The European Commission (EC) engaged in a project of overhauling the EU financial framework in line with the actions identified in the “Action Plan: Financing a Sustainable Growth”. The project consists of a package of measures (amendments to existing legislative and non-legislative acts; adoption of delegated acts) in order to increase transparency and disclosure of asset managers in the field of sustainable investments. Among the measures, the EC aims to improve disclosure on how asset managers integrate ESG factors in their risk management processes.
The EC formally asked ESMA to provide technical advice on supplementing, amending, or adopting new delegated acts for the proposals on sustainable finance. This public consultation focuses on the investment management part (UCITS and AIFs) and aims to gather feedback on “integrating sustainability risks and factors in the internal processes and procedures of UCITS management companies and alternative investment fund managers (AIFMs)”.