Recently, the EU Commission presented a plan for a Net-Zero Industry Act and a European Sovereignty Fund as part of a bigger Green Deal Industrial Plan. The initiatives shall be seen in connection with the European Green Deal and the goal of making EU climate neutral by 2050.Cross-BorderGovernanceSustainability
Impact and ESG
With the increasing activity in Environmental, Social, and Governance (ESG) and impact investing we attempt to provide knowledge and insights on the subject. You’ll find updates and articles on how and ways to go about it, legislation, ESG Work Flows as well as trends and challenges.
On 1 January 2023 new rules have imposed stricter requirements for targets and policies on the gender composition of managements. These rules cover both large Danish companies (covered by accounting class C), including state-owned and some listed companies (covered by accounting class D), as well as certain companies within the financial areaComplianceDanish RegulationSustainability
The European Commission expert group; Platform on Sustainable Finance, has published a final report on the minimum safeguards laid out in Article 3 and 18 of the Taxonomy Regulation. It replaces the draft report published in July 2022.ComplianceSustainability
The CSRD has now been finally adopted after the Council of the European Union on 28 November 2022 approved the European Parliament’s position. On 16 December 2022, the directive was published in the Official Journal. The date of entry into force is 20 days from the publication date.ComplianceSustainability
Lately, EU has sharpened its focus on preventing greenwashing as well as strengthening the sustainability reporting requirements. One step, among others, is the recent passing of the CSRD. Another is a proposal published in March 2022 by the European Commission with amendments for the Directive 2005/29/EC on Unfair Commercial Practices (UCPD) as well as the Directive 2011/83/EU on Consumer Rights.Cross-BorderDanish RegulationSustainability
On 23 November 2022, the Danish Financial Supervisory Authority (“DFSA”) published a thematic review on sustainability-related information in remuneration policies. The DFSA reviewed information given by six selected pension funds and life insurance companies.Sustainability
On 31 October 2022, the European Commission adopted amendments to the Commission Delegated Regulation (EU) 2022/1288 determining regulatory technical standards (RTS) for the SFDR. The amendments aim to ensure that disclosures in future will ensure full transparency about investments in the sectors covered by the Complementary Delegated Act.Disclosure Requirements
On 1 December 2022, the Council adopted its general approach on the proposal for a Directive on Corporate Sustainability Due Diligence (CSDDD) which was adopted by the European Commission on 23 February 2022. This completes the negotiations in the Council.Sustainability
The European Parliament has passed the Corporate Sustainability Reporting Directive (“CSRD”). CSRD replaces the Non-Financial Reporting Directive (“NFRD”), and introduces higher requirements of more detailed reporting, and a mandatory EU sustainability reporting standard.ComplianceSustainability
The European Commission has proposed a prohibition on making products made with forced labour available on the EU market as well as exporting such products from EU. The proposal shall be seen in connection with the proposal for a Directive on Corporate Sustainability Due Diligence (CSDD) adopted by the European Commission in February.
Invest Europe has published a set of ESG reporting guidelines with the aim of providing user-friendly and advanced guidelines on sustainability reporting within the European private capital sector.Sustainability
The Swedish Finansinspektionen has reviewed 30 Swedish-registered UCITS- and special funds with sustainable investment as their goal (SFDR article 9 funds). Finansinspektionen analyzed how fund managers met the requirements for providing sustainability-related information to investors.Sustainability
Invest Europe has published a comprehensive members guide on EU ESG reporting requirements for fund managers to clarify grey areas that exist around the day-to-day application of the regulation.ComplianceDisclosure RequirementsSustainability
Authorized AIFMs shall from 1 August 2022 ensure that their systems, processes, and internal controls reflect relevant sustainability risks as defined in the SFDR.AIFMDComplianceDisclosure RequirementsSustainability
On 31 May 2022, the European Securities and Markets Authority (ESMA) published a supervisory briefing which provides guidance on sustainability risks and disclosures in investment management.Disclosure RequirementsESMASustainability
The RTS will define the new standard for sustainability-related disclosures in the financial services sector in the EU and supplements provisions of the SFDR and of the Taxonomy Regulation.AIFMDComplianceDisclosure RequirementsSustainability
In November 2021, Invest Europe released its Climate Ambition in which the association committed to contribute to the EU becoming climate-neutral by 2050 and pledged to help the P/E and VC industry move towards net zero.AIFMDComplianceDisclosure RequirementsSustainability
The Danish FSA has assessed the quality of 4 pension companies and eight credit institutions' website disclosures with regards to information about their policies on the integration of sustainability risks in the investment decision-making process.AIFMDComplianceDisclosure RequirementsSustainability
The European Commission has once again delayed the application of the level 2 obligations of the Sustainable Finance Disclosure Regulation (SFDR) until January 2023.AIFMDComplianceDisclosure RequirementsSustainability
The EU Platform on Sustainable Finance has published its draft reports on the merits and potential design of a social taxonomy.Sustainability
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