Global Trustee and Fiduciary Services News and Views Issue 50

Global Trustee and Fiduciary Services News & Views | Issue 50 | 2018 27 In a letter dated 24 July 2018, the Commission requested technical advice on potential amendments to delegated legislation relating to sustainability risks and factors. 22 Oliver Guersent, Director-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), European Commission, wrote to Gabriel Bernardino, Chair, European Insurance and Occupational Pensions Authority (EIOPA), and Steven Maijoor, Chair, European Securities and Markets Authority (ESMA), requesting final technical advice on potential amendments to Delegated Acts adopted in relation to: • UCITS Directive • Solvency II Directive • The AIFMD • MiFID II • And the IDD. The Commission has invited responses from EIOPA and ESMA by 30 April 2019. Next steps for the Commission’s sustainability proposals • 20 Sept 2018 : Securities and Markets Stakeholder Group Advice to ESMA • May 2019 : Agreement by European Parliament and Council • 2019–2022 : Adoption of delegated acts Elsewhere in Europe Aside from these proposals, a number of Member States have already put in place their own sustainable finance initiatives, including the French law of disclosure, commitments in Germany for substantial public investment into energy transition and the Swedish Financial Supervisory Authority’s plans to incorporate sustainable practices into their work. 23, 24, 25 The UK has also launched a plan to accelerate the growth of green finance. 26 UK Chancellor, Philip Hammond, has announced plans to launch a COMMISSION PROPOSALS COVER ALL FINANCIAL PRODUCTS OFFERED AND SERVICES PROVIDED, REGARDLESS OF WHETHER THEY PURSUE SUSTAINABILITY INVESTMENT OBJECTIVES OR NOT.