China ESG - Weekly News: Neuberger Berman sets up China unit ready for retail fund business

IOSCO introduces public consultation on ESG Ratings and Data Providers to address data gaps across multiples rating providers

On 26th July, The Board of the “International Organization of Securities Commissions (IOSCO)” put forward its consultation paper proposing a set of recommendations regarding Environmental, Social and Governance (ESG) Ratings, and Data Providers.

With this, IOSCO brings forth a set of recommendations aiming to address - gaps and inconsistencies in ESG ratings, lack of transparency about the methodologies underpinning these ratings and challenges faced by users of products and services from these ratings and data providers.

This initiative shall guide IOSCO member countries in understanding the implications of ESG ratings and data products providers and in subsequently establishing different frameworks to mitigate risks arising thereof. The public consultations end on 6 September 2021.

Source: IOSCO

Neuberger Berman sets up China unit ready for retail fund business

U.S. fund firm Neuberger Berman has created a new business platform in China that will enable it to launch its retail fund management operation once it obtains final regulatory approval.

The firm registered a 100%-owned legal entity called Neuberger Fund Management China on July 22, business records from the Shanghai Municipal Administration for Market Regulation show.

Patrick Liu, CEO of Neuberger Berman Investment Management (Shanghai), is named as the legal representative for the new entity, which also has Rmb150 million (US$ 23.2 million) in registered capital.

Source: Ignites Asia

EU Social and Harmful Activities Taxonomy

On 12th July, the European Commission published draft reports on the establishment of a Social Taxonomyas well as an extended Taxonomy providing further clarity on transition and significantly harmful activities.

Built on the foundation of international norms and principles like the sustainable development goals(SDG) and the UN guiding principles for businesses and human rights, a Social taxonomy would help investors to contribute to finance solutions around ensuring decent work, enabling inclusive and sustainable communities and affordable healthcare and housing, in addition to other important socially-focused objectives. A social taxonomy in this regard could be a significant step forward in helping investors identify relevant opportunities and most importantly, encouraging them to contribute to the ones most aligned with their values.

The Commission has launched calls for feedback regarding both proposals, open until 27th August 2021.

Source: ASPPR

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