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Regulating Sustainable Finance in the Dark
European Business Organization Law Review ( IF 1.790 ) Pub Date : 2022-01-24 , DOI: 10.1007/s40804-021-00237-9
Dirk A. Zetzsche 1 , Linn Anker-Sørensen 2
Affiliation  

Analyzing the revised EU Sustainable Finance Strategy disclosed in two steps in April and July 2021, we identify as core issues of any sustainability-oriented financial regulation a lack of data on profitability of sustainable investments, a lack of broadly acknowledged theoretical insights (typically laid down in standard models) into the co-relation and causation of sustainability factors with financial data, and a lack of a consistent application of recently adopted rules and standards. The three factors together are now hindering a rational, calculated approach to allocating funds with a view to sustainability which we usually associate with ‘finance’. These deficiencies will be addressed once (1) the EU’s sustainability taxonomy is implemented by most issuers of financial products, (2) several years of taxonomy-based reporting by issuers and originators of financial products is made available, and (3) these data have been used for validating emerging new sustainable finance benchmarks and models for investment and risk management. Until that day (which we expect to be at least 5 years from now), relying on Roberta Romano’s famous adage, regulators seeking to further sustainability by legal means, effectively ‘regulate in the dark.’

In order to avoid undesirable and unforeseeable effects of regulation, we argue against any regulation addressing capital requirements, mandating sustainability risk modelling or the inclusion of sustainability factors in investment or remuneration policies. Adopting such rules in the current premature state risks that Europe will not be able to rely on the capital markets to finance the sustainability transformation as planned. Instead, regulators should focus on enhancing expertise on the side of intermediaries and supervisors alike. In particular, regulators should introduce smart regulation tools, such as sandboxes, innovation hubs, and waiver programmes benefiting early adopters of sustainable finance modelling/models, utilizing approaches developed in other fields of experimental financial regulation (in particular Fintech and RegTech).



中文翻译:

在黑暗中监管可持续金融

通过分析在 2021 年 4 月和 2021 年 7 月分两步披露的修订后的欧盟可持续金融战略,我们发现任何以可持续发展为导向的金融监管的核心问题是缺乏可持续投资盈利能力的数据、缺乏广泛认可的理论见解(通常规定在标准模型中)研究可持续性因素与财务数据的相互关系和因果关系,以及缺乏对最近通过的规则和标准的一致应用。这三个因素共同阻碍了我们通常与“财务”相关联的以可持续性为目的的合理、有计划的资金分配方法。这些缺陷将在 (1) 大多数金融产品发行人实施欧盟的可持续性分类法后得到解决,(2) 提供金融产品发行人和发起人几年基于分类的报告,以及 (3) 这些数据已被用于验证新兴的可持续金融基准和投资和风险管理模型。直到那一天(我们预计至少在 5 年后),依靠罗伯塔·罗马诺(Roberta Romano)的著名格言,监管机构通过法律手段寻求进一步的可持续性,有效地“在黑暗中进行监管”。

为了避免监管的不良和不可预见的影响,我们反对任何针对资本要求、强制可持续性风险建模或将可持续性因素纳入投资或薪酬政策的监管。在当前为时过早的国家采用此类规则可能会导致欧洲无法依靠资本市场为计划中的可持续性转型提供资金。相反,监管机构应专注于加强中介机构和监管机构方面的专业知识。特别是,监管机构应引入智能监管工具,例如沙盒、创新中心和豁免计划,使可持续金融建模/模型的早期采用者受益,利用在其他实验性金融监管领域(特别是金融科技和监管科技)开发的方法。

更新日期:2022-01-25
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