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Regulation (EU) 2019/2033 of the European Parliament and of the Council, of 27 November, on the prudential requirements of investment firms, amending Regulations (EU) 1093/2010, (EU) 575/2013, (EU) 600/2014 and (EU) 806/2014

Directive (EU) 2019/2034 of the European Parliament and of the Council, of 27 November, on the prudential supervision of investment firms, amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU

Directive 2014/95/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL, of 22 October 2014, amending Directive 2013/34/EU with regard to the disclosure of non-financial and diversity information by certain large undertakings and groups. This directive was supplemented by the EU Commission's Non-Financial Reporting Guidelines.

Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector

Regulation (EU) 2019/2089 of the European Parliament and of the Council of 27 November 2019 amending Regulation (EU) 2016/1011 as regards EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks

In 2018, ESMA started to develop the following mandates issued by the Commission in the area of its competence:

  • Technical recommendations regarding the integration of risks and sustainability matters in MiFID II, UCITS and AIFMD.
  • Report on the assessment of sustainability matters (ESG) by the Credit Rating Agencies, with the aim of assessing the need to reform the legislation that regulates them. ESMA also reviews its Guidelines on Credit Rating Agencies information.
  • Review of European corporate information legislation: European Commission consultation on the "fitness check" of the regulatory framework regarding the EFRAG consultation on the effect of IFRS9 Financial Instruments on sustainable investments, assessment of the inclusion of non-financial information in the Annual Report under the supervision of the European Corporate Reporting Lab.
  • A study, coordinated with the EIOPA and EBA, on the existence of short-term criteria and pressures in the financial markets.
  • ESMA’s monitoring of the legislative processes that commenced in the autumn of 2018 (Taxonomy Regulation).
  • ESMA's observation work in the Expert Group of the European Commission and in the Member States Representation Group.

The Board of European Supervisors (EBA, EIOPA and ESMA) are preparing a draft Delegated Regulation which shall include technical standards on disclosure obligations of institutional investors, fund management companies and financial advisers in respect of: 1) adverse issues on sustainability factors in their investment decisions; and 2) sustainable investments and products with social or environmental characteristics that are marketed or on which they provide advice. This delegated Regulation shall supplement Regulation (EU) 2019/2088 of the European Parliament and of the Council, of 27 November, on sustainability-related disclosures in the financial services sector.