On 24 July 2024, the European Securities and Markets Authority ("ESMA") published an opinion on the sustainable finance regulatory framework (the "ESMA Opinion"), which outlines the ESMA's long-term vision for the functioning...more
The ESAs urge the European Commission to consider a labelling rather than a disclosure regime to help consumers understand the sustainability goals of financial products....more
On 18 June 2024, the European Supervisory Authorities (the “ESAs”) published a joint opinion (the “Opinion”) on their recommendations for the next iteration of the Sustainable Finance Disclosure Regulation (“SFDR”)....more
The market had been expecting feedback by now from the European Securities and Markets Authority (ESMA) regarding its November 2022 consultation on its guidelines on funds’ names using ESG or sustainability-related terms...more
Regulation around ESG investment in Ireland is evolving rapidly with developments from the Central Bank of Ireland, European Commission and ESMA building an increasingly sophisticated regulatory backdrop. Our summary of...more
Both opportunities and challenges have arisen for the asset management industry as a result of the rapid introduction of UK and EU sustainable finance regulation in recent years. The new requirements have been heightened in...more
There are useful takeaways for EU and non-EU firms arising from the European Supervisory Authorities’ (ESA) latest thinking on greenwashing. In June 2023, the ESAs issued progress reports examining greenwashing risks and...more
On 12 April 2023 – less than four months after the RTS under SFDR came into effect and four weeks after a further amended version of the RTS went live, the European Supervisory Authorities (ESAs) published a consultation...more
On 1 June 2023, the three European Supervisory Authorities (the “ESAs”) published their respective progress reports (ESMA, EBA and EIOPA) in response to a request for their input from the European Commission (the...more
On 14 April, the long-awaited responses (the Q&As) of the European Commission (the Commission) to questions put to it by the European Supervisory Authorities (the ESAs) in relation to the interpretation of the Sustainable...more
The Commission has clarified requirements for financial product classifications and the definition of “sustainable investment” under the SFDR. ...more
The European Commission has rejected suggestions that it introduce minimum environmental standards for Article 8 or Article 9 funds under the EU Sustainable Finance Disclosure Regulation (SFDR). On April 14, 2023, the...more
On 12 April 2023, the European Supervisory Authorities (“ESAs”) published a joint consultation, proposing further amendments to the Regulatory Technical Standards (“RTS”) regarding the sustainability indicators in relation to...more
The German Financial Regulator, ("BaFin"), published guidance ("Guidance") on 5 September 2022, that provides some further clarity on various questions on the Sustainable Finance Disclosure Regulation ("SFDR"). BaFin has...more
After a relatively quiet August in the area of sustainable finance-related disclosures, we have looked back throughout September 2022 and summarised the key points coming out of the EU....more
This latest edition of the regulatory initiatives paper sets out at a high level the core regulatory issues that are likely to impact private fund managers in the coming months, including an overview of the key actions needed...more
Welcome to July’s edition of the ESG Regulation Monthly Round-Up. Once again, it was a busy month on the SFDR and Taxonomy front following the (i) European Supervisory Authorities' report on voluntary disclosure of principal...more
Welcome to June’s edition of the ESG Regulation Monthly Round-Up. Once again, it’s been a busy month on the SFDR and Taxonomy front following the publication of the European Supervisory Authorities (“ESAs”) clarifications on...more
A brief recap – ESAs’ January 2021 letter to the EU Commission, EU Commission response and adoption of RTS Signed by the European Parliament and the Council of the European Union on 27 November 2019 and published in the...more
The European Supervisory Authorities ("ESAs") have been hard at work fulfilling their mandates as to how to incorporate environmental, green and social ("ESG") requirements into securitisation. Swiftly on the heels of the...more
The Sustainable Finance Disclosure Regulation (SFDR) empowered the European Supervisory Authorities (ESAs) to develop draft regulatory technical standards (RTS) on taxonomy-related product disclosures. On 15 March 2021, the...more
The most innovative and challenging aspect of the EU’s Sustainable Finance Disclosure Regulation (SFDR) is probably the new principal adverse impacts or PAI regime. This is being introduced in stages, starting from 10 March...more
The new principle adverse impacts or PAI regime is one of the most challenging elements of the EU’s Sustainable Finance Disclosure Regulation (SFDR). It will require relevant firms to provide extensive disclosures on various...more
The European Securities and Markets Authority (ESMA) published on 23 July 2021 the guidance provided by the European Commission (EC) in response to a number of questions posed by the European Supervisory Authorities (ESAs) in...more
The European Commission published its long-awaited Strategy for Financing the Transition to a Sustainable Economy (the Strategy) today. The Strategy was announced as part of the European Green Deal in 2019 (originally...more