Sustainability Disclosure in the EU Financial Sector

39 Pages Posted: 21 Jul 2020 Last revised: 7 Dec 2020

See all articles by Danny Busch

Danny Busch

Radboud University Nijmegen - Institute for Financial Law (IFR)

Date Written: December 7, 2020

Abstract

The aim of this paper is twofold. On the one hand, it explores the main features of the
Sustainable Finance Disclosure Regulation. On the other hand, it tries to assess whether
the Sustainable Finance Disclosure Regulation is likely to succeed in harmonising
sustainability-related (i) disclosure rules and (ii) fiduciary duties, not only across Member
States, but also across financial products and distribution channels.
The paper is structured as follows. First some key terms and definitions are discussed
(Section II), followed by a treatment of the main rules on (1) sustainability disclosure at
entity level (Section III), (2) pre-contractual sustainability disclosure at product level
(Section IV), (3) sustainability disclosure at product level on websites (Section V), and
(4) sustainability disclosure at product level in periodic reports (Section VI).
Subsequently, the relationship between sustainability disclosure and marketing
communications is addressed (Section VII), followed by some remarks on competent
financial supervisors (Section VIII). In Section IX it is assessed whether the Sustainable
Finance Disclosure Regulation is likely to succeed in harmonising sustainability-related
(i) disclosure rules and (ii) fiduciary duties. Finally, Section X zooms out and puts the
Sustainable Finance Disclosure Regulation in a broader perspective.

Keywords: sustainable finance, ESF, disclosure rules, fiduciary duties, financial markets, EU

JEL Classification: K20, K21, K22, N20

Suggested Citation

Busch, Danny, Sustainability Disclosure in the EU Financial Sector (December 7, 2020). European Banking Institute Working Paper Series 2020 - n. 70, Available at SSRN: https://ssrn.com/abstract=3650407 or http://dx.doi.org/10.2139/ssrn.3650407

Danny Busch (Contact Author)

Radboud University Nijmegen - Institute for Financial Law (IFR) ( email )

Nijmegen
Netherlands

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