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03 May 2019

ESMA(欧州証券市場機構)、欧州委員会のサステナブル・ファイナンス推進のためのアクション・プランに対する技術的助言を公表


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ESMA published its technical advice to the European Commission on Sustainable Finance initiatives to support the EC’s Sustainability Action Plan in the areas of investment services and investment funds.


The two final reports contain technical advice to the EC on the integration of sustainability risks and factors, relating to environmental, social and good governance considerations with regards to investment firms and investment funds, into the Markets in Financial Instruments Directive II, the Alternative Investment Fund Managers Directive and the Undertakings in Collective Investment in Transferable Securities Directive.

ESMA ran a public consultation and hearing on its technical proposals and conducted a cost-benefit-analysis and has taken into account the opinion of the Securities Markets Stakeholder Group (SMSG).

ESMA, to ensure consistency, has developed its final report in cooperation with the European Insurance and Occupational Pensions Authority (EIOPA), which has received a similar mandate regarding Solvency II and the Insurance Distribution Directive (IDD).

Next steps

ESMA’s initial consultation contained a separate paper on guidelines for disclosure requirements applicable to credit ratings, including the consideration of environmental, social and governance factors. The final report of this paper is expected to be published by the end of July.

Full report on investment services

Full report on investment funds



© ESMA


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