The EU Commission has updated its webpage on sustainable finance announcing that it has set up a technical expert group (TEG) on sustainable finance. The TEG will assist in developing a unified classification system for sustainable economic activities, an EU green bond standard, methodologies for low-carbon indices and metrics for climate-related disclosure. The TEG began work in July 2018 and will operate until June 2019, with a possible extension until end-2019. The group consists of 35 members, including participants from the finance sector.
The Commission intends to clarify how, among others, asset managers and insurance advisors should integrate sustainability risks and, where relevant, other sustainability factors in the areas of organisational requirements, operating conditions, risk management and target market assessment. It will do this by either amending existing delegated acts under directives which include MiFID, AIFMD and the UCITS Directive, or adopting new delegated acts.