EIOPA published a formal request from DG FISMA to EIOPA and ESMA for technical advice regarding the integration of sustainability risks and sustainability factors in a number of relevant legal texts. EIOPA and ESMA need to deliver the advice by 30 April 2019, including a cost-benefit analysis.
Further to the legislative measures on sustainable finance proposed on 24 May, the EC invites EIOPA and ESMA to prepare, in close cooperation, technical advices on potential amendments to, or introduction of delegated acts under, the following directives:
MiFID II (Directive 2014/65/EU) and IDD (Directive 2016/97)
Potential amendments to delegated acts on product oversight and governance requiring ESG considerations to be taken into account when defining the target market and corresponding amendments to provisions on conflicts of interest with respect to MiFID II (Art. 16, 23 & 24) and IDD (Art. 25 and 28)
Solvency II (Directive 2009/138/EC)
Potential amendments to delegated acts (see Art 50(1(a) & (b) of the Directive)
Potential new level 2 measures in line with Art. 135(1)(a) of the Directive
UCITS (Directive 2009/65/EC)
AIFMD (Directive 2011/61/EU)