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Legislation - sustainable finance and ESG

EU taxonomy

  • Taxonomy Regulation – Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088
  • Climate Delegated Regulation – Commission Delegated Regulation (EU) 2021/2139 establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing substantially to climate change mitigation or climate change adaptation and for determining whether that economic activity causes no significant harm to any of the other environmental objectives
  • Environmental Delegated Regulation – Commission Delegated Regulation (EU) 2023/2486 establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing substantially to the sustainable use and protection of water and marine resources, to the transition to a circular economy, to pollution prevention and control, or to the protection and restoration of biodiversity and ecosystems and for determining whether that economic activity causes no significant harm to any of the other environmental objectives and amending Commission Delegated Regulation (EU) 2021/2178 as regards specific public disclosures for those economic activities
  • Taxonomy Disclosure Delegated Act – Commission Delegated Regulation (EU) 2021/2178 specifying the content and presentation of information to be disclosed by undertakings subject to Articles 19a or 29a of Directive 2013/34/EU concerning environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation

Corporate sustainability reporting

Green and sustainable bonds

  • European Green Bond Regulation – Regulation (EU) 2023/2631 on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds
  • ESMA Public Statement on Sustainability disclosure in prospectuses
  • Prospectus Regulation – Regulation (EU) 2017/1129 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC
  • Regulation (EU) 2024/2809 amending Regulations (EU) 2017/1129, (EU) No 596/2014 and (EU) No 600/2014 to make public capital markets in the Union more attractive for companies and to facilitate access to capital for small and medium-sized enterprises

Climate benchmarks and ESG ratings

Sustainability risks, sustainability factors and sustainability preferences

  • UCITS delegated directive 2021/1270 – Commission Delegated Directive (EU) 2021/1270 amending Directive 2010/43/EU as regards the sustainability risks and sustainability factors to be taken into account for Undertakings for Collective Investment in Transferable Securities (UCITS)
  • AIFMD delegated regulation 2021/1255 – Commission Delegated Regulation (EU) 2021/1255 amending Delegated Regulation (EU) No 231/2013 as regards the sustainability risks and sustainability factors to be taken into account by Alternative Investment Fund Managers
  • MiFID II delegated regulation 2021/1253 – Commission Delegated Regulation (EU) 2021/1253 amending Delegated Regulation (EU) 2017/565 as regards the integration of sustainability factors, risks and preferences into certain organisational requirements and operating conditions for investment firms
  • MiFID II delegated regulation 2021/1254Commission Delegated Regulation (EU) 2021/1254 correcting Delegated Regulation (EU) 2017/565 supplementing Directive 2014/65/EU as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive
  • Solvency delegated regulation 2021/1256Commission Delegated Regulation (EU) 2021/1256 amending Delegated Regulation (EU) 2015/35 as regards the integration of sustainability risks in the governance of insurance and reinsurance undertakings
  • IBIPS delegated regulation 2021/1257Commission Delegated Regulation (EU) 2021/1257 amending Delegated Regulations (EU) 2017/2358 and (EU) 2017/2359 as regards the integration of sustainability factors, risks and preferences into the product oversight and governance requirements for insurance undertakings and insurance distributors and into the rules on conduct of business and investment advice for insurance-based investment products

Consumer Protection

Green Claims Directive – Directive (EU) 2024/825 amending Directives 2005/29/EC and 2011/83/EU as regards empowering consumers for the green transition through better protection against unfair practices and through better information

Prudential regulation

  • Third Capital Requirements Regulation (CRR3) – Regulation (EU) 2024/1623 amending Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor.

In the consolidated version of the Capital Requirements Regulation, ESG factors are addressed in the following provisions (this list is non-exhaustive): Article 4(1), points (52d), (52e), (52f), (52g), (52h), (52i) and (154); Articles 177, 207, 208, 210,  430, 433b, 449a and 501c.

  • Sixth Capital Requirements Directive (CRD6) – Directive (EU) 2024/1619 of amending Directive 2013/36/EU as regards supervisory powers, sanctions, third-country branches, and environmental, social and governance risks.

In the consolidated version of the Capital Requirements Directive, ESG factors are addressed in the following provisions (this list is non-exhaustive): Article 3, points (68) and (69); Articles 73, 74, 76, 87a, 91, 98, 100 and 104.