Global Trustee and Fiduciary Services News and Views Issue 50

Global Trustee and Fiduciary Services News & Views | Issue 50 | 2018 19 10 Actions in total support the three high-level objectives: EU taxonomy for climate change, environmentally and socially sustainable activities Q2, 2018. Report of the Commission technical expert group providing taxonomy for climate change mitigation activities Q1, 2019. Report of the Commission technical expert group providing taxonomy for climate change adaptation and other environmental activities Q2, 2019. Report of the Commission technical expert group on a standard for green bonds Q2, 2019. Commission delegated act on the content of the prospectus for green bond issuances Q2, 2019. Assessment of applying the EU Ecolabel to financial products as of Q2, 2018. Building on ongoing efforts. Subject to results of its impact assessment, Commission delegated acts (MiFID and IDD) on sustainability assessment Q2, 2018. ESMA to include sustainability preferences as part of its guidelines on the suitability assessment Q4, 2018. Commission delegated acts on the transparency of themethodology of benchmarks and on the features of the benchmarks Q2, 2018. Subject to results of impact assessment, an initiative creating a designated category of benchmarks comprising low-carbon issuers Q2, 2018. Report of the Commission’s technical expert group on the design and methodology of the low-carbon benchmark Q2, 2019. 2 1 3 4 5 Action 1: Establishing an EU classification system for sustainable activities Action 2: Creating standards and labels for green financial products Action 3: Fostering investment in sustainable projects Action 4: Incorporating sustainability when providing financial advice Action 5: Developing sustainability benchmarks Commission services report on progress made on the actions involving credit rating agencies Q3, 2019. ESMA to assess current practices in the credit rating market. ESMA to include ESG information in its guidelines on disclosure for credit rating agencies Q2, 2019. Study on sustainability ratings and research Q2, 2019. 6 Action 6: Better integrating sustainability in ratings and market research See details on the previous page. 7 Action 7: Clarifying institutional investors’ and asset managers’ duties See details on the previous page. 10 Action 10: Fostering sustainable corporate governance and attenuating short-termism in capital markets Work towards incorporating climate risks into institutions’ risk management policies and on the potential calibration of banks’ capital requirements (CRR/CRD take into account climate change-related risks) and EIOPA to assess impact of prudential risks for insurance companies on sustainable investment 2018 — 2019 for institutions and banks and Q3, 2018 for insurance companies. 8 Action 8: Incorporating sustainability in prudential requirements 9 Between Q1, 2018, and Q2, 2019. Action 9: Strengthening sustainability disclosure and accounting rule-making