TCFD Entity Disclosure

The Bank of New York Mellon, London Branch alignment with 2.2 ESG TCFD reporting requirements

Introduction and context

The Bank of New York Mellon is a banking corporation organized pursuant to the laws of the State of New York, whose registered office is at 240 Greenwich St, NY, NY 10286, USA. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and is authorized by the Prudential Regulation Authority (PRA) (Firm Reference Number: 122467). The Bank of New York Mellon also operates in the UK through its London branch (FC005522 and BR000818)) and is subject to regulation by the Financial Conduct Authority (FCA) and limited regulation by the PRA at The Bank of England.

The Bank of New York Mellon, London Branch (BNY) makes this disclosure in accordance with Chapter 2 of the FCA Environmental, Social and Governance (‘ESG’) Sourcebook. Chapter 2 of the ESG Sourcebook require in-scope firms to prepare entity disclosures consistent with the Task Force on Climate-Related Financial Disclosures (‘TCFD’) Recommendations and Recommended Disclosures. This includes all firms that undertake portfolio management (‘In-Scope Business’) and meet a prescribed assets under management threshold.  

BNY in-scope business 

BNY securities finance business undertakes limited investment decision making on behalf of its clients, with such limited decisions only being made as part of its agency securities lending and related cash reinvestment programmes. The disclosure requirements relate to the limited portfolio management activities of BNY securities finance business (‘BNY In-Scope business’). 

As with all services provided to clients, BNY considers a broad range of risks when making these limited investment decisions on behalf of clients; BNY does not provide investment advice to clients within the agency lending programme. Given the role of BNY as agent, implementing the investment guidelines set by clients themselves and given the limited discretionary authority vested in BNY, as described above, BNY does not currently expressly consider sustainability risks or the adverse impacts of investments decisions on sustainability factors, when making investments on behalf of clients in relation to its agency lending programme.  However, more broadly across the group, climate-related risks and opportunities are considered as applicable. Accordingly, we believe that the climate-related disclosures made at the BNY group level are relevant and we have cross-referenced to the climate related financial disclosure contained within the group disclosures (see table below).

Compliance statement

The disclosures in the report, including any group disclosures cross-referenced in it, comply with the requirements set out in ‘ESG 2.2 TCFD entity report’ and other relevant sections of the FCA ESG Sourcebook. 

References to BNY group disclosures
 

Disclaimer

BNY is the corporate brand of The Bank of New York Mellon Corporation and may be used as a generic term to reference the corporation as a whole and/or its various group entities. This material and any products and services may be issued or provided under various brand names of BNY in various countries by duly authorized and regulated subsidiaries, affiliates, and joint ventures of BNY, which may include any of those listed below: 

The Bank of New York Mellon, a banking corporation organized pursuant to the laws of the State of New York, whose registered office is at 240 Greenwich St, NY, NY 10286, USA. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the US Federal Reserve and is authorized by the Prudential Regulation Authority (“PRA”) (Firm Reference Number: 122467). 

The Bank of New York Mellon operates in the UK through its London branch (UK companies house numbers FC005522 and BR000818) at 160 Queen Victoria Street, London, EC4V 4LA and is subject to regulation by the Financial Conduct Authority (“FCA”) at 12 Endeavour Square, London, E20 1JN and limited regulation by the PRA at Bank of England, Threadneedle St, London, EC2R 8AH. Details about the extent of our regulation by the PRA are available from us on request.

Regulatory information in relation to the above BNY entities operating out of Europe can be accessed at the following website: https://www.bny.com/corporate/emea/en/regulatory-information.html.

The Bank of New York Mellon, Singapore Branch, is subject to regulation by the Monetary Authority of Singapore. The Bank of New York Mellon, Hong Kong Branch (a branch of a banking corporation organized and existing under the laws of the State of New York with limited liability), is subject to regulation by the Hong Kong Monetary Authority and the Securities & Futures Commission of Hong Kong. 

The Bank of New York Mellon is regulated by the Australian Prudential Regulation Authority and also holds an Australian Financial Services Licence No. 527917 issued by the Australian Securities and Investments Commission to provide financial services to wholesale clients in Australia.

The Bank of New York Mellon has various other subsidiaries, affiliates, branches and representative office in the Asia-Pacific Region which are subject to regulation by the relevant local regulator in that jurisdiction.

The Bank of New York Mellon, Tokyo Branch, is a licensed foreign bank branch in Japan and regulated by the Financial Services Agency of Japan. The Bank of New York Mellon Securities Company Japan Ltd. is a registered type 1 financial instruments business operator in Japan and regulated by the Financial Services Agency of Japan. 

The Bank of New York Mellon, DIFC Branch, regulated by the Dubai Financial Services Authority (“DFSA”) and located at DIFC, The Exchange Building 5 North, Level 6, Room 601, P.O. Box 506723, Dubai, UAE, on behalf of The Bank of New York Mellon, which is a wholly-owned subsidiary of The Bank of New York Mellon Corporation.

Past performance is not a guide to future performance of any instrument, transaction or financial structure and a loss of original capital may occur.  Calls and communications with BNY may be recorded, for regulatory and other reasons.

Disclosures in relation to certain other BNY group entities can be accessed at the following website: https://www.bny.com/corporate/emea/en/disclaimers/eu-disclosures.html.

This material is intended for wholesale/professional clients (or the equivalent only) and is not intended for use by retail clients and no other person should act upon it. Persons who do not have professional experience in matters relating to investments should not rely on this material. BNY will only provide the relevant investment services, and this material is only being distributed, to investment professionals. 

This material, which may be considered advertising (but shall not be considered advertising under the laws and regulations of Brunei, Malaysia or Singapore), is for general information purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter.  This material does not constitute a recommendation or advice by BNY of any kind. Use of our products and services is subject to various regulations and regulatory oversight. You should discuss this material with appropriate advisors in the context of your circumstances before acting in any manner on this material or agreeing to use any of the referenced products or services and make your own independent assessment (based on such advice) as to whether the referenced products or services are appropriate or suitable for you.

This material may not be comprehensive or up to date and there is no undertaking as to the accuracy, timeliness, completeness or fitness for a particular purpose of information given. BNY will not be responsible for updating any information contained within this material and opinions and information contained herein are subject to change without notice. BNY assumes no direct or consequential liability for any errors in or reliance upon this material.

This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements.

Any references to dollars are to US dollars unless specified otherwise.

This material may not be reproduced or disseminated in any form without the prior written permission of BNY. Trademarks, logos and other intellectual property marks belong to their respective owners.

The Bank of New York Mellon, member of the Federal Deposit Insurance Corporation (“FDIC”).

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