ESMA submits technical advice to the European Commission on integrating sustainability risks and factors in MiFID II
On 30 April 2019, ESMA submitted technical advice to the European Commission (EC) on integrating sustainability risks and factors in MiFID II.
Following the adoption of the 2016 Paris agreement on climate change and the United Nations 2030 Agenda for Sustainable Development, the EC has expressed in the “Action Plan: Financing Sustainable Growth” its intention to clarify supposed fiduciary duties and increase transparency in the field of sustainability risks and sustainable investment opportunities.
Once adopted by the EC, the updated MiFID II delegated acts will enter into force after their publication in the Official Journal, unless the European Parliament and the Council object to them within a period of three months (extendable to six months).
The technical advice can be found here.