Industry Development Corporation (SIDC) hosted training on the IFRS Sustainability Disclosure Standards (often referred to as the ‘ISSB Standards’) for listed companies and market participants in #Malaysia 🗣 We thank Tengku Zarina Tengku Chik, Chief Executive Officer of Securities Industry Development Corporation (SIDC) for their opening remarks. 🌱 The workshop on ISSB was facilitated by the UN SSE and the IFRS Foundation to help capital market participants get the most of the new sustainability disclosure standards. Together with the IFC - International Finance Corporation we are pleased to provide capital market participants around the world with free-of-cost, high-quality, expert-led training on key sustainability-related topics. 🙌Special appreciation to Securities Industry Development Corporation (SIDC) for hosting the training and to the hundreds of participants for their engaging questions! 👉 If you’d like to join us for a live workshop on the ISSB standards, be sure to check out the list of our events at: https://lnkd.in/efUT3AJD #sustainablefinance #climatedisclosure #ISSB #standards #training #ESG #BeyondTheBalanceSheet International Sustainability Standards Board (ISSB)

🌍 The #ISSB is delighted to welcome and support the International Organization of Securities Commissions - IOSCO's launch of its Growth and Emerging Markets (GEM) Committee Network for Adoption or Other Use of ISSB Standards.   The announcement marks a significant step towards supporting the adoption or other use of the IFRS Sustainability Disclosure Standards (#ISSB Standards) in jurisdictions represented in IOSCO's GEM Committee.   An initial cohort of 31 member jurisdictions across BRICS and Emerging Markets and Developing Economies (EMDEs), representing the majority of emerging market jurisdictions’ market capitalisation (90% of BRICS'), have joined the Network, with more expected in the coming months. Some have already announced their adoption plans, while others are considering early steps. Speaking at today’s launch event in Ankara, Türkiye, ISSB Chair Emmanuel Faber joined Chairman of the IOSCO Board, Jean-Paul Servais and Chairman of the GEM Committee and Vice-Chair of the IOSCO Board, Dr. Mohamed Farid Saleh to reflect on the critical role of this milestone for the continued development of sustainability-related reporting worldwide.   🤝 Thanking IOSCO for its continuous collaboration and support, Emmanuel Faber said: ‘We are delighted to see considerable interest from emerging markets jurisdictions towards adopting the ISSB’s global baseline of sustainability disclosures for capital markets.’   Read more 👉 https://lnkd.in/erC9Dfys

💡 BRICS, financing #sustainabledevelopment and #disclosurestandards In February 2024, during the #BRICS Finance Ministers and Central Bank Meetings, a decision was made to prepare a report on the Main approaches to harmonizing information disclosure standards in the area of sustainable development. A report was prepared https://lnkd.in/dBQdQs-b. 📌 Here are the key findings: 💼 Corporate sector: - #Egypt, #India, and the #UAE have legal frameworks that enforce sustainability disclosures as part of their listing requirements - #SouthAfrica requires that companies listed on the Johannesburg Stock Exchange must disclose financially significant environmental, social and governance (#ESG) factors as part of their reports - #China imposes mandatory disclosure requirements for constituents of important stock indexes, and encourages information disclosure by other listed companies - #Russia follows a soft regulatory approach by issuing recommendations - #Brazil requires companies to disclose sustainability-related information in accordance with the #IFRS S1 and S2 Standards starting from 2026 💰 Financial sector: - #SouthAfrica, #Russia and #Iran follow a soft regulatory approach to disclosing sustainability-related information - In #Egypt, the Non-banking financial institutions (#NBFI s) and banks are required to report sustainability-related data - #China. There is a number of documents that regulate financial organizations. The Guidelines for Financial Institutions are applicable to #banks, asset management companies, insurance companies, trusts and securities companies established by law in China - #India. The Reserve Bank of India (#RBI) has come out with Draft Disclosure Framework on Climate-related Financial Risks - #UAE and #Brazil. It is mandatory to issue sustainability reports for a scope of regulated companies In general, all #BRICS countries are planning to use or examine the #IFRS Standards as part of their regulation for the corporate and financial sectors. Russia, China and Egypt used IFRS standards to develop national regulations on sustainability disclosure. In Brazil, the compliance with IFRS standards is currently voluntary and will be considered mandatory from 2026. When it comes to 🔍#IndependentVerification of #sustainability #reports, it is currently required only in Brazil and India.

Insights into Audit and Compliance in Financial Industry On November 26, 2024, EIASM Prague hosted an informative lecture "Audit for Finance Industry Businesses: Global Regulations and Good Practices from the Czech National Bank and European Banking Authority".  Lecturer: Drahomíra Kubelová, head of compliance, shared her vast expertise from over 30 years in the financial industry across the EU. Key takeaways included:  The latest global regulations shaping the finance sector.  Best practices from the Czech National Bank and European Banking Authority.  Practical strategies for effective compliance in today’s evolving regulatory environment. This insightful session was a must-attend for professionals interested in the complexities of auditing and compliance in finance.  If you missed it, stay tuned - more events like this are coming to EIASM Prague! #FinanceIndustry   #AuditCompliance   #EIASMPrague  #CzechNationalBank #EuropeanBankingAuthority #FinancialRegulations #ProfessionalDevelopment See less — in Prague.

🙌Publication of New Financial Reporting Standards 🙌 We are excited to share the latest publication of HKFRS S1 and HKFRS S2 by HKICPA. These two standards are fully aligned with IFRS S1 and IFRS S2, which marks a significant step forward in enhancing sustainability reporting standards in our region. We are also honored to have participated in the technical feasibility study meeting on the adoption of ISSB Standards in Hong Kong. Thank you to everyone who contributed to this important initiative. We look forward to continuing our journey in promoting sustainable and responsible business practices in Hong Kong and beyond! 🌟 Reference: https://lnkd.in/g2jPzdNd   #Sustainability #HKFRS 

Last week, we have published and sent to our clients an article on Hong Kong's AEOI updates which can be downloaded from our EY website below: https://lnkd.in/gmfnHedE With the Hong Kong Inland Revenue Department’s (HKIRD) onsite Common Reporting Standard (CRS) compliance inspection as their ongoing initiative, coupled with the implementation effectiveness agenda on CRS compliance from the Organisation for Economic Co-operation and Development (OECD) as well as the evolving regulatory framework introducing more due diligence and reporting requirements, there is no time better than the present for Hong Kong Reporting Financial Institutions (HKRFIs) to reevaluate their Automatic Exchange of Financial Account Information (AEOI) compliance programs. In this AEOI Updates, we highlight the HKIRD’s key focus review areas in respect of CRS compliance via onsite inspections, as well as the upcoming legislation updates to the CRS. HKRFIs which have incorporated CRS compliance as part of their Business-As-Usual since the launch of CRS in Hong Kong in 2017 should now be prepared to return to Project mode in order to stay compliant and competitive in the market. Paul Ho Dalvir Sohanpal Hilton Kwok Garima Agarwal Smeet Mehta Arthur Cheung Stephanie Chan Amy Ang Mercy Joseph Tom Toryanik Jacqueline Bennett Brendan Marsh Danielle Clark Tara Ferris James Guthrie

The customer tax landscape continues to evolve. To get started refer to our tax alert for details on upcoming regulatory change! You may ask what does this mean for my current operating model. Here’s a few considerations. - CRS amendments will require a number of new data points for reporting, which will originate further upstream. Systems and offline processes put in place at the start of CRS will need to be revisited. Considerations: Is it cost effective to upgrade existing systems? Should we consider third party software? Is our operating model agile enough to respond to changing requirements? - With OECD leading the way through a forum to define the crypto asset regulatory framework, government approval of ETFs and exchange registrations on the rise, data collection at a transactional level will now enter the picture. Considerations: Do we have a systemised onboarding and due diligence process in place? Do we have a method to extract and combine customer profile and blockchain transactional data for future reporting purposes? - With an estimated expenditure of around $200billion by big tech in AI over 2024, access to capabilities within a working environment is becoming a reality. Considerations: How could AI support my role to ensure accurate, cost effective customer tax compliance? Could an AI agent help me with a self cert review, or suggest a classification outcome by reviewing docs post a change in circumstance, or maybe support my executive management during the sign off procedure? If you found the above useful, feel free to reach out to our team. Paul Ho Amy Ang Francis Tang Mercy Joseph Sima Shah Tom Toryanik Jacqueline BennettBrendan Marsh Kelum Kumarasinghe Albert Lee Talitha Jordan Ghaleon O.

ICGN has commented on the Hong Kong Institute of Certified Public Accountants (HKICPA) Exposure Drafts of Hong Kong Financial Reporting Standards S1 and S2 (“HKFRS”), welcoming the HKICPA’s efforts to fully align the HKFRS with the International Sustainability Standards Board (ISSB) Standards. Investors have been calling for comparable, reliable, and verifiable corporate sustainability disclosures, grounded in financial materiality, to make informed investment and stewardship decisions, and for their own reporting to beneficiaries. Global adoption of the ISSB Standards is key to achieve this. To ensure comparability of information, we encourage the HKICPA to adopt the ISSB Standards without substantial modifications, to the greatest extent possible. Read our full letter at: https://lnkd.in/d9H92shH #governance #corpgov #standards #ISSB #sustainability #sustainabilityreporting #materiality #investors #assetowners #assetmanagers

#IESBA Attends the IOSCO-IFRS Capacity Building Conference in #SãoPaulo.    IESBA Member Vania Borgerth represented IESBA at today's Capacity Building Program on Sustainable Finance, hosted by the International Organization of Securities Commissions (IOSCO), together with the IFRS Foundation. This technical training workshop was an insightful event for corporate issuers focused on sustainable finance disclosure requirements, which presented a terrific opportunity for the IESBA to highlight the #ethics and independence standards we are developing for #sustainability reporting and assurance. The workshop addresses the need to build capacity on ethics in sustainability during a time when the IESBA standards are still out for consultation (open for public comment until May 10th. more 👉 https://lnkd.in/e-pt3wnh), and, once finalized, will help do just that. IESBA looks forward to engaging with regulators, standard-setters, practitioners and other stakeholders from around the world on this important topic.    Initiated in September 2022, the event aims to prepare members for the new ISSB Standards. It includes high-level virtual roundtable sessions and in-person training programs. The workshop in São Paulo focused on the critical steps for securities regulators to adopt and implement the standards and the relevance of assurance and ethics standards in achieving consistently prepared and independently assured sustainability disclosures.   #EthicsInSustainability #ethics #accounting #reporting #assurance #IOSCO #IFRS

🌟 Exciting News! 🌟 🎉 I’m happy to share that, after an early request from ESMA, 🇮🇹 Consob has agreed to extend my secondment to the European Securities and Markets Authority (ESMA) for one more year, until August 2025. 🇪🇺 I'm truly honoured and professionally excited to continue my work with the Credit Rating Agencies (CRA) unit in the Conduct Supervision and Convergence department. 🌱📊I will keep focusing on key projects and ESMA's new sustainable finance mandates, such as the European Green Bond Standard and the ESG Rating Regulation proposal, while continuing to supervise CRAs. These initiatives are crucial for promoting sustainable finance and strong regulatory frameworks for ratings. 🚀Here’s to another year of growth, collaboration, and making a positive impact in the financial sector! #ESMA #Consob #Secondment #CreditRatingAgencies #ConductSupervision #FinancialMarkets #EuropeanGreenBond #ESGRatings #SustainableFinance #ProfessionalGrowth #ESGRatings #SustainableFinance #ProfessionalGrowth #EuropeanUnion