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Bankers demand clarity as Swedish watchdog balks at ESG rules

In a consultation response to the Swedish finance ministry, the Financial Supervisory Authority in Stockholm says the EU's new taxonomy requirements would place an unreasonable burden on the watchdog.

Director General of the Financial Supervisory Authority in Sweden Erik Thedéen. | Photo: PR Finansinspektionen.

In Sweden, where green bonds were pioneered, a warning from the financial regulator that it may not have the necessary tools to enforce new European Union sustainability rules has members of the financial industry voicing frustration and dismay.

In a consultation response to the Swedish finance ministry, the Financial Supervisory Authority in Stockholm says the EU's new taxonomy requirements would place an unreasonable burden on the watchdog. The letter is signed by Director General Erik Thedéen, who's also chair of the International Organization of Securities Commissions' task force on sustainable finance.

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