The Equator Principles: How Will The Revisions Impact You?
12 June 2013 - Mondaq - Milbank, Tweed, Hadley & McCloy LLP, Matthew H. Ahrens and Paul Murphy
The third revision (EP III) of the Equator Principles (EPs) will be launched on June 4, 2013, and it will affect applicable transactions signed on or after January 1, 2014. The EPs will continue to function in a substantially similar manner, but the EP III has, among other things, made the EPs applicable to a wider slate of transactions, expanded the scope of underlying review, and imposed additional disclosure and reporting obligations. Although there is time to internalize the revisions during the transition period, failure to comply with the EP III on a going-forward basis could put financial institutions in non-compliant scenarios, if proper arrangements are not made in advance of the effectiveness of these lending guidelines, as revised. This Client Alert provides some guidance about changes due to the EP III to help financial institutions assess related risks for future transactions. Read More.
The New Equator Principles III Amplify CSR For Financial Institutions
12 June 2013 - CSR Newswire - Ariel Meyerstein, Esq., PhD
Last week, the Equator Principles (“EPs”), a private code of conduct adopted by 80 financial institutions globally, released a revised version – EP III that significantly upgrades the banks’ commitments to corporate social responsibility, including human rights, climate change and transparency. It also broadens their scope of application beyond the narrow confines of project finance structured loans to “project related” corporate loans of US $100 million or more (when certain conditions are satisfied). Significantly, the new EP III may be the first corporate code to recognize the “responsibility to respect human rights by undertaking due diligence” in accordance with the UN Guiding Principles on Business and Human Rights. Read More.
Third Generation of Equator Principles (EP III) is out - What's New?
7 June 2013 - Prizma, Mehrdad Nazari
The Third Generation Equator Principles (or EP III) emerged as a result of a self-imposed Strategic Review. This was initiated in 2010. The outcome of this review includes the adoption of a new governance structure: the Equator Principles Association. A summary of the Strategic Review was published in mid-2011. However, it took over two more years to develop, consult, approve and launch the EP III. Read More.
Natural resource shortages, new Equator Principles and carbon pricing in Australia
5 June 2013 - Ethical Corporation, Stephen Gardner
The Equator Principles, a code used by financial institutions when assessing the environmental and social impacts of large-scale project finance deals, has been formally updated. The new EP III guidelines extend the principles to more types of project finance, strengthen provisions on climate change and human rights, and impose greater public disclosure requirements. Read More.
Equator Principles III comes into effect
5 June 2013 - King & Wood Mallesons, Mark Beaufoy and Jeff Clark
A new version of the Equator Principles came into effect yesterday. The new Equator Principles have been extended in scope and impose new requirements on financial institutions and export credit agencies. For the first time, they include express requirements regarding human rights. Read More.
New Equator Principles to have deeply underwhelming impact on people and planet
4 June 2013 - BankTrack
The long awaited new, third version of the Equator Principles (EP III) (1) will have a deeply underwhelming impact on safeguarding the rights and interests of communities affected by ‘Equator compliant‘ projects, as well as on efforts to stop runaway climate change. Thus concludes BankTrack, the global network of NGOs closely monitoring the Principles since their inception in 2003, at the formal launch of EP III, today in Amsterdam at the 10th Anniversary Conference of the Equator Principles. Read More.
Equator Principles Financial Institutions and Stakeholders Mark the 10th Anniversary of the Equator Principles
Equator Principles Financial Associations (EPFIs) today gathered in Amsterdam to celebrate the 10th anniversary of the Equator Principles, and the launch of the latest iteration of Equator Principles - EP III. EPFIs were joined by a range of stakeholders, including clients, NGOs, specialist consultants and the media.
Leonie Schreve, Chair of the EP Association Steering Committee and Head of Sustainable Lending at ING who hosted today's event said,
"The 10th anniversary and launch demonstrates the strength of Equator Principles as global environmental and social risk management standard. Today sees the launch of EP III which will mean important environmental and social risk considerations can be applied to even more deals. EP III was supported by an overwhelming majority of our members, and we're also seeing more financial institutions adopting, with our first members from Russia and India adopting in recent weeks."
For further information on go to Equator Principles III
IDFC becomes the first Indian Financial Institution to join the Equator Principles Association
Mumbai, 3 June 2013
IDFC Limited announced its adoption of the Equator Principles, an internationally accepted credit risk management framework for determining, assessing and managing environmental and social risk in Project Finance transactions.
Project Finance Group Client Alert: The Equator Principles: How Will The Revisions Impact You?
31 May 2013 - Milbank - Matthew Ahrens, Paul Murphy
The third revision (EP III) of the Equator Principles (EPs) will be launched on June 4, 2013, and it will affect applicable transactions signed on or after January 1, 2014. The EPs will continue to function in a substantially similar manner, but the EP III has, among other things, made the EPs applicable to a wider slate of transactions, expanded the scope of underlying review, and imposed additional disclosure and reporting obligations. Read More.
Equator Principles — EP III released
31 May 2013 - The Lawyer, Allen & Overy
On 14 May 2013, the Equator Principles Association announced the adoption of the revised Equator Principles (EP-III), which will take effect from 4 June 2013. If you are a financial institution that has adopted the Equator Principles (an EPFI) or a project sponsor that will be seeking finance for a project after 4 June 2013, you should be aware of the changes introduced by EP-III so that steps can be taken to integrate these requirements into existing environmental and social impact assessment and management systems at an early stage — avoiding delays in the financing process. Read More.