The latest component of the European Commission’s sustainable finance action plan went live last month, leaving pension funds in key EU jurisdictions uncertain about precisely what the rules will mean, IPE research finds.
According to Morningstar, SFDR (the Sustainable Finance Disclosures Regulation) forms a “critical part of operationalising the action plan and will distinguish more clearly between different kinds of sustainable investing”.
SFDR applies to a range of “financial market participants”, including asset managers, banks, insurers and pension funds. There was some initial opposition to subjecting pension funds to the same rules as large commercial financial entities when in many cases pension funds do not compete for business, but as one Dutch lawyer told IPE, that battle was lost.
Less than an hour after Labor’s Stephen Jones said insurance commissions were “a problem”, Liberal MP and ex-planner Bert van Manen called them a “perfectly valid form of remuneration”. Despite his endorsement, financial services minister Jane Hume says the government will also wait on the LIF review's findings before making a call on the issue.
City of London (iStock)
London, Feb 14, 2021 (AFP) -Europe s financial capital is feeling the cold of Brexit but UK officials insist the City of London is suffering a temporary blip and is well-positioned to profit from new trading horizons.
For the first time last month, as Britain s withdrawal from the EU took full effect, London s financial district lost its European share trading crown to Amsterdam.
Researchers at IHS Markit attributed the decline to a relatively hard Brexit , and the UK government s failure so far to persuade Brussels to grant full trading rights to City-based firms under a regime known as equivalence .
Europe’s financial capital is feeling the cold of Brexit but UK officials insist the City of London is suffering a temporary blip and is well-positioned to profit from new trading horizons. For the first time last month, as Britain’s withdrawal from the EU took full effect, London’s financial district lost its European share-trading crown to .