Stock market as a catalyst of ESG transformation

The modern climate agenda requires tremendous efforts from all market participants, including in terms of improving management mechanisms. It is important to have a working toolkit available that can fulfill the interests of all participants. In this regard, the stock market comes to the fore, which is acquiring special significance today. The emergence of green bonds, as well as other methods of hedging risks using stock market instruments, is becoming an integral part of the ESG agenda. In recent years, the world community has been trying to focus its efforts as much as possible on achieving the principles of sustainable development through the stock market. In these conditions, the existence of well-developed mechanisms for regulating the issue and circulation of financial instruments that contribute to solving climatic and social problems becomes a rather important aspect. The article discusses the features of the use of green and social bonds. The contradictions and systemic shortcomings that hinder the process of introducing «green» financial products have been identified. The experience of Russian and foreign financial institutions in the field of responsible investment has been studied. The author also analyzed the regulatory practice and formulated proposals to ensure the consistency of interests of the participants in the process. The paper gives recommendations in terms of synchronizing work on the formation of ESG-ratings, and also substantiates the importance of the management component in the sustainable development system.

The Assumption of Zero Leakage from Permanently Abandoned Wells on the Norwegian Continental Shelf

Quality data is essential for calculations of expected leakage in wells post Permanent Plug and Abandonment (PP&A). Such data may come from surveys studying hydrocarbon leakage to the marine environment. However, recent literature suggests that current regulatory practices for environmental surveys are suboptimal, giving reason to question the assumption that wells have experienced zero leakage from the deep reservoir post PP&A on the Norwegian Continental Shelf (NCS). We investigate whether such an assumption is credible. The credibility of the assumption of zero leakages is investigated through a review of literature addressing the integrity of wells post PP&A on the NCS, with particular emphasis on a 2021 report from the Norwegian Environmental Agency (NEA). Based on the review, the strength of knowledge supporting the assumption that no wells on the NCS have experienced leakages from their deep reservoirs is discussed. The implications of the uncertainty associated with the assumption of zero leakage on the NCS, the rationale for collecting more relevant data, and how these data may be obtained is also discussed in brief. The NEA report details the current regulatory practice for environmental surveys on the NCS. This regulatory practice, as it is described in the NEA report, give limited support to a zero leakage assumption. Norwegian regulations require two environmental surveys post Cessation of Production (CoP). These surveys may however occur in the period between CoP and PP&A, and the closest test stations are generally located 250 meters from the wells. Environmental surveys carried out that far from the well, and possibly prior to PP&A, influence data quality. We argue that the environmental survey data claiming zero leakage, lack sufficient evidence. Thus, based on the reviewed literature outlining the current environmental survey practice, although PP&A well design on the NCS should build on sound principles, we are not able to conclude on the assumption of zero leakage. The interest in risk-based PP&A approaches is increasing globally, and risk-based approaches rely on credible leakage calculations. The failure rates used in these leakage calculations should be based on quality data. The NEA report and other literature indicate that the quality of post PP&A leakage data on the NCS is questionable, and in some cases the data are non-existent. The paper includes suggestions on how to improve the regulatory practice related to environmental surveys.

Syncope in Commercial Pilots and New Regulatory Guidance

INTRODUCTION: Syncope is both incapacitating and unpredictable, presenting a significant challenge in aircrew assessment. Previous UK Civil Aviation Authority (CAA) guidance lacked transparency and relied heavily on specialist in-house cardiology and neurology opinion. A new algorithm was developed which elaborated and formalized the decision-making process. An analysis of its impact on historic cases was undertaken to ensure it aligned with previous certificatory outcomes.METHODS: The medical literature on syncope and the approaches of other national aviation authorities were reviewed to help inform the development of a new algorithm. Using syncope cases in the CAA database, regulatory outcomes generated using the new algorithm were compared with previous decisions in terms of time off from flying (TOF) and Operational Multi-Crew Limitation (OML) duration.RESULTS: There were 40 historic syncope cases (25 existing certificate holders,15 initial applicants) which were reassessed using the new algorithm. The mean TOF for existing pilots using the new algorithm was 7.1 9.8 (mean SD) vs. 4.2 3.5 mo under the old guidance with an OML duration of 21.4 34.9 vs. 24.5 25.2 mo. One less initial applicant experienced a delay to certification. Four cases with underlying pathology were detected using old and new guidance.DISCUSSION: The reassessment of cases showed no statistically significant difference in TOF and OML duration; this is a positive finding from a regulatory perspective, enabling algorithm-led decision-making with less reliance on in-house expertise. A similar approach may be useful in future updates to other areas of regulatory practice.Anderton RA, Mitchell SJ, ONunain SS. Syncope in commercial pilots and new regulatory guidance. Aerosp Med Hum Perform. 2021; 92(8):642649.

The instruments of Eurozone fiscal surveillance through the lens of the soft law/hard law dichotomy—Looking for a new approach

The past decade has profoundly reshaped the fiscal governance system of the Eurozone. Supranational prerogatives vis-à-vis State budgets have been significantly expanded, thereby redefining the nature of Union action in the field of fiscal policy and transforming the dynamics between the Union and its Member States. In spite of its overhaul and the practical effects that Eurozone fiscal governance now produces on the ground, the paper shows that overall, this regulatory system still formally qualifies as soft law. This results in a deep disconnect between the form and substance of Eurozone fiscal surveillance in the Eurozone, which raises a number of constitutional challenges. The paper shows that the source of this disconnect is to be found in the strict apprehension of the hard law/soft law divide and the narrow understanding of bindingness attached to it, which currently prevails in the legal discipline, but no longer corresponds to the realities of the EU’s regulatory practice. From there on, the paper offers an alternative approach towards the distinction between hard and soft law, based on a renewed, more open and contextual, understanding of the concepts of bindingness and legal effects, which might reconcile the form and the reality of Eurozone fiscal governance nowadays.

Evidence for continuing professional development and recency of practice standards for regulated health professionals in Australia: protocol for a systematic review (Preprint)

UNSTRUCTURED Introduced in 2010, the National Registration and Accreditation Scheme currently regulates 16 health professions under the Health Practitioner Regulation National Law (National Law) as enforced in each state/territory. The National Law requires that National Boards must develop, consult on and recommend certain registration standards to the Australian Health Workforce Ministerial Council. These core registration standards are generally reviewed every five years in line with good regulatory practice. The registration standards for continuing professional development (CPD) and recency of practice (ROP) for most National Boards are currently under review. The aim of the systematic review is to support the National Boards to develop more consistent, evidence-based, effective standards that are clear, easy to understand and operationalise. It is designed to build on earlier research commissioned and/or undertaken by the Australian Health Practitioner Regulation Agency (Ahpra) for previous reviews of the CPD and ROP registration standards and is based on the Preferred Reporting Items for Systematic Reviews and Meta-Analyses. This protocol outlines the scope and methodology that will be used to conduct a systematic review of evidence for continuing professional development and recency of practice to inform a review of the standards for regulated health professionals in Australia.

Regulation of universities as charities: one step forward, two steps back

Most universities (bar profit-making institutions) are charities as a matter of law but, historically, have been exempt from charity law regulation. This paper considers the statutory reforms of 2006, which sought to level the regulatory playing field by appointing ‘Principal Regulators’ of such ‘exempt charities’ to promote compliance with charity law. Focusing on the university sector – where some universities are now registered charities (and regulated by the Charity Commission) whilst others remain exempt – it will note how the reforms have resulted in the application of significantly different degrees of scrutiny and accountability, both between individual universities and between universities and other charities. In part, this is due to the statutory framework itself but, significantly, is also attributable to the radically different approach taken by the Office for Students, which replaced HEFCE as Principal Regulator in 2018. Possible improvements in regulatory practice and statutory reform are offered.

Theoretical aspects of the effectiveness of economic damage assessment in the field of environmental auditing: problems and solutions

Aim. The aim of the research has been: to study the theoretical basis of the application of assessment of economic damage from environmental pollution in the field of environmental auditing and accounting, to identify problems in existing methods and approaches and to propose specific ways to solve them taking into account current legislation and international experience.Material and Methods. The research carried out by the authors was based on the provisions of current legal regulations in the fields of environmental safety and environmental protection, damage assessment in the environmental sphere together with data from scientific articles by both domestic and foreign experts in the field of environmental auditing. The study was conducted using theoretical methods of research including analysis, deduction and prediction.Results. The authors propose moving away from traditional cost (taxation) methods to the consolidation in regulatory practice of a single approach to the assessment of economic damage taking into account actuarial valuation methodology, application of sanctions instruments to those unscrupulously infringing environmental regulations and the possibility of discounting the costs of restoring the environment and damage done to public health.Conclusion. Adoption of common approaches and principles in the assessment of economic damage will help eliminate negative manipulations when imposing economic sanctions on those unscrupulously engaged in activities impacting on the environment and will provide an opportunity to improve the environmental situation and public health in the long term.