finance sociale et investissement responsable Normes d'encadrement normes de droit Responsabilité sociale des entreprises
L’ESMA publie un rapport sur le greenwashing
Ivan Tchotourian 29 juillet 2024
Le 6 juin 2024, l’Autorité européenne des marchés financiers (AEMF-ESMA) a publié son rapport final sur l’écoblanchiment dans le secteur financier : ESMA36-287652198-2699.
- Pour accéder au rapport : cliquez ici
Quelle constatations faites ?
NCAs can leverage on their mandate to protect investors and on existing provisions in the EU Regulatory Framework, for sustainability-related supervision and enforcement. As a type of miscommunication or misconduct, greenwashing can be captured by existing EU rules prohibiting misleading information. Greenwashing can also be addressed by acting on infringements against a series of specific sustainability-related requirements introduced in the EU in recent years.
So far, NCAs have reported having detected only a limited number of actual or potential occurrences of greenwashing.
Formal enforcement decisions are, up to now, limited as well.
To address the need for specialised knowledge, NCAs and ESMA have started building sustainability-related capacities and expertise through training programs, recruitments, cooperation with relevant national agencies or dialogue with nongovernmental organizations (NGOs).
Quelles priorités ?
NCAs are expected to gradually deepen their critical scrutiny of sustainability-related claims. To achieve this, they are invited to continue increasing human resources and expertise, making investments in supervisory tools such as SupTech solutions and further embed greenwashing risks in their respective supervisory work programmes.
ESMA will continue to support the monitoring of greenwashing risks, the deployment of SupTech tools, and capacity building. In addition, ESMA will prompt Common Supervisory Actions where needed. ESMA may produce additional guidance for market participants and supervisors in high-risk areas of greenwashing.
The European Commission is invited to reinforce NCAs’ and ESMA’s mandates in certain areas, such as for benchmarks, and make sure all NCAs have the powers to promote retail investors’ financial education. Whenever possible, the Commission should ensure the legislative framework supports NCAs’ access to data.
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finance sociale et investissement responsable Nouvelles diverses
Rapport de l’ESMA : les fonds ESG performent mieux !
Ivan Tchotourian 6 avril 2022
L’Autorité européenne des marchés financiers (AEMF ou ESMA) viennent de publier un rapport soulignant la meilleure performance des fonds ESG.
Extrait
The European Securities and Markets Authority (ESMA), the EU securities regulator, today publishes its fourth annual statistical report on the cost and performance of European Union (EU) retail investment products. A new finding this year is that UCITS with an environmental, social and governance (ESG) strategy (including equity, bond and mixed funds) outperformed their non-ESG peers, and were also overall cheaper.
- Gross performance: Gross performance in 2020 was low or negative and highly volatile due to the COVID-19 pandemic. Investing long-term significantly reduces the risks related to sudden and large changes in the valuation of financial products;
- Costs: Costs remained a critical component when evaluating the ultimate benefits of an investment, they reduced only marginally over time. Total costs were higher for retail investors than for institutional investors, on average. Costs for cross-border funds were higher than those for domestic funds;
- ESG UCITS: ESG equity, bond and mixed funds were overall cheaper than non-ESG peers, while their performance reflected the strong performance of specific sectors since the COVID-19 crisis. Within the ESG fund category, impact funds performed better than other ESG strategies and funds with sustainable investment as objective performed better in net terms, after having included costs, than those promoting environmental or social characteristics despite slightly higher costs;
- Structural market features: 15% of the managers of UCITS in our sample managed 90% of assets. Cross-border funds were, on average, larger than funds sold only in their home market and on average 60% of funds included in the sample were effectively sold cross-border. Heterogeneity across Member States persists;
- Performance and costs by management type: Costs were significantly higher for active UCITS than for passive funds and ETFs. ETF UCITS performance was in line with that of other passive UCITS investing in similar assets;
- Retail AIFs: In 2020, retail investors accounted for only 13% of the total Net Asset Value (NAV) in the EU AIF market. As for UCITS, the annualised monthly gross and net performance across the main retail AIFs fund types, significantly decreased compared with 2019. A full costs analysis could not be carried out due to the unavailability of data on cost composition; and
- Structured Retail Products: Total costs were largely attributable to entry costs and varied substantially by country and by pay-off type, but they did not depend on issuance size or underlying type.
Pour en savoir plus, cliquez ici
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Gouvernance normes de droit Responsabilité sociale des entreprises
ESMA publishes responses to its Consultations on Sustainable Finance
Ivan Tchotourian 25 février 2019 Ivan Tchotourian
Bonjour à toutes et à tous, l’ESMA vient de publier la réponse à sa consultation sur l’intégration des risques et des facteurs de durabilité (ici).
The European Securities and Markets Authority (ESMA) has published the responses received to its Consultations on integrating sustainability risks and factors in MiFID II, and in the UCITS Directive/AIFMD.
Pour accéder aux documents de réponse :
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