ESMA provides supervisors with guidance on the integration of sustainability risks and disclosures in the area of asset management


The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today publishes a Supervisory Briefing to ensure convergence across the European Union (EU) in the supervision of investment funds with sustainability features, and in combating greenwashing by investment funds.

This work will help combat greenwashing by establishing common supervisory criteria for National Competent Authorities (NCAs), to effectively supervise investment funds with sustainability features.

This briefing covers the following areas:

  • Guidance for the supervision of fund documentation and marketing material, as well as guiding principles on the use of sustainability-related terms in funds’ names; and
  • Guidance for convergent supervision of the integration of sustainability risks by AIFMs and UCITS managers

Today’s publication is part of the actions to implement ESMA’s Sustainable Finance Roadmap, namely the consistent implementation of new requirements applicable to asset managers by developing new supervisory briefing(s).

Next steps

ESMA will work closely with NCAs to combat greenwashing, by promoting further supervisory convergence in supervising investment funds with sustainability features. This may include updating the supervisory briefing if needed considering experiences after the SFDR RTS starts applying on 1 January 2023.

Further information:

Solveig Kleiveland

Senior Communications Officer

   +33 (0)1 58 36 43 27


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