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Sherman Expedition | 75,675,696 | References | Category:Military history Category:Politics |
Siegfried of Ballhausen | 75,675,716 | Siegfried of Ballhausen (or Balnhusen) was a priest of Ballhausen who wrote a universal history in Latin. His history is known from two versions. The original Historia universalis was completed in 1304, but he later revised it and continued it down to 1306 under the title Compendium historiarum. The autograph manuscripts of both versions survive. |
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Siegfried of Ballhausen | 75,675,716 | Both versions are divided into three parts. The first two are devoted to antiquity, mainly the Old Testament and New Testament periods. This includes a list of Roman emperors and kings of the Romans down to Albert I and a list of popes down to Benedict XI (Historia) or Clement V (Compendium). The third part covers Christian history. In this section, increasingly particular attention is paid to Siegfried's homeland of Thuringia. The works marks the beginning of the "Thuringian historical tradition". |
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Siegfried of Ballhausen | 75,675,716 | In titling his first edition Historia universalis, Siegfried coined the term "universal history". In opting for a less ambitious title for his revision, he seemingly recognized that his work was not truly universal. |
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Khaki Chokka | 75,675,739 | Khaki Chokka (transl. Khaki shirt) is a 2001 Indian Telugu-language action drama film directed by Vicky and starring Sai Kumar and Nilambari. |
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Khaki Chokka | 75,675,739 | Soundtrack | The film features no songs and the score was composed by Vandemataram Srinivas. |
Khaki Chokka | 75,675,739 | Reception | A critic from Idlebrain.com rated the film 3 1⁄4 out of 5 and wrote that "This film may not be a great film. But, it is going to cater to the needs of its target audiences. This film dishes out more than what you expect from a Sai Kumar's police oriented film". A critic from Sify wrote that "Saikumar is the only saving grace of this film. Unlike in his earlier films, Saikumar just throws his hands and legs around to a poor sound track". A critic from Full Hyderabad wrote that "Vicky (director, dialogues, screenplay, stunts) has an opinion about everything from law and politics to social ills and even graveyard bookings (yes, you read right). Sai Kumar's true calling in Tollywood is in full cry only after the interval, and this is the only thing that sustains interest". |
2010–11 LSU Tigers basketball team | 75,675,749 | The 2010–11 LSU Tigers basketball team represented LSU during the 2010–11 NCAA Division I men's basketball season. The Tigers, led by 3rd-year head coach Trent Johnson, played their home games at the Pete Maravich Assembly Center and were members of the Southeastern Conference. They finished the season 11–21 and 3–13 in SEC play to finish last in the West division. They lost to Vanderbilt in the first round of the SEC Basketball tournament. |
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2010–11 LSU Tigers basketball team | 75,675,749 | Previous season | The Tigers finished the 2009–10 season 11–20 overall and 2–14 in SEC play. They were not invited to either the NCAA tournament or the NIT. |
2010–11 LSU Tigers basketball team | 75,675,749 | Schedule and results | Schedule Source |
Ronald Meadows | 75,675,751 | Ronald William Meadows (2 December 1931 — 26 September 1985) was an Australian rugby union international. |
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Ronald Meadows | 75,675,751 | A native of Newcastle, Meadows attended North Sydney Boys High School, before undergoing studies at Duntroon Military College and the University of Sydney. He was a civil engineer by profession. |
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Ronald Meadows | 75,675,751 | Meadows, nicknamed twinkletoes, was a hooker and played his rugby for Wanderers after returning to Newcastle in 1957. Following representative appearances for NSW Country, he made the Wallabies squad for the 1957–58 tour of Britain, Ireland and France, as an understudy to Jim Brown. He played in 19 uncapped matches on the tour. When New Zealand Māori toured Australia in 1958, Meadows was hooker for all three Tests, with Brown having recently retired. He was capped a further three times on the 1958 tour of New Zealand. |
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Peace & Love (Charlie Charles song) | 75,675,774 | "Peace & Love" is a song by Italian record producer Charlie Charles, with vocals by Sfera Ebbasta and Ghali. It was released by Universal Music on 4 May 2018. |
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Peace & Love (Charlie Charles song) | 75,675,774 | The song peaked at number 1 on the FIMI single chart and was certified triple platinum in Italy. |
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Peace & Love (Charlie Charles song) | 75,675,774 | Personnel | Credits adapted from Tidal. |
Alan Simpson (cricketer) | 75,675,787 | Alan Richard Simpson (21 June 1890 – 3 February 1972) was an English first-class cricketer and an officer in the British Indian Army. |
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Alan Simpson (cricketer) | 75,675,787 | Simpson was born at Shaftesbury in June 1890. He served in the First World War with the British Indian Army Reserve of Officers, being commissioned as a second lieutenant in July 1915. A further promotion to lieutenant followed in July 1916. Following the war, he was promoted to captain in April 1920, prior to retiring from the Indian Army in April 1923. Shortly before his retirement, he made a single appearance in first-class cricket for the Europeans cricket team against the Parsees at Poona in the 1922–23 Bombay Quadrangular. Playing in the Europeans team as a bowler, he took figures of 6 for 73 in the Parsees first innings and 2 for 42 in their second innings; despite this, the Europeans lost the match by 118 runs. Simpson batted twice in the match, being dismissed in the Europeans first innings for 4 runs by P. H. Daruwala, while in their second innings he was unbeaten on 20. |
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Alan Simpson (cricketer) | 75,675,787 | By October 1929, Simpson had returned to service in the Indian Army as a captain; however, his return to service last for just under two years, with Simpson resigning his commission in June 1931. He later died at Hastings in February 1972. |
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Mark Lomuket | 75,675,799 | Mark Owon Lomuket (born 10 January 1999) is a Kenyan long-distance runner specializing in the 5000 metres. On 12 May 2021, he upset Olympic medallists Selemon Barega and Hagos Gebrhiwet to win the Bergamo Tuscany Camp Silver Meeting 5000 m in a time of 13:01.68. |
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Mark Lomuket | 75,675,799 | Biography | Lomuket is from Elgeyo-Marakwet County, Kenya. At the 2018 Elgeyo-Marakwet County cross country championships, he finished 10th in the under-20 race. After a 10th place finish at the 2019 Kenyan Athletics Championships 5000 m and only one race in 2020, Lomuket had a breakout year in 2021. |
Mark Lomuket | 75,675,799 | Biography | On 12 May 2021, Lomuket was entered in a Bergamo 5000 m race that then-Worlds silver medallist (and future Olympic gold medallist) Selemon Barega had set up as a time trial. Most expected Barega to win, if not the other more accomplished runners in the field like Hagos Gebrhiwet or Edward Zakayo. But after a quick first half, Barega faded over the second half and with 150 metres remaining in the race, Lomuket surprisingly took the lead and won the race in a world-leading time of 13:01.68. |
Mark Lomuket | 75,675,799 | Biography | Despite hitting the Olympic qualifying standard in the race, on 19 June Lomuket finished just 7th at the Kenyan Olympic Trials, and was not selected for the 2021 Kenyan Olympic team. |
Mark Lomuket | 75,675,799 | Biography | Later that year on 26 July, Lomuket won the Giro di Castelbuono road race, the oldest road race in Europe. He was said to have broken a "curse" preventing Kenyans from winning the race. |
Mark Lomuket | 75,675,799 | Biography | The following month on 21 August, Lomuket ran the two miles Diamond League race at the 2021 Prefontaine Classic. Though he was well-beaten in 8th place, his time of 8:15.54 was the fastest eighth-place result ever in any two miles race. |
Bombardment of Omoa | 75,675,824 | The Bombardment of Omoa was an assault by the British ship Niobe under the command of Sir Lambton Loraine, to the Honduran fortress of Omoa between 19-20 August 19 1873. |
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Bombardment of Omoa | 75,675,824 | Bombardment | The ship Niobe, previously in Trujillo under the control of the Arias government, returned to Puerto Cortés and reappeared off Omoa during the night of 18 August 18. On the morning of the 19th, an officer from the frigate approached General Streber with a communication from Captain Sir Lambton Loraine. |
Bombardment of Omoa | 75,675,824 | Bombardment | The message outlined the following events: |
Bombardment of Omoa | 75,675,824 | Bombardment | Upon receiving this communication, the Commander of the Niobe requested the release of British subjects held by General Streber, both military and prisoners. He demanded a payment of $100,000 in gold and silver to compensate for the losses suffered by British subjects during the looting of the town on the 17th. The British Consul's stolen possessions were also to be returned. Lastly, General Streber was required to indicate the reparations he intended to make regarding the insult on August 19, when the British Consulate was forcibly opened and looted by his officers and troops. |
Bombardment of Omoa | 75,675,824 | Bombardment | The Commander of Omoa sought an audience with the Captain of the Niobe, but it was denied. Meanwhile, an incident unfolded: the Castle Commander, aiming to boost morale, announced General Solares' victory in Chamelecón, celebrating with three cannon shots. In response, the Niobe immediately initiated a bombardment, raising the British flag. The bombardment continued throughout the day and night of the 19 until 6 a.m. on the 20 when the Fortress Commander raised a white flag. |
Bombardment of Omoa | 75,675,824 | Bombardment | Under the threat of cannons, the Omoa Commander agreed to a treaty, committing to release prisoners, return the claimed jewelry, and sign a document promising that the Government of Honduras would pay in cash for all losses incurred during the looting of Omoa. |
Bombardment of Omoa | 75,675,824 | References | Category:Battles involving Honduras Category:Military history of Honduras Category:1870s in Honduras |
Kurt Müller (politician) | 75,675,894 | Kurt Müller was the deputy chairman of the Communist Party of Germany (German: Kommunistische Partei Deutschlands; KPD). He was one of the victims of the Stalinist purges in the early 1950s. Müller was arrested in East Germany in March 1950. He traveled from West Germany, believing he would be attending an important metting, only to be accused of being an enemy agent and Trotskyite. While in Soviety custody, he was interrogated by the Stasi chief Erich Mielke, and spent six years imprisoned in the Sachsenhausen camp, the former Nazi concentration camp which continued operating as NKVD special camp Nr. 7 under NKVD control in the Soviet Occupation Zone. |
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Kurt Müller (politician) | 75,675,894 | Müller was not the inspiration for the anti-Nazi character Kurt Muller from Lillian Hellman's play Watch on the Rhine (upon which the 1943 film is based); that character was based the Soviet spy Otto Katz. |
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Peter Dunn (rugby union) | 75,675,895 | Peter Keith Dunn (29 October 1936 — 15 March 2019) was an Australian rugby union international. |
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Peter Dunn (rugby union) | 75,675,895 | A Manly RUFC product, Dunn was a prop and gained five caps for the Wallabies. He played all three Tests on the 1958 tour of New Zealand, which included a win in Christchurch, then both Tests against the 1959 British Lions. |
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Peter Dunn (rugby union) | 75,675,895 | Dunn was later a rugby league player, for Collegians and Wentworthville. |
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2018 FIBA 3x3 U23 World Cup | 75,675,896 | The 2018 FIBA 3x3 U23 World Cup consists of two sections: |
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Regulation of ESG rating in the European Union | 75,675,899 | The proposed EU regulation on ESG rating transparency and integrity aims to improve clarity in the EU's ESG rating processes, focusing on transparency rather than a uniform methodology of ESG rating providers (ERP). It details a set of definitions on the ESG rating key players, necessary disclosures and requirements for third country ERP and a supervision framework under ESMA's umbrella, which is set to become the sole ESG rating supervisor in the EU. |
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Regulation of ESG rating in the European Union | 75,675,899 | Following the ordinary legislative procedure with the Council of the European Union and its preparatory bodies, an amended version of the proposal was published on July 14, 2023. This revised proposal was subsequently presented to the European Parliament for the first reading . Its adoption, in its current form or with minimal amendments, is anticipated to be a crucial step in sustainable finance regulations in the EU and worldwide. |
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Regulation of ESG rating in the European Union | 75,675,899 | Context | Responsible investing through ESG has known a golden age globally driven by the COP21 or the Paris agreement , and the UN 2030 development goals sustainable. |
Regulation of ESG rating in the European Union | 75,675,899 | Context | The EU has a leading position in the sustainable funds market, commanding 84% of global assets in this sector. Additionally, it stands as the most advanced and diversified market for ESG investments. In comparison, the US, following at a distance, accounted for 11% of these global sustainable fund assets by September 2023. (See Exhibit 1) |
Regulation of ESG rating in the European Union | 75,675,899 | Context | Furthermore, it is to be noted that amid allegations of greenwashing and stricter regulations, there's a notable decrease in funds incorporating ESG-related terms into their names. An increasing number of funds in the United States are removing ESG-related terms from their names, a trend not observed in Europe. (See Exhibit 2) |
Regulation of ESG rating in the European Union | 75,675,899 | Context | ESG rating agencies are the main infomediaries of ESG investing. The number of ESG-rating companies in the ecosystem is not clear. Sustainalytics estimated it at over 600 in 2018. |
Regulation of ESG rating in the European Union | 75,675,899 | Context | However, the ESG market is going through an increasing trend of concentration. For instance, the data aggregator Morningstar took 40% of Sustainalytics stakes by 2017. Following that, the rating agency Moody’s acquired Vigeo Eiris in 2019, the former leader of European ESG rating agencies. ISS (Institutional Shareholder Services) acquired Germany’s Oekom, while S&P Global acquired the ESG rating business of RobecoSAM. The market's structure is divided between a few very large non-EU providers on one side, and numerous smaller EU providers on the other. |
Regulation of ESG rating in the European Union | 75,675,899 | Context | In this highly concentrated ecosystem, small groups of big index providers, like MSCI, play a pivotal role in setting the standards for what is generally accepted as sustainable finance. As for categorizing ESG rating agencies by purpose, it is crucial to distinguish between two private ESG rating clusters. |
Regulation of ESG rating in the European Union | 75,675,899 | Context | First, the ESG risk rating agencies (eg : MSCI, Sustainalytics, S&P, FTSE Russell), they are meant to measure how exposed a company is towards ESG risks -meaning the negative externalities impact on the company- more than concrete action on the three factors. Secondly, the ESG impact rating agencies (eg : Refinitiv, Moody s, ECPI, Sensefolio, Inrate) which measures ESG factors commitment, integration and results and therefore outward impact on society. |
Regulation of ESG rating in the European Union | 75,675,899 | Context | This classification is helpful for understanding the confusion around ESG ratings inefficiency in facing the big challenges ahead on the three factors. Indeed, a company with a higher score doesn’t necessarily mean that it has strong environmental, social and governance impact on the world, but rather a low exposure to ESG risks . |
Regulation of ESG rating in the European Union | 75,675,899 | Context | As for a legal point of view, the EU was soon sensitized to green legislation. For instance, the Netherlands launched a “green lending scheme” in 1995 and held that subject at heart since. The German government is also a major issuing body of ESG regulations. |
Regulation of ESG rating in the European Union | 75,675,899 | Context | As a whole, the engagement of EU in matter of a greener world blossomed through a flow of regulations, directives and proposals in line with the Green Deal package launched in 2020 and the EU sustainable finance Action plan. |
Regulation of ESG rating in the European Union | 75,675,899 | Context | In this regard, sustainable financial investment is a central piece of the strategy to bridge the climate finance gap reassured by COP 28. Between 2018 and 2022, the European commission accumulates a total of 574 in-force legislations regarding ESG, pushes forward problematic on ESG rating reliability and their safeguards. |
Regulation of ESG rating in the European Union | 75,675,899 | Context | Among this package of initiatives, the EU taxonomy regulation and its delegated acts aims to classify sectors and activities on their greenness and whether they are “Taxonomy-aligned”, “Taxonomy-eligible” or have a “transition exposure”( Allessi & Battiston, 2023). It depends thus on 2 axis: the level of transparency and disclosure of information, and the adequacy of the per se disclosed content to sustainable indicators updated through delegated acts. |
Regulation of ESG rating in the European Union | 75,675,899 | Context | In the context of corporate regulation, the EU taxonomy revolves around measures such as the Non-Financial Reporting Directive (NFRD), which was revised by the Corporate sustainability reporting directive (CSRD) in January 2023. This amendment expanded the scope of non-financial reporting to encompass nearly all companies, with a few exceptions, and introduced more detailed disclosure requirements. Despite these changes, concerns have been raised regarding the directive's impact on small and medium-sized enterprises (SMEs). The shift from voluntary to mandatory reporting, coupled with the increasing demands for data availability, accuracy, reliability, and understandability, is likely to result in higher administrative and training costs, potentially affecting the financial performance of SMEs. To mitigate these challenges, SMEs have been afforded additional preparation time, permitted to use simplified reporting models, and are anticipated to benefit from the disclosures through lower capital costs and reputation boosts . |
Regulation of ESG rating in the European Union | 75,675,899 | Context | In February 2023, the Sustainable Finance Disclosure Regulation (SFRD) pushes through this momentum and applies filters onto to all financial market participants (FMP) as well as their financial products as to categorize them as “Light Green” if they are broadly ESG-related (article 8) or “Dark Green” (article 9) if they are fully committed to sustainability matters. If the SFRD improved capital allocation towards global ESG friendly investments, a significant issue is referred to as the “ESG Capital Allocation Gap”. This gap states the dominance of the broad “Light Green” ESG indices, which do not meaningfully facilitate sustainability, as opposed to "Dark Green" indices that have better sustainability impact. This highlights the need for more effective capital allocation in ESG funds that integrate impactful initiatives to achieve real sustainability of the economy.FISMA is hamstrung by this issue knowing that a said 260 billion euros a year are the estimated need to put Europe on a good track to reach the 2030 ecological targets. |
Regulation of ESG rating in the European Union | 75,675,899 | Context | In the same line, since November 2023, the EU green bond standards regulation (EuGBS) adds up and guarantees that the profits made on green bonds sells are effectively directed towards “taxonomy-aligned activities” and ESMA's oversight. |
Regulation of ESG rating in the European Union | 75,675,899 | Context | The incoming regulation on the transparency and integrity of ESG rating activities (proposal on June, 2023; adoption by mid-2024) is now willing to enhance transparency, integrity, quality and independence of ERP in hope to shackle potential greenwashing linked to these infomediaries. For instance, ESMA outlined the correlation between the growth of ESG-related funds and greenwashing. The exponential rise of funds integrating vague ESG-related language in their names started since the Paris Agreement (2015), and is effective to deceivingly attract more investors. The 2020-2024 agenda of FISMA reflects dual objectives: increasing capital for sustainable investments and bolstering trust and investor protection in European financial markets . |
Regulation of ESG rating in the European Union | 75,675,899 | Context | Indeed, in the context of escalating concerns regarding the authenticity of corporate ecological sustainability claims, greenwashing has emerged as a significant issue and poses a real challenge on sustainable finance regulations gaps. This practice, wherein companies depict themselves as more environmentally responsible than they actually are, encompasses a range of deceptive tactics. According to the "Corruption and Integrity Risks in Climate Solutions" report, greenwashing manifests through misleading public communications and advertisements, the misrepresentation of ESG (Environmental, Social, and Governance) credentials, and the propagation of false or deceptive claims regarding carbon credits. The same report underscores that current regulations are markedly less rigourous for misleading ESG credentials compared to the other means. |
Regulation of ESG rating in the European Union | 75,675,899 | Context | Notably, in the jurisdictions surveyed, ESG rating agencies and auditors are not subject to any specific regulatory framework. This absence of oversight, coupled with the opacity of internal scoring methodologies- likely as a result of overprotectiveness of their proprietary methodologies - and a lack of uniformity in ESG assessments - that can be referred to as the ESG rating gap -, paves the way for potentially misleading claims. In extreme cases, this could escalate to bribery or fraud. |
Regulation of ESG rating in the European Union | 75,675,899 | Context | Recognizing these challenges, regulatory authorities are intensifying their scrutiny of ESG ratings. Efforts are underway to establish more stringent criteria for entities eligible to produce these ratings, with a focus on shrinking the risks of greenwashing and conflicts of interest. Consequently, the European Commission has introduced a proposal aimed at bolstering transparency and integrity within this domain. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | In the proposal, a special part should be regulated for the extension of the regulation to third-country providers in the EU. Secondly, it should outline conditions for ESG ratings in the EU. The new regulation should prescribe ESMA to maintain an approved ESG rating providers register. It should outline the ESMA’s supervisory powers and cooperation with national authorities. Final articles should grant the Commission authority for delegated acts as it was the case for the EU taxonomy. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | The proposal of regulation on ESG integrity highlights concerning limitations in the regulatory framework on sustainable finance. Among them, the blurriness of the basic definition of what ESG ratings are, the delegation of executive power to an external EU agency, and the enforcement of new requirements and rules to take part of the EU responsible finance playfield. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | The current Proposal does not distinguish between public and private companies that can provide ESG ratings. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | As regard to the globality of the ESG raters, the regulation will apply for both EU and non-EU companies with a relative ease on small and medium undertakings largely represented by EU raters. It is expected that the regulation obligations will have an impact on small providers with some administrative burden and costs of organizational changes, but on the other hand notable benefit for the small providers should be better visibility and reputation gain . |
Regulation of ESG rating in the European Union | 75,675,899 | Content | The term Environmental, Social, and Governance (ESG) was officially coined in 2004 by the UN Global Compact Initiative (UN, 2004). It set the ambitious goal to regroup three of the main ethical finance pillars: environmental, social and governance. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | After near two decades, finding a unique definition of ESG rating is still challenging. This is even the case in what is considered a forefront of ESG investing and a leading regulator, the European Union. Recent efforts to define this concept stemmed from EU financial supervisors or official texts from institutions that failed to find yet a consensus. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | About the former, ESMA (2021), in its letter to the European Commission, proposed the following broad definition when introducing their suggestion of a regulation on ESG rating activities : |
Regulation of ESG rating in the European Union | 75,675,899 | Content | "ESG rating means an opinion regarding an entity, issuer, or debt security s impact on or exposure to ESG factors, alignment with international climatic agreements or sustainability characteristics, issued using a defined ranking system of rating categories." |
Regulation of ESG rating in the European Union | 75,675,899 | Content | The current proposal for a regulation on the transparency and integrity of ESG rating activities (2023), at the core of this article, builds upon that pushing forward in its definition as following: |
Regulation of ESG rating in the European Union | 75,675,899 | Content | “An opinion, a score or a combination of both, regarding an entity, a financial instrument, a financial product, or an undertaking’s ESG profile or characteristics or exposure to ESG risks or the impact on people, society and the environment, that are based on an established methodology and defined ranking system of rating categories and that are provided to third parties, irrespective of whether such ESG rating is explicitly labelled as ‘rating’ or ‘ESG score”. (article 3, Proposal on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities regulation). |
Regulation of ESG rating in the European Union | 75,675,899 | Content | Both sources corroborate that ESG ratings assess the environmental, social, and governance characteristics, exposures to ESG risks or the impact on the environment and society in general of an entity, a financial instrument or a financial product, through a set of methodologies that can nevertheless differ. Thus, the regulation acknowledges and maintains the diversity of opinions and flexibility of ESG ratings, rather than a harmonizing measurement. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | This contrast on the basic definitions highlights the difficulty the challenge surrounding the regulation of ESG rating providers. Adopting clear definitions are key to regulation of the ESG ecosystem thus the need to define an ESG rating provider, the requirements needed to be met in this regard, the enforceability measures of this regulatory framework and the compliance supervision. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | This challenging role is granted to ESMA. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | According to the Commission proposal, conducting ESG ratings will require legal entities to apply for authorization to the European Securities and Markets (ESMA), the backbone of this proposal. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | The addition of overseeing Environmental, Social, and Governance (ESG) rating providers to the European Securities and Markets Authority's (ESMA) responsibilities can be seen as a coherent extension of its existing mandate and expertise. ESMA would have supervisory powers over ESG rating providers in addition to the supervision of rating agencies. Since there are similarities between supervisory functions, ESMA will have much more facilitated future supervision. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | ESMA’s birth is intimately intertwined with the 2008 financial crisis and the 2010 Eurozone crisis. At the light of these major turmoils, the prevailing EU financial supervision framework put on place by Lamfalussy did not stand the shock and was replaced by De Larosière regulatory framework. Therefore, what was known as the level 3 Lamfalussy agencies, the 3L3 Commitees (CESR, CEIOPS, CEBS) in this four level framework, were taken over by the current European Supervisory Authorities (ESA are composed of ESMA, EIOPA, EBA) in the European System of Financial Supervision (ESFS) launched in 2011 in answer to the debt crisis (Spendzharova, 2012). |
Regulation of ESG rating in the European Union | 75,675,899 | Content | However, this incremental change was subject to a whole new flow of criticism treating about the EU administrative landscape and, more specifically, the literature around agencification. In fact, scholars studied the rise of EU agencies with executive powers through a critical lens as it raised questions on the democratic principle of the delegation of these powers to external agents (Spendzharova, 2012), the threat toward the institutional balance of the EU, the impact on the European Parliament and the council of the EU co-decision process, the fragmentation it can cause within member states as capitals battle to host them (Lord, 2011). |
Regulation of ESG rating in the European Union | 75,675,899 | Content | ESMA started the first page of its history and enjoyed a succession of executive delegations from the commission starting with the Omnibus I (2010) and Omnibus II (2011), which made the ESA operational and gave ESMA the role of direct supervisor of Credit Rating Agencies and trade repositories. Similarly, ESMA's role in overseeing ESG rating providers can help ensure consistency in how these ratings are applied and interpreted across the European Union. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | In 2012, its competences were enhanced through the EU regulation on short selling and credit defaults swaps. The year 2014 marked an intensive regulatory pressure on financial markets. The MiFID II and MiFIR gave ESMA the responsibility of implementing technical standards in the financial market. The incorporation of ESG aspects into its supervisory activities reflects an understanding that financial markets are not just influenced by traditional economic factors but also by sustainable finance too. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | Its mandate includes investor protection and financial integrity and transparency with the Market abuse regulation (MAR), which is increasingly tied to ESG factors. Ensuring that ESG ratings are reliable and not misleading is an essential part of this role. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | As of its growing power, they are heavily criticized by some member states. The most vocal of them were the former EU country: UK. As a matter of fact, the growing weight of the agency was seen as a threat to national sovereignty and the matter grew to a litigation process in front of the European Court of Justice on the particular case of the possibility of ESMA to block short-sellings in time of crisis. UK argument, based on the Meroni case (case 9-56), was that this delegation of power was anti-constitutional and was a breach to national sovereignty. However, the ECJ held against UK in this matter reassuring ESMA of outmost trust in dealing with financial regulations in case of emergency. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | Each of these regulations and judgements have served as a springboard and settled ESMA as a key player in the financial realm regulatory framework and its association through the proposal of a regulation on ESG ratings activities integrity and transparency therefore aligns with the aim to concentrate a comprehensive EU Finance Single Rulebook on the hand of ESMA. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | However, if ESMA is said to be accountable, independent and competent in EU financial supervision, a glance on its relations and network signals potential conflict of interests while dealing with ESG investing. The surveillance of the ESMA is up the European parliament that still has a double discourse regarding agencification and might use this supervisory power for the sake of advancing a set of personal preferred policies. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | Under the proposed regulations, any entity wishing to offer Environmental, Social, and Governance (ESG) rating services within the European Union must obtain official authorization. Entities based in the EU are obliged to seek this authorization from the European Securities and Markets Authority. ESMA will grant authorization upon determining that the applicant meets the criteria outlined in the Proposal and the right to apply fines in case of non-compliance to the set of requirements on quality, integrity, independence and transparency. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | ESG rating provider comes from a third country, it will have to fulfil the following requirements, once it has informed ESMA of its intention to conduct ESG rating activities in the EU. The conditions are as follows |
Regulation of ESG rating in the European Union | 75,675,899 | Content | When authorized, the information on the identity of ESG rating providers that have received authorization, recognition or that complied to the proposed Equivalence Regulation will be available in the European Single Access Point (ESAP). |
Regulation of ESG rating in the European Union | 75,675,899 | Content | Studies like Miller’s (2002) or Kuncoro’s (2011) confirms that transparency has a great impact on companies, investors, creditors, and information intermediaries in the capital market, specifically helping to reduce information asymmetry. In this regard, the proposal requires ESG rating providers to: |
Regulation of ESG rating in the European Union | 75,675,899 | Content | Under the current system, self-regulated and based voluntary disclosure, the information produced by companies and ratings firms is often incomplete and inconsistent. The SFDR and NFDR/CSRD aim to gear toward more compulsoriness. When ESG disclosure become mandatory, standards become clearer, and reporting becomes more consistent and comparable (El-Hage, 2021, p378). As of the proposal divergence, it tackles the question of quality of ESG rating through the requirement and checking of the ERP knowledge and previous expertise proofs. |
Regulation of ESG rating in the European Union | 75,675,899 | Content | The integrity of ESG, on ESMA’s surveillance, require the EU agency’s tasks are not hampered by any mean and therefore the future Eu ERP would be asked to: |
Regulation of ESG rating in the European Union | 75,675,899 | Content | In addition to these, the independence of ESG rating is set to an unseen level before, and measure for hindering potential conflict of interests are setting the bar high as none of the rating agency can undergo consulting, investments, Audit, Banking, reinsurance, credit rating activities nor elaborations of green benchmarks. |
East Turkestan Revolutionary Party | 75,675,916 | The East Turkestan Revolutionary Party (ETRP) was a clandestine communist party active from 1946 to 1947, in what is now Ili Kazakh Autonomous Prefecture, in the Xinjiang Uyghur Autonomous Region of China. Abdulkerim Abbas, a Uyghur revolutionary who served as the interior minister of the Second East Turkestan Republic (ETR), led the party as chairman of a seven-member central executive committee. |
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East Turkestan Revolutionary Party | 75,675,916 | The ETRP emerged from the more moderate East Turkestan Revolutionary Youth League (ETRYL), a group of young, progressive-minded intellectuals who opposed the conservative faction of the ETR government. Many party members came from the ETRYL, and the ETRYL later became the party's youth wing. Marxist–Leninist in its orientation, the ETRP's constitution, program, and organisational structure drew from those of the Soviet and Chinese communist parties. |
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East Turkestan Revolutionary Party | 75,675,916 | Names | Sources differ as to the official name of the party, but Abbas' handwritten copy of the party constitution is titled "Constitution of the East Turkestan Revolutionary Party". The first chapter of the constitution, titled "On the Name of the Party", further states: |
East Turkestan Revolutionary Party | 75,675,916 | Names | Our party is established with a base of the most progressive intellectuals; in line with the international situation at present and East Turkestan's current stage of historical development, the name of the party shall be set as the East Turkestan Revolutionary Party. |
East Turkestan Revolutionary Party | 75,675,916 | Names | Chinese sources generally describe the party as the People's Revolutionary Party. The names Three Districts People's Revolutionary Party and Xinjiang People's Revolutionary Party are sometimes used to differentiate from the similarly named East Turkestan People's Revolutionary Party of the 1960s and 1970s. |
East Turkestan Revolutionary Party | 75,675,916 | Names | Prior to the party's founding, the Soviet leadership in Moscow suggested to Abbas and his Soviet contacts that the party be named the People's Party of Xinjiang, as such a name would appeal to all ethnic groups in Xinjiang and appease the Chinese authorities. The latter reason was particularly important to Moscow, which hoped to improve Sino-Soviet relations while maintaining influence in Xinjiang. Abbas rejected the proposal. |
East Turkestan Revolutionary Party | 75,675,916 | History | The East Turkestan Revolutionary Party (ETRP) was active in the "Three Districts" – Ili, Tarbaghatay, and Altay – when the region was governed by the Second East Turkestan Republic (ETR). The ETR was proclaimed on 12 November 1944, following successful uprisings in the Three Districts, particularly in the city of Ghulja (Yining), which became the ETR's capital. The uprisings came to be known collectively as the Ili Rebellion. The ETR government consisted of Turkic intellectuals of various ideologies and political goals. The leadership was dominated by religious conservatives, who viewed the rebellion as a war of national liberation to restore the First East Turkestan Republic which had been founded exactly eleven years earlier. More progressive-minded members of the leadership viewed the rebellion as an anti-imperialist revolution against the Kuomintang (Chinese Nationalists). The latter view held by the progressives was supported by the Chinese Communist Party (CCP), which called the rebellion the "Three Districts Revolution". |
East Turkestan Revolutionary Party | 75,675,916 | History | The Soviet Union covertly backed the rebels and supported the ETR, which was receptive to Soviet interests in the region. However, at the same time, the Soviets did not wish to antagonise its wartime ally China. The Soviet leadership overlooked the fact that the ruling party of China at the time, the Kuomintang, was anti-communist; they hoped to create cordial relations with the Kuomintang to ensure postwar security along their shared borders. As such, the Soviets were careful not to openly support communists in the region during the time of the ETR, which would make their negotiation efforts with the Kuomintang appear disingenuous. |
East Turkestan Revolutionary Party | 75,675,916 | History | The ETRP's origins can be traced to the East Turkestan Revolutionary Youth League (ETRYL), which was founded by disgruntled members of the ETR government. A group of young, progressive-minded intellectuals within the government opposed the presidency of Elihan Tore, who headed the government's conservative leadership. In November 1945, they formed the ETRYL, the leadership of which consisted of the progressive faction of the ETR government headed by Abbas. However, not all progressive leaders of the ETR were involved in the ETRYL's founding; most significantly, the pro-Soviet foreign minister Ehmetjan Qasim was preoccupied with peace negotiations with the Kuomintang. The ETRYL quickly gained support amongst Soviet- and Chinese-educated youth; in a matter of weeks, its membership ballooned to 14,000, spread over 27 counties of the Three Districts. |
East Turkestan Revolutionary Party | 75,675,916 | History | At its onset, the ETRYL was not ideological; it advocated an ethnically inclusive form of civic nationalism and centered its platform on a narrow set of issues, chiefly opposition to the Kuomintang. However, members of the ETRYL's central committee, particularly Abbas, felt that it was necessary to establish a vanguard party to guide the ETRYL toward revolutionary action. In his memoirs, Anwar Hanbaba, an ETRYL central committee member, described the then necessity of a vanguard party: |
East Turkestan Revolutionary Party | 75,675,916 | History | In human societies of every epoch, the training of youths and the grooming of successors have been important matters, and the Three Districts Revolution was no different in this regard. In order to meet these important tasks, the provisional government and peoples of the Three Districts needed to train, organize, and utilize the youthful energy of the young people to ... consolidate, unite, and galvanise them in the fight against the Kuomintang reactionaries. |
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