MEUSAC, in conjunction with the Ministry for Finance (MFIN), organised a consultation session on November 6 on the Sustainable Finance Package.
In this package, the Commission proposes a taxonomy regulation (COM (2018) 353) establishing a unified EU classification system that is environmentally sustainable in line with ESG (environmental, social and governance) factors. Another Commission proposal on benchmarks (COM (2018) 355) will address the issue of green washing, laying out low-carbon benchmarks and positive carbon impact benchmarks, the second being more in line with the Paris Agreement, signed in 2015. Finally, a disclosures regulation (COM (2018) 354) is on the table, with the aim to put forward disclosures relating to sustainable investments and sustainability risks. The package comes with two delegated acts, amending MiFID II Directive and the Insurance Distribution Directive (IDD).
Who will be impacted?
This package will mostly impact financial market participants offering green financial products, benchmark providers, and indirectly, asset managers using low carbon benchmarks.
Various attendees from civil society and government expressed their views and gave feedback on what Malta’s position should be as negotiations proceed in full swing. If you have any comments or suggestions, you are kindly asked to contact MEUSAC on firstname.lastname@example.org.