Today the European Commission released the first legislative package under the Action Plan for Financing Sustainable Growth.
There are four proposals:
A unified EU classification system (‘taxonomy’)
Investors’ duties and disclosures
Better to advice to clients on sustainability
The European Parliament and Council will next review and agree on the proposals. The enabling legislation is scheduled to be adopted from late 2019, with several elements entering into force six months later. Some measures such as the taxonomy will take until 2022 to resolve and the investment advice proposals will first go to public consultation.