ESAs to Discuss Proposed ESG Disclosure Standards with Stakeholders
ESAs are organizing, on July 02, 2020, a public hearing on the proposed environmental, social, and governance (ESG) disclosure standards. The aim of the hearing is to explain and discuss the content of the consultation paper (published on April 23) on the draft regulatory technical standards under the regulation on sustainability‐related disclosures in the financial services sector. The hearing will be of interest to any stakeholder affected by this regulation such as financial market participants, financial advisers (including their representative associations, environmental associations, investor representatives or consumer bodies), consultants, academics, and representatives from EU and national institutions.
The consultation paper, which is to be discussed at the hearing, seeks the views of interested parties on draft regulatory technical standards on sustainability‐related disclosures in the financial services sector (Regulation 2019/2088). The regulatory technical standards contain proposals on entity-level disclosures on the principal adverse impact that investment decisions have on sustainability factors and on the pre-contractual, website, and periodic disclosures for products with environmental or social characteristics or objectives. The technical standards on product disclosures also lay down the information to be provided by products that have designated a sustainable index as a reference benchmark. These draft regulatory technical standards on content, methodology, and presentation of ESG disclosures have been developed under the Sustainable Finance Disclosure Regulation or SFDR.
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Keywords: Europe, EU, Banking, Insurance, Securities, ESG, Sustainable Finance, Regulatory Technical Sustainable Finance, Climate Change Risk, ESAs
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