On June 29, 2022, the UK Financial Conduct Authority (“FCA”) published a feedback statement (FS22/4) and Primary Market Bulletin 41 (PMB 41) on its approach to the regulation of green, social, sustainability, and sustainability-linked debt instruments (“ESG-labelled debt instruments”) and ESG data and rating providers. Although the feedback statement and Primary Market Bulletin do not amend existing regulation, the FCA has reminded issuers of ESG-labelled use of proceeds (“UoP”) bonds (i.e. bonds the net proceeds of which, or any amount equivalent to such proceeds, are earmarked for specific ESG projects) of their obligations under the United Kingdom’s prospectus regime. In particular, the FCA has reminded issuers that ESG bond frameworks, which are customarily published separately from the prospectus for the UoP bonds, must be consistent with the information contained in the prospectus and must not be inaccurate or misleading. The FCA has also endorsed the use of industry standards for ESG-labelled debt instruments, in particular the Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines (the “ICMA Principles and Guidelines”) developed by the International Capital Market Association (“ICMA”).