Closed consultation

Future regulatory regime for Environmental, Social, and Governance (ESG) ratings providers

From:
HM Treasury
Published
30 March 2023
Last updated
6 March 2024 — See all updates

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Summary

As announced by Chancellor of the Exchequer Jeremy Hunt at Spring Budget 2024, the government will regulate the provision of ESG Ratings, where these assessments of ESG factors are used for investment decisions and influence capital allocation. This will improve clarity and trust in ESG ratings. A full consultation response and legislative steps will follow later this year.

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Consultation description

Environmental, Social, and Governance (ESG) ratings are assessments of ESG matters, which increasingly drive investment decisions in financial markets. As part of the Edinburgh reforms in December 2022, Chancellor Jeremy Hunt announced that the government wants to ensure improved transparency and good conduct in the ESG ratings market, and that HM Treasury will consult on a potential regulatory regime for their providers. This consultation paper sets out proposals for the scope of such a regulatory regime. The consultation opens on 30 March 2023 and will close on 30 June 2023. Responses will inform the government’s next steps. Please submit your responses to ESGRatingsConsultation@hmtreasury.gov.uk.

Documents

Future regulatory regime for Environmental, Social, and Governance (ESG) ratings providers

Ref: ISBN 978-1-915596-81-9

PDF, 241 KB, 30 pages

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Published 30 March 2023
Last updated 6 March 2024 + show all updates

  1. HMT is announcing it will regulate ESG ratings as part of the Spring Budget on 6 March. This is a holding update for industry, and HMT’s consultation response and legislative timeline will follow after this announcement.

  2. First published.