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In ESG

European Union: Countdown for the application of the ecodesign requirements on products

by , and 3 Mins Read

On 28 June 2024, the European Ecodesign Regulation (2024/1781/EU) (“Ecodesign Regulation”) was published in the Official Journal of the European Union and entered into force on 18 July 2024. This Regulation means a radical change in the manufacturing method of a wide variety of products and directly affects the supply chain of all those companies that intend to introduce products into the European Union. Its fundamental aim is to make products more sustainable by introducing a series of requirements and prohibitions that will be adapted to each product group by means of delegated acts of the European Commission.

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In ESG

European Union: CSDDD – No escape for the financial sector?

by , and 9 Mins Read

The EU Corporate Sustainability Due Diligence Directive exempts financial institutions from due diligence to identify, mitigate and remedy potential adverse impacts, whether human rights or environmental, in their downstream “chain of activities”. In practice, however, it will be hard to escape entirely, not least as the sector will still need to adopt and implement transition plans.

In AML & Financial Services Regulatory

European Union: New EU rules have been adopted to combat money-laundering and terrorist financing

by , and 5 Mins Read

The European Parliament has adopted the new AML/CFT legislative package, which aims to comprehensively strengthen the EU rules to fight money laundering and terrorist financing, including the establishing of a new EU authority to supervise directly the riskiest entities, an EU limit on large cash payments up to EUR 10,000, and more detailed, directly applicable rules regarding customer due diligence and beneficial ownership.

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In AML & Financial Services Regulatory

European Union: ESMA guidelines on fund names using ESG or sustainability-related terms

by and 4 Mins Read

On 14 May 2024, the European Securities and Markets Authority (ESMA) published guidelines on fund names using environmental, social and governance (ESG) or sustainability-related terms. The main purpose of these guidelines is to enhance investor protection with regard to funds named in ways suggesting an investment focus in companies that meet certain sustainability standards. Against this backdrop and after the public consultation launched on 18 November 2022, ESMA clarifies what investors may expect in terms of policies, practices and characteristics of funds consistent with sustainability standards, as also the circumstances where a fund name with ESG or sustainability-related terms is indicative of unfair, unclear or misleading practices.

In ESG

EU: EmpCo Directive and the EU Green claims directive

by , , and 1 Min Read

The European Commission launched the European (EU) Green Deal in 2019. The EU Green Deal is a package of policy initiatives, one of which is a commitment to tackle false environmental claims by requiring that consumers receive reliable, comparable, and verifiable information to enable them to make more sustainable decisions and reduce the risk of greenwashing.

In ESG

European Union: The CS3D’s obligation on climate change: a game changer for multinational companies

by , , , , , , and 16 Mins Read

In a major shakeup to businesses’ obligations relating to human rights, environmental standards and climate change, the Corporate Sustainability Due Diligence Directive (CS3D) is set to become law. In this article, we focus on the climate-related obligations enshrined in the CS3D: the obligation imposed on companies to adopt and put into effect climate transition plans.

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In ESG

European Union: Member states have reached agreement on Corporate Sustainability Due Diligence Directive

by , , and 2 Mins Read

After long and tough discussions, EU ambassadors adopted a new compromise proposal on the Corporate Sustainability Due Diligence Directive (CSDDD) in Brussels on 15 March 2024. Now the measures are likely to pass into law. The next step is for the Parliament to give its approval.

In AML & Financial Services Regulatory

European Union: Alternative Investment Fund Managers Directive II is out

by and 1 Min Read

On 26 March 2024, Directive (EU) 2024/927 amending the Alternative Investment Fund Managers Directive and the Undertaking for Collective Investment in Transferable Securities Directive relating to delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds (AIFMD II or “Directive”) was published in the Official Journal of the European Union.
AIFMD II will enter into force on 15 April 2024.

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