ESG TP 1 Transitional provisions

1.1

ESG 2 as it applies to firms falling within Part A (asset managers) of the table in ESG 1.2.1R(2)

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ESG 2 is disapplied where a firm does not meet the requirements of an enhanced scope SMCR firm pursuant to SYSC 23 Annex 1 8.2R paragraph 1.

From 1 January 2022 to 31 December 2022

Effective date of instrument

1.2

ESG 2 as it applies to firms falling within Part B (asset owners) of the table in ESG 1.2.1R(2)

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ESG 2 is disapplied where a firm has assets under management or administration in relation to TCFD in-scope business of less than £25bn calculated as a 3-year rolling average on an annual assessment.

From 1 January 2022 to 31 December 2022

Effective date of instrument

1.3

ESG 2.1.1R(1)

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(1)

For a firm to whom the disapplication in ESG TP 1.1 or ESG TP 1.2 is available, the first publication deadline for a TCFD entity report and a public TCFD product report is 30 June 2024.

From 1 January 2022

Effective date of instrument

(2)

For other firms, the first publication deadline for these reports is 30 June 2023.

1.4

ESG 2.1.2R(2)

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For a firm to whom the disapplication in ESG TP 1.1 or ESG TP 1.2 is available, the reporting period that must be covered by one or more TCFD entity reports is to commence from 1 January 2023.

From 1 January 2022

Effective date of instrument

1.5

ESG 2.3.5R(3)

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For a firm to whom the disapplication in ESG TP 1.1 or ESG TP 1.2 is available,

(a) the earliest reporting period for which a person can request on-demand information is to commence from 1 January 2023, and

(b) the earliest a person can request on-demand information is 1 July 2024.

From 1 January 2022

Effective date of instrument

1.6

ESG 2.3.9R(1)(b)

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The first reporting deadline for scope 3 greenhouse gas emissions is 30 June 2024.

From 1 January 2022

Effective date of instrument