The rise in ESG investing has been characterized as an “investor revolution” and a manifestation of “social change”. The current coronavirus pandemic will arguably intensify the impact of such social change, with the “S” and “G” components of ESG, in particular, having been brought into sharper focus during the crisis. The issue of the extent to which ESG factors are (currently) of considerable importance – and, in particular, are likely to become even more so in the future – for the performance of share prices remains a highly controversial one in financial economics. However, where an empirically substantiated impact of ESG-related information on the prices of financial instruments can be shown, the question of whether such information is also of relevance to the inside information regime of the Market Abuse Regulation (“MAR”) arises and must be answered. This article explores the potential impact of ESG-related information and an increase in ESG-compliant investments on the prohibition on insider dealing and the obligation to publicly disclose inside information. We believe that the ESG preferences of a critical mass of real-life investors and, as a corollary, ESG-related information, are and will continue to be of great importance to the inside information regime. However, the intense debate regarding the precise depiction of the ‘reasonable investor’ within the meaning of Art. 7 MAR indicates that the relevance of ESG-related information to the inside information regime of the MAR is by no means clear. In light of these uncertainties, and given its efforts to promote sustainable finance, the EU legislature would be well advised to further specify the concept of inside information with a particular focus on ESG-related information.

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MAR的内部信息制度与ESG时代的兴起

ESG投资的增加被描述为“投资者革命”和“社会变革”的体现。当前的冠状病毒大流行无疑会加剧这种社会变革的影响，尤其是在危机期间，ESG的“ S”和“ G”部分已成为人们更加关注的焦点。在当前，ESG因素在多大程度上具有重要性（尤其是将来可能会变得更大）的问题在金融经济学中仍然是一个备受争议的问题。但是，在可以显示与ESG相关的信息对金融工具价格具有实证依据的影响的地方，出现这样的信息是否也与《市场滥用条例》（“ MAR”）的内部信息制度有关的问题，必须予以回答。本文探讨了与ESG相关的信息的潜在影响以及与ESG兼容的投资的增加对禁止内幕交易和公开披露内幕信息的义务的影响。我们认为，大量现实生活中的投资者对ESG的偏好以及与ESG相关的信息作为必然推论，对内部信息制度具有并将继续具有重要意义。然而，关于艺术意义上“合理投资者”的精确描绘的激烈辩论。7 MAR表示与ESG相关的信息与MAR的内部信息机制之间的相关性还不清楚。鉴于这些不确定因素，