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ESMA Seeks Feedback on Draft Standards to Regulate ESG Rating Providers in Europe
The European Securities and Markets Authority (ESMA) has initiated a public consultation to establish new regulations for ESG rating providers, aiming to improve transparency and accountability in the sector. The proposed Regulatory Technical Standards (RTS) include guidelines for information submission, internal safeguards to prevent conflicts of interest, and transparency requirements for disclosures to stakeholders. ESMA seeks feedback from financial institutions and companies involved with ESG ratings until June 20, 2025, after which it will finalize the standards for submission to the European Commission in October 2025. This initiative is crucial for companies seeking ESG recognition and financial institutions relying on ESG scores.
EBA Streamlines ICT Risk Management Requirements Under DORA: What You Need to Know
The European Banking Authority (EBA) has updated its Guidelines on ICT and security risk management to align with the Digital Operational Resilience Act (DORA), effective January 17, 2025. The revisions narrow the focus to credit institutions, payment institutions, and exempted entities, aiming to eliminate overlaps with existing regulations. Key changes include a streamlined approach to relationship management for payment service users and a refined scope that excludes certain payment service providers under the Payment Services Directive (PSD2). These updates reflect the evolving regulatory landscape as the financial sector prepares for DORA’s implementation.
SSBJ Unveils Groundbreaking Sustainability Disclosure Standards: A New Era in Eco-Transparency
The Sustainability Standards Board of Japan (SSBJ) has launched its first sustainability disclosure standards to align Japan’s practices with global norms. Established in July 2022, the SSBJ aims to ensure that sustainability disclosures meet international comparability standards. During its 49th Board Meeting, three key standards were introduced: the Universal Sustainability Disclosure Standard, the General Disclosures Standard, and the Climate-related Disclosures Standard. Currently available only in Japanese, the SSBJ plans to provide an English overview and a comparison with ISSB Standards. These initiatives are intended to enhance transparency, accountability, and international cooperation in sustainability practices.
Soter Insure Secures Series A Funding to Revolutionize Digital Asset Insurance Solutions
Soter Insure, a provider of specialized insurance for the digital asset economy, has completed a Series A funding round led by Galaxy Digital, with participation from investors like Brevan Howard Digital and Token Bay. The funding will enhance Soter Insure’s innovative insurance products addressing risks in the growing Web3 sector, such as asset loss and smart contract failures. Headquartered in Abu Dhabi, the company aims to bridge the insurance gap in digital assets, instilling confidence among institutional and retail participants. CEO Henson Orser emphasized the company’s mission to set new standards in risk management for the digital asset space.
New 1,000-Employee Threshold: Key Exemption for Firms Under CSRD Reporting Requirements
The European Commission’s Omnibus Proposal, introduced in February 2025, aims to transform sustainability reporting under the Corporate Sustainability Reporting Directive (CSRD) by easing compliance for businesses. It consists of two main directives: the “Stop-the-Clock” Directive, which grants a two-year extension for companies to meet CSRD obligations, and the “Simplification” Proposed Directive, which adjusts reporting thresholds to apply only to firms with over 1,000 employees or significant financial metrics. These changes aim to reduce the administrative burden, particularly on SMEs, and promote voluntary standards, while the legislative process continues toward final approval.
RIIG-HOOTL Secures UAE Funding to Scale AI-Powered Cybersecurity and Health Tech Insurance Solutions
RIIG – HOOTL, a cybersecurity and AI-driven health tech company, has secured significant funding from UAE investors, prompting a rebranding to HOOTL, which stands for “Humans Out of the Loop.” This funding will accelerate product development, establish a UAE office, and strengthen partnerships with local entities. HOOTL aims to enhance insurance processes through advanced AI systems, aligning with the UAE’s digital transformation goals. CEO Denver Riggleman expressed gratitude for the support, highlighting the innovative nature of their solutions in insurance verification and claims adjudication. Engagements with UAE leaders have reinforced HOOTL’s commitment to the region’s healthcare modernization efforts.