General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
June 06, 2017

The EC Vice President Valdis Dombrovskis spoke, at the European Parliament, about sustainable finance as a dimension of the Capital Markets Union project. While talking about implications of climate change, he discussed the importance of the Paris agreement and the need for clean energy, also highlighting that the EU is already at the forefront of integrating sustainability in financial regulation.

The EC Vice President expressed regret about the decision of the Trump Administration to withdraw from the Paris agreement. However, he said that the Paris agreement will not be reversed. As of next year, large companies listed in EU markets will be required to disclose relevant information on environmental, governance, social, and human rights aspects of their business activities. "Here we are also following the work of the Financial Stability Board on climate-related financial disclosures. So we took their recommendations into account as much as possible in our guidelines on non-financial reporting, which we will adopt at the end of this month," said the EC Vice President.

 

He also emphasized that its key project of the Capital Markets Union also has a strong sustainability dimension. "Over the past 20 months, we have delivered more than half (20/33) of the measures announced in our Action Plan, which will help free up funding for businesses in all stages of their development, to fuel innovation and growth, " said Mr. Dombrovskis. He also mentioned that the mid-term review of the Capital Markets Union proposes some new examples of work that needs to be delivered: "We need to be consistent throughout the investment chain in integrating green and sustainability considerations, for example by clarifying fiduciary duties of asset owners and asset managers. We will need to look at rating methodologies, as well as the investment mandates of institutional investors and asset managers. Above all, we are proposing to evaluate sustainability considerations systematically as part of upcoming reviews of financial legislation."

 

Related Link: Speech

Keywords: Europe, EC, Securities, Sustainable Finance, Capital Markets Union

 


Related Articles
News

HKMA Decides to Maintain Countercyclical Capital Buffer at 2.5%

HKMA announced that, in accordance with the Banking (Capital) Rules, the countercyclical capital buffer (CCyB) ratio for Hong Kong remains at 2.5%.

April 16, 2019 WebPage Regulatory News
News

EP Approves Agreement on Package of CRD 5, CRR 2, BRRD 2, and SRMR 2

The European Parliament (EP) approved the final agreement on a package of reforms proposed by EC to strengthen the resilience and resolvability of European banks.

April 16, 2019 WebPage Regulatory News
News

FDIC Consults on Approach to Resolution Planning for IDIs

FDIC approved an Advance Notice of Proposed Rulemaking (ANPR) and is seeking comment on ways to tailor and improve its rule requiring certain insured depository institutions (IDIs) to submit resolution plans.

April 16, 2019 WebPage Regulatory News
News

EP Resolution on Proposal for Sovereign Bond Backed Securities

The European Parliament (EP) published adopted text on the proposal for a regulation of the European Parliament and of the Council on sovereign bond-backed securities (SBBS).

April 16, 2019 WebPage Regulatory News
News

PRA Seeks Input and Issues Specifications for Insurance Stress Tests

PRA announced that it will conduct an insurance stress test for the largest regulated life and general insurers from July to September 2019.

April 15, 2019 WebPage Regulatory News
News

PRA Finalizes Policy on Approach to Managing Climate Change Risks

PRA published the policy statement PS11/19, which contains final supervisory statement (SS3/19) on enhancing banks’ and insurers’ approaches to managing the financial risks from climate change (Appendix).

April 15, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: First Update for April 2019

EBA published answers to nine questions under the Single Rulebook question and answer (Q&A) updates for this week.

April 12, 2019 WebPage Regulatory News
News

EIOPA Statement on Application of Proportionality in SCR Supervision

EIOPA published a supervisory statement on the application of proportionality principle in the supervision of the Solvency Capital Requirement (SCR) calculated in accordance with the standard formula.

April 11, 2019 WebPage Regulatory News
News

FED Updates Form and Supplemental Instructions for FR Y-9C Reporting

FED updated the form and supplemental instructions for FR Y-9C reporting. FR Y-9C is used to collect data from domestic bank holding companies, savings and loan holding companies, U.S intermediate holding companies, and securities holding companies with total consolidated assets of USD 3 billion or more.

April 11, 2019 WebPage Regulatory News
News

OSFI Finalizes Guidelines on Liquidity Adequacy and NSFR Disclosures

OSFI published the final Liquidity Adequacy Requirements (LAR) guideline and the net stable funding ratio (NSFR) disclosure requirements guideline.

April 11, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2920