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ESG fund rules in Europe come under fire from regulators

The world’s most far-reaching set of ESG investment rules is facing a wave of criticism as regulators in Britain and the European Union publicly voice their misgivings.
“Navigating through the many different products and offerings and understanding the differences in terms of sustainability remains extremely difficult,” said Verena Ross, chair of the European Securities and Markets Authority, in a speech published on Oct. 24. | Photo: PR / ESMA
“Navigating through the many different products and offerings and understanding the differences in terms of sustainability remains extremely difficult,” said Verena Ross, chair of the European Securities and Markets Authority, in a speech published on Oct. 24. | Photo: PR / ESMA
By Greg Ritchie, Lisa Pham and Frances Schwartzkopff / BLOOMBERG

The UK’s Financial Conduct Authority has deliberately steered clear of some of the main features of Europe’s Sustainable Finance Disclosures Regulation, after it became clear they resulted in an ESG “contest” among fund managers rather than an exercise in transparency, Sacha Sadan, the FCA’s director of environmental, social and governance, said in an interview.

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