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The Financial Services Insider | Issue 7

Grant Thornton’s "The Financial Services Insider" is a Quarterly Newsletter designed to help you navigate the constantly changing regulatory landscape within which your business operates.

"The Financial Services Insider" covers the main regulatory developments in the Financial Services sector, published by the EU and Greek competent authorities the previous quarter, in order to help you remain up-to-date with the most significant regulatory updates affecting your organization.

The most important highlights of the 4th quarter of 2021

Although significant evolutions exist in many areas, along with the announcements of Organizations plans for 2022 and beyond (e.g. ECB, EBA, SRB etc.), the 4th quarter of 2021 is mainly characterized by evolutions in the ESG and Climate Change related aspects, given also the implementation of COP26 (2021 United Nations Climate Change Conference).

More specifically, significant evolutions and announcements regarding sustainability and Climate related actions and disclosures (e.g. ECB’s pledge on climate change action, 2021 TCFD Status report issuance, IFRS Foundation establishment of International Sustainability Standards Board – ISSB, IOSCO report on ESG ratings and ESMAs and EBAs announcements on relevant actions with particular focus on efforts to update and enhance the entire relevant supervisory and regulatory frameworks etc.) are noted.

Into what next year’s banking operations are concerned, the issuance by ECB of a) the 2022 Climate change stress Test methodology, b) a report depicting the results of the supervisory review of Banks’ approaches to manage climate and environmental risks, along with c) a working paper regarding climate change litigation and central banks, sets the tone for future activities as the overall feeling is that despite any progress made the European banking sector has still a long way to go in order to meet relevant supervisory expectations.