It is time to brush up on your taxonomy before getting back to work! As the Nordics are getting ready to wake up from the summer lull, we focus this week on the EU Sustainable Action Plan and other regulatory matters.
Our interest was well-timed as it matched the European Commission‘s publication of the feedback it received on its proposed amendments pursuant to the integration of ESG disclosures into MiFID II. From our overview of the proposals and responses, while Eurosif was overwhelmingly supportive of the initiative, the same could not be said of the EFAMA, the AFME and the EBF.
The network of connected proposals, initiatives, regulations and amendments is rather difficult to keep track of, but fortunately, a range of specialist sources are available to guide us through this tangled legislative web. At the start of the year, the AFME published a very comprehensive review of the state of European Regulatory Developments on Sustainable Finance.
Inspired by that report, Nordea posted a roadmap to upcoming EU regulation on sustainable finance from 2019 to June 2025, at the end of the first quarter of 2020. In April, BNP Paribas followed suit with its own timeline of twelve expected regulatory developments from 2020 to 2022. In May, Swesif also reviewed the proposals made by the Technical Expert Group on Sustainable Finance (TEG).
At the end of June, two legal firms, Simmons & Simmons and Sidley, came out with discussions of the SFDR’s key requirements and of ESG Disclosures for Asset Managers Under the EU SFDR and Taxonomy Regulation, respectively.
Last but not least, FactSet, a consultancy, also provided an overview of the EU’s taxonomy regulation.