Kevin Kinsella2 min read
Thomas Hyrkiel5 min read
Carmen Cracknell2 min read

The PRA has issued a principles-based, proportionate framework of expectations for firms to manage climate-related financial risk.

The proposals address well-documented concerns about opacity, reliability, and independence in the ESG ratings market.
Laura Houët | CMS, Ben Maconick | CMS, Oliver Williams | CMS7 min read

A holistic summary of the differences between the leaked version and this official version.
Laura Houët | CMS, Ben Maconick | CMS, Oliver Williams | CMS6 min read

The reforms would largely preserve the current UK short-selling framework while reflecting the updates of the SSR 2025 and introducing targeted operational changes.
Ben Maconick | CMS, Tom Callaby | CMS4 min read

New measures applicable to UK‑located providers delivering ratings to any client globally and also overseas providers where ratings are made available to UK customers.
Laura Houët | CMS, Ben Maconick | CMS5 min read

What’s changed and what it means for financial institutions.
Laura Houët | CMS, Ben Maconick | CMS3 min read

New regime comes into effect in early 2026.
Ash Saluja | CMS, Tom Callaby | CMS, Ben Maconick | CMS5 min read

If endorsed, the use of these standards in reporting would initially be voluntary, but may become mandatory.