The global FICC Market Standards Board (FMSB) is 2  The UK accounts for 40% of both global FX volumes and trades in OTC interest rate derivatives, and two-thirds of trading in international bonds. More international banking activity is booked in London than anywhere else. And finance is one of the largest sectors of the UK economy. Around 400,000 people are employed in financial services in London alone, 1.1 million across the country as whole. Their enterprise contributes £ billion to our national income, £ billion to our exports and £ billion to the Exchequer, equivalent to two-thirds of the NHS budget. 3 This is set out in more detail in the FEMR Progress Report being published today at: https://www.bankofengland.co.uk/markets/fairand-effective-markets 3  All speeches are available online at www.bankofengland.co.uk/speeches  3  establishing readily understood standards for their markets. And the global FX Committees have published the FX Global Code, the first globally consistent code of conduct for FX markets. But codes are of little use if nobody reads, follows or enforces them. This is where the UK’s Senior Managers Regime (SMR) comes in. 4  Senior Managers Regime The SMR gives teeth to voluntary codes by incentivising firms to develop, adopt and embed them. It is very welcome that the FCA is currently consulting on proposals to recognise industry codes publicly under the SMR. By requiring identification of the most senior decision-makers, the SMR re-establishes the link between seniority and accountability, strengthens individual accountability, and reinforces collective responsibility.

 Contribute through individual or national pilot initiatives be it on reporting, monitoring, or responsible investment. And let me underline here that France is leading the way, especially on biodiversity issues. Article 29 of France’s Energy and Climate Law extends climate-related risks reporting requirements for financial investors to biodiversity-related risks. The French Prudential Supervision and Resolution Authority (ACPR – part of the Banque de France) is assessing the compliance of our supervised entities with Article 29 of the insurance companies we supervise. We  received the first reporting last  September, and – not so surprisingly – early control checks indicate that reporting entities are facing challenges in the access to relevant biodiversityrelated data and mostly relied on third party providers. As required by law, entities that are not able to disclose on all required information will have to disclose on their plans for continuous improvement. Since 2020, we at the Banque de France have also been monitoring two biodiversity-related indicators for the equity components of our own funds and pension liabilities portfolios: (i) a biodiversity impact score, reflecting commitments made, measures deployed and actual outcomes of portfolio companies and (ii) an indicator of our exposure to companies producing chemicals that are harmful to biodiversity (e.g. pesticides).xiii The performances of the portfolios’ equity components were up in 2021 and described by data provider Moody’s ESG as “robust” (despite room for improvement on pension  Page 12 sur 13 liabilities portfolio), while exposure to companies producing harmful products is declining, remaining well below the benchmark.