Consultation on integrating sustainability risks and factors in MiFID II

Consultation on integrating sustainability risks and factors in MiFID II

from 19 December 2018 to 19 February 2019


Responding to this paper  

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex I. Comments are most helpful if they: 
1. respond to the question stated; 
2. indicate the specific question to which the comment relates; 
3. contain a clear rationale; and 
4. describe any alternatives ESMA should consider. 

ESMA will consider all comments received by 19 February 2019.  

All contributions should be submitted online at  under the heading ‘Your input - Consultations’.  

Publication of responses 

All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman. 

Data protection 

Information on data protection can be found at under the heading Legal Notice. 

Who should read this paper? 

This paper is primarily of interest to competent authorities and firms that are subject to Directive 2014/65/EU of the European Parliament and of the Council (MiFID II). In particular, this paper is addressed to investment firms and credit institutions performing investment services and activities and their staff. This paper is also important for trade associations, investors, and consumer groups, because the guidelines seek to implement enhanced provisions to ensure investor protection with potential impact for anyone engaged in the dealing with or processing of financial instruments.


A video recording of ESMA’s hearing on ‘Measures to promote sustainability in EU capital markets’ is available on ESMA’s YouTube account

Document available for this Consultation
19/12/2018ESMA35-43-1210 Consultation paper on integrating sustainability risks and factors in MiFID II


Activity Institution Download
BIPAR (European Federation of Insurance Intermediaries)
Managed Funds Association
Iñaki Viggers
FNG - the industry association promoting sustainable investment in Germany, Austria and Switzerland
Asset Management CFA Institute
Asset Management Ruffer LLP
Asset Management The Investment Association
Asset Management Mirova
Asset Management Invesco
Asset Management BNP Paribas Asset Management
Asset Management European Fund and Asset Management Association
Asset Management DUFAS (Dutch Fund and Asset Management Association)
Asset Management BlackRock
Asset Management Robeco
Asset Management INVERCO
Asset Management BVI
Asset Management Schroders plc
Asset Management State Street Global Advisors
Asset Management Invest Europe
Banking Spanish Banking Association
Banking German Banking Industry Committee
Banking Schelhammer & Schattera AG
Banking Société Générale
Banking ESBG
Banking Association of German Public Banks
Banking Association of German Banks
Banking Portuguese Banking Association (APB)
Banking French Banking Federation
Banking Deutsche Kreditbank AG
Banking Dutch Banking Association
Banking European Association of Cooperative Banks
Banking HSBC
Banking Italian Banking Association
Banking DSGV and BVR
Banking BGK
Insurance and Pension Aviva Plc
Insurance and Pension Aviva Plc
Investment Services ANASF - Associazione nazionale consulenti finanziari
Investment Services ASSOSIM
sped05-02-19.pdf (221.72 KB)
Investment Services European Federation of Financial Advisers and Financial Intermediaries (FECIF)
Investment Services Nordic Securities Association (NSA)
Invididuals BETTER FINANCE - The European Federation of Investors and Financial Services Users
Issuers DDV
Others FIR - French SIF
Others EFPA Spain
Others SRI Services
Others Association Française de la Gestion financière
Others Austrian Federal Economic Chamber, Division Bank and Insurance
Others European Financial Planning Association (EFPA)
Others PIMFA
Others Finance Watch
Others INREV - European Association for Investors in Non-Listed Real Estate Vehicles
Others The Alternative Investment Management Association (AIMA)
Others AFME
Others Finanzplaner Forum
Others European Financial Congress
Others WWF European Policy Office
Others UNI Europa FInance
Others Af2i Association francaise des investisseurs institutionnels
Others ICMA
Others 2° Investing Initiative
Others AMAFI
Others PRI Association
Central Counterparty (CCP) European Banking Federation
Fintech SD-M GmbH