For immediate release
Brussels, 8 July 2020 – The European Fund and Asset Management Association (EFAMA), published their response to the European Commission's consultations on delegated acts that seek to integrate sustainability risks and sustainability factors into UCITS (Undertakings for Collective Investment in Transferable Securities), AIFMD (Alternative Investment Fund Managers Directive) and MiFID (Markets in Financial Instruments Directive).
EFAMA has always firmly supported the creation of a robust framework for sustainable investing which facilitates the transition to a more sustainable European economy. In this context, the association sees the Commission's work on integrating sustainability considerations as an essential milestone that will further encourage the availability of ESG products to European investors.
“The question European policymakers are now faced with, is whether to create a standardised tick-the-box system - putting sustainability in a niche - or to opt for a flexible approach promoting dynamic developments in sustainable investing. We would definitely advise for the latter as a flexible approach will foster a sustainable European economy", stated Tanguy van de Werve, EFAMA Director General.
The MiFID II, UCITS and AIFMD Delegated Acts should ensure that sustainable investing becomes mainstream. However, the Commission's proposals in their current state will not achieve this goal, highlights the association.
EFAMA is therefore insisting on the following essential adjustments: