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CMVM alerts to ESMA's supervisory guidelines on the integration of sustainability risks and disclosures in the area of asset management and clarifications provided by the European Supervisory Authorities on RTS under the SFDR


13 July 2022 

The European Securities and Markets Authority (ESMA) has issued guidelines to Competent National Authorities for the supervision of investment fund documentation and marketing material and established guiding principles on the use of sustainability-related terms in fund names. The supervisory guidelines also deal with the integration of sustainability risks by the fund management entities.

The guidelines aim to contribute to the supervisory convergence of EU Supervisors and the fight against greenwashing which is one of the supervisors' top priorities in the sustainable finance agenda.

Additionally, the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published a joint position that aims to clarify certain key aspects of the disclosures required by the Sustainable Financial Information Disclosure Regulation (SFDR), based on the draft Regulatory Technical Standards (RTS) proposed by the ESAs to the European Commission. These clarifications deal with disclosures within the scope of the main adverse impacts, financial products, direct and indirect investments, the "do not significantly harm" principle and on investment-option products.