HEARING ON MEASURES TO PROMOTE SUSTAINABILITY IN EU CAPITAL MARKETS, Parijs

Notre Dame in Parijs
datum 4 februari 2019 11:30 - 16:15
plaats Parijs, Frankrijk
organisatie Europese Autoriteit voor effecten en markten (ESMA) i

A recording of the hearing is available on ESMA's YouTube account

The European Securities and Markets Authority (ESMA) will hold an open hearing on the following consultation papers:

ESMA's three public consultations on sustainable finance initiatives to support the European Commission’s (EC) Sustainability Action Plan in the areas of securities trading, investment funds and credit rating agencies (CRAs).

The first two consultations seek stakeholders’ input on draft technical advice for the integration of sustainability risks and factors into the Markets in Financial Instruments Directive II (MiFID II) (securities trading) and the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings in Collective Investment in Transferable Securities (UCITS) Directive (investment funds). While the third consults on CRA guidelines aimed at improving the quality and consistency of disclosures of environmental, social and governance (ESG) factors when considered as part of a credit rating action.

The consultations focus on environmental, social and good governance considerations with regards to investment firms, investment funds and CRAs. The draft advice and proposed guidelines touch upon organisational requirements, operating conditions, risk management, conflicts of interest, product governance and disclosure requirements.

In addition, the hearing will also gather feedback on short-termism and on users' information needs with respect to corporate reporting in the context of sustainable finance.

In the session on corporate reporting, ESMA aims at collecting feedback on the current status of corporate reporting in the context of sustainable finance. Particularly, ESMA seeks the views of users of financial and non-financial information (e.g. investors and analysts) in relation to how current corporate reporting serves their needs for investment decision-making. For example, it would be useful to collect feedback on the following questions: does non-financial information as currently reported provides decision-useful information? Which reporting framework(s) for non-financial information have proved to be most relevant in practice? How well financial and non-financial statements provide insights into a company’s orientation to invest in the long term and to produce sustainable growth for its investors? How can ESMA further promote better information for sustainable finance while focusing on investor protection and financial stability?

As part of Action 10 of the sustainable finance action plan the European Commission asks ESMA to collect information on undue short-termism in capital markets. In this context at the public hearing ESMA aims at collecting evidence regarding the existence of undue short-termism and its drivers in ESMA’s remit (e.g. corporate reporting, asset management).


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Europese Autoriteit voor effecten en markten (ESMA)

De Europese Autoriteit voor effecten en markten (EAEM (ESMA in het Engels)) is een onafhankelijk EU-agentschap en draagt bij aan het beschermen van het Europese financiële systeem. Dit doet zij door investeerders beter te beschermen en door het bevorderen van stabiele en ordelijke financiële markten. Het EAEM is de opvolger van het Comité van Europese effectenregelgevers, dat een netwerk van EU-autoriteiten was.

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