Why ESG financial regulations?
1. Because the financial system is the heart of the economy and the economy needs to be aligned with Sustainable Development.
2. Because market is heterogeneous and frontrunners are a minority – regulation is needed to address market failures and bring laggards in, including to prevent systemic risks.
3. Because market needs a level playing field in terms of ESG requirements – most players fear to lose their market share if they are too stringent in terms or risk management.
4. Because investors need reliable, precise and relevant ESG information from companies in order to integrate them in their investment process.
5. Because there is a real demand for financial products with a positive environmental/social impact (or which claim to avoid negative impacts), but low transparency when they are offered – definitions are needed to protect investors from greenwashing.
This list comprises existing EU and national regulations on cross-sectoral taxonomies, banking, capital markets, pensions and insurance that address sustainability/ESG factors – both binding rules (laws or infralegal regulations) and non-binding (guidance) guidelines are included – any initiative from a public body that has a mandate on the topic. We only include the ones that are available in English, Spanish, Portuguese, Italian or French, though.
Self-regulatory standards are not included. Our aim is to keep it updated, so if you are aware of any one missing, please reach out.
Cross-sectoral Taxonomies | Banking | Capital markets | Pensions | Insurance
Environmental, Social, and Climate Taxonomies for Financial Sector Use
- China
Green Development Guidance for BRI Projects Baseline Study Report (Guidelines for the development of BRI projects, with three major environmental objectives: pollution prevention, climate change mitigation, and biodiversity conservation), issued by BRI International Green Development Coalition (2020)
Green Bonds Endorsed Projects Catalogue (Set of metrics for industrial sectors, environmentally related sectors, infrastructure, and green services) issued by People’s Bank of China, the National Development and Reform Commission, and the China Securities Regulatory Commission (2021)
- Colombia
Taxonomía Verde (Definitions aimed at supporting various actors in the public and private sectors in identifying and evaluating investments that can contribute to the achievement of environmental objectives and can be considered green or environmentally sustainable in Colombia) issued by the Government of Colombia (2022)
- Costa Rica
Monitoreo del financiamiento climático en entidades financieras supervisadas por SUGEF en Costa Rica (A guideline for climate finance monitoring, promoting accurate classification and effective communication of information) issued by the Ministry of Environment of Colombia (2019)
- European Union
Commission Delegated Regulation 2139/2021 (Define ‘substantial contribution’ to climate change mitigation and adaptation and what ‘not causing significant harm’ to other environmental objectives means) issued by the European Commission
Commission Delegated Regulation 2178/2021 (disclosure of financial product information in the light of the Taxonomy) issued by the European Commission
Commission Delegated Regulation 2022/2014 (includes nuclear energy and natural gas) issued by the European Commission
Regulation 852/2020 (establishment of a framework to facilitate sustainable investment and the amendment of Regulation 2019/2088) issued by the European Commission
Delegated Act (2021/2800) Climate change mitigation and adaptation
Delegated Act (2021/2800) Annex 1
Delegated Act (2021/2800) Annex 2
- Georgia
Georgia Sustainable Finance Taxonomy (2022)
- Indonesia
Green, Yellow and Red Taxonomy (a full taxonomy comprising positive environmental impacts, but also negative ones), issued by the financial regulator “OJK” (2022)
- Malaysia
Climate Change and Principle-based Taxonomy (A principle-based Taxonomy for Financial Institutions to assess and categorize economic activities according to the extent to which activities align with climate objectives and promote the transition to a low-carbon economy) issued by Bank Negara Malaysia (2021)
- Mexico
Sustainable Taxonomy (2023)
- Mongolia
Green Taxonomy (applicable to both lending and investments) issued by Financial Stability Commission of Mongolia (2019)
- Panama
Panama Sustainable Finance Taxonomy (2024)
- Russia
Russian Green Taxonomy (Decree No. 1587 “On the Approval of Criteria for Sustainable Development (including Green) Projects in the Russian Federation and Requirements for the Verification System of Sustainable Development (including Green) Projects in the Russian Federation”) issued by the Government of the Russian Federation (2021)
- Rwanda
Rwanda Green Taxonomy (2023)
- Singapore
Singapore Green Taxonomy (2023)
- South Africa
South Africa Green Finance Taxonomy (A taxonomy for green, social, and sustainable financial initiatives, aimed at building credibility, fostering investment, and enabling effective monitoring and disclosure of performance), issued by the National Treasury (2022)
- South Korea
The Korean Green Taxonomy (K-Taxonomy) Guideline and Its Implications (It refers to the classification of green economic activities that contribute to six environmental goals: greenhouse gas reduction, climate change adaptation, sustainable water conservation, recycling, pollution prevention and management, and biodiversity) issued by the Ministry of Environment of Korea (2021)
- Southeast Asia
ASEAN Taxonomy for Sustainable Finance – version 1 (A guide to help steer capital towards activities that can promote the transition of real economy activities towards a more sustainable foundation) issued by the ASEAN Taxonomy Board (2021)
- Sri Lanka
Sri Lanka Green Finance Taxonomy (Taxonomy with environmental goals aimed at addressing climate change mitigation and adaptation, pollution prevention and control, and ecological conservation and resource efficiency) issued by the Central Bank of Sri Lanka (2022)
Banking
- Australia
Australian Prudential Regulation Authority (APRA), Prudential Practice Guide (CPG 229) – Climate Change Financial Risks, 2021 – applies to all institutional investors, including insurance companies
Australian Securities and Investments Commission (ASIC), Regulatory Guide 65, Section 1013DA disclosure guidelines (information on Product Disclosure Statements about how labour standards or environmental, social or ethical considerations are taken into account in selecting, retaining or realising an investment), 2011 – applies to all institutional investors, including insurance companies
- Austria – Financial Monetary Authority (banking, insurance, pension, asset managers supervisor)
Guide for Managing Sustainability Risks, 2020
- Bangladesh – Bangladesh Bank (country Central Bank)
Environmental Risk Management (ERM) Guidelines for Banks and Financial Institutions in Bangladesh, January 2011
Policy Guidelines for Green Banking, February 2011, updated in 2013
Guidelines on Environmental and Social Risk Management for Banks and Financial Institutions, updated February 2017
Sustainable Finance Policy for Banks and Financial Institutions, December 2020 (includes Sustainable Taxonomy)
Sustainability Rating of Banks and Financial Institutions, December 2020
- Brazil – Banco Central do Brasil (Central Bank of Brazil)
Resolução BCB 140/2021 – this Resolution creates a new Section (9 – social, environmental and climate impediments) in Chapter 2 of the Manual for Rural Loans (MCR is the acronym in Portuguese)
Resolução CMN 5.081 de 29/6/2023 – Adjusts rules related to social, environmental, and climate impediments for granting rural credit
CMN Resolution no. 5102/2023 – amends Section 2, Chapter 1 of the Manual of Rural Credit, to provide for a reduction in the interest rate for rural producers whose property complies with the Forest Code
Resolução BCB nº 151/2021, Instrução Normativa BCB nº 222/2021 e Instruções DESIG para preenchimento DRSAC – dispõem sobre a remessa de informações relativas a riscos sociais, ambientais e climáticos de que tratam a Resolução nº 4.557, de 23/2/2017, e a Resolução CMN nº 4.945, de 15/9/2021)
Resolução CMN n° 4.943, 15/9/2021 and Resolução CMN n° 4.944, 15/9/2021 both replace Resolution CMN 4.327/2014, from a risk management perspective, with regards to environmental, social and (now) climate risks, filling its gaps through amendments to Resolutions CMN 4557 and 4606/2017. The first is applicable to larger financial institutions from July 1st 2022, while the second simplifies a few requirements to FIs with lower capital and takes effect for them on December 1st 2022.
Resolução CMN n° 4.945, 15/9/2021 – replaces Resolution CMN 4327/2014 with regards to governance issues, making additional requirements and brings definitions of positive impact finance concerning environment, social and climate issues – takes effect from July 1st 2022 for larger FIs and from December 1st 2022 for smaller FIs
Resolução BCB n° 139, 15/9/2021 and Instrução Normativa BCB n° 153, 15/9/2021 – these two regulations bring the mandatory contents and the optional contents of the Report on Environmental, Social and Climate Risks and Opportunities, to be published annually from 2023 on (with reference to year 2022).
Circular BCB 3846/2017, requires that banks that adopt the ICAAP regime consider environmental and social risks in their capital adequacy assessment
- China – China Banking Regulatory Commission
Notice of the CBRC issuing the Green Credit Guidelines, 2012
Notice of the China Banking Regulatory Commission on Submission of Green Credit Statistics Form, 2013 (not available online anymore)
General Office of the China Banking Regulatory Commission Opinions on Green Credit Implementation, 2014
- Colombia – Superfinanciera de Colombia (SFC)
Administración de riesgos y oportunidades climáticas para los establecimientos de crédito, 2022 (in Spanish)
- Costa Rica – Superintendencia General de las Entidades Financieras (SUGEF)
Guide for monitoring of Climate Finance by financial entities in Costa Rica, 2019 (in Spanish)
- Egypt – Central Bank
Guiding Principles on Sustainable Finance, 2021
Sustainable Finance Binding Regulations, 2022
- European Union – European Central Bank
- Georgia – National Bank of Georgia (Central Bank and banking regulator)
Principles for ESG reporting and disclosure by financial institutions, 2020
ESG Guidelines, 2023
- Germany – BaFin (banking, insurance, pension, asset managers supervisor)
Guidance Notice on dealing with Sustainability Risks, 2020
- Ghana – Bank of Ghana (Central bank and banking regulator)
Sustainable Banking Principles, 2019
- Honduras – Comisión Nacional de Bancos y Seguros (banking and insurance regulator)
Circular CNBS 28/2020, Guidelines for Environmental and Social Risk Management
- Hong Kong – Hong Kong Monetary Authority
Common Assessment Framework on Green and Sustainable Banking, 2020
- Indonesia – Indonesia Financial Services Authority (OJK)
Regulation on Application of Sustainable Finance to Financial Services Institutions, Issuer and Publicly Listed Companies. Jacarta, July 2017
Technical Guidelines for Banks on the Implementation of the regulation, 2018
- Kenya – Central Bank
Guidance on Climate-related Risk Management, October 2021
- Malaysia – Bank Negara Malaysia (Central Bank of Malaysia)
Value-based Intermediation Financing and Investment Impact Assessment Framework, November 2019 (only for islamic banks)
Implementation Guide for Value-based Intermediation, November 2018 (only for islamic banks)
Value-based Intermediation Scorecard, Consultative Document, October 2018 (only for islamic banks)
Climate Change and Principle-based Taxonomy, April 2021 (for all banks and insurers)
- Nepal – Nepal Rastra Bank (country Central Bank and banking regulator)
Guideline on Environmental & Social Risk Management (ESRM) for Banks and Financial Institutions, May 2018
- Netherlands – De Nederlandsche Bank (Central Bank and banking regulator)
Good practice: integration of climate-related risk considerations into bank’s risk management, 2020
- Nigeria – Central Bank of Nigeria
Sustainable Banking Principles, 2012
Reporting Template for the Nigeria Sustainable Banking Principles, 2014
- Pakistan – State Bank of Pakistan (country Central Bank)
Green Banking Guidelines, October 2017
Environmental and Social Risk Management Implementation Manual, 2022
- Paraguay – Banco Central de Paraguay
Guía para la gestión de riesgos ambientales y sociales para las entidades reguladas y supervisadas por el BCP, November 2018
- Peru – Superintendencia de Banca, Seguros y Administradoras Privadas de Fondos de Pensiones (SBS)
Regulation for Environmental and Social Risk Management, 2015
- Philippines – Central Bank
Sustainable Finance Framework, 2020
Guidelines on the integration of Sustainability Principles in investment activities of Banks, 2022
Guidance on the Implementation of the Environmental and Social Risk Management (ESRM) System, 2022
- Portugal – Bank of Portugal (banking regulator and Central Bank of the country)
Circular Letter 10/2021, which sets out supervisory expectations regarding the identification and management of financial risks related to climate and environmental changes for less significant financial institutions (not supervised by the European Central Bank)
- Singapore – Monetary Authority of Singapore (MAS)
Guidelines on Environmental Risk Management for Banks, December 2020
- Vietnam – State Bank of Vietnam (country Central Bank)
Circular n. 39/2016/TT-NHNN dated December 30, 2016 of the State Bank of Vietnam prescribing lending transactions of credit institutions and/or foreign bank branches with customers, article 4th. (requires compliance with environmental legislation)
- United Kingdom – Bank of England/Prudential Regulation Authority
Supervisory Statement SS3/19: Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change, 2019
- United States of America – Federal Deposit Insurance Corporation (FDIC)
Guidelines for an Environmental Risk Program, 1993
Capital markets
I – ESG disclosures by companies
- Argentina
Ley 2594/2007, Sustainability reporting for companies with more than 300 employees and operations in Buenos Aires
Comisión Nacional de Valores, Resolución General 606/2012
- Australia
Australian Securities and Investments Commission (ASIC), Regulatory Guide 247 (March 2013), p. 19:
An OFR (Operational and Financial Review – their annual report) should include a discussion of environmental and other sustainability risks where those risks could affect the entity’s achievement of its financial performance or outcomes disclosed, taking into account the nature and business of the entity and its business strategy.
Workplace Gender Equality Act, 2012
“Relevant employers” (private companies with more than 100 employees) shall report on gender equality indicators.
“gender equality indicators” means the following:
(a) gender composition of the workforce;
(b) gender composition of governing bodies of relevant employers;
(c) equal remuneration between women and men;
(d) availability and utility of employment terms, conditions and practices relating to flexible working arrangements for employees and to working arrangements supporting employees with family or caring responsibilities;
(e) consultation with employees on issues concerning gender equality in the workplace;
(f) any other matters specified in an instrument under subsection (1A).”
- Brazil
Comissão de Valores Mobiliários (Securities Exchange Commission), 2021, minimal annual disclosures for investors (including ESG information), Resolution 59, that amends Resolutions 480 and 481/2009
Resolução CVM 14/2020 – dispõe sobre adoção de Relato Integrado.
- Canada
Canadian Securities Administrators (CSA):
CSA Staff Notice 51-333: Environmental Reporting Guidance (2010)
CSA Staff Notice 51-358: Reporting of Climate change-related Risks (2019)
Ontario Securities Commission, National Instrument (NI) 51-102 – Continuous Disclosure Obligations, Annual Information Form (unofficial consolidation – updated only until June 2015, see page 10)
Business Corporations Act, Part XIV.1, 172.1 (Diversity disclosures)
AMF Quebec, Notice relating to modern slavery disclosure requirements (2018)
- Chile
Superintendencia de Valores y Seguros
Norma de Carácter General 386/2015 (disclosures on gender, age and nationality diversity)
Norma de carácter general 461/2021 – Comisión para el Mercado Financiero (CMF) – ESG disclosures of listed companies
- China
People’s Bank of China, 2021, Guidelines on Environmental Information Disclosure for Financial Institutions
Ministry of Environment, 2022, Regulation on ESG disclosure by companies who are securities issuers, news in English with summary
Ministry of Environment, 2022, Regulation on ESG disclosure by companies who are securities issuers, original in Chinese
- Denmark
CSR disclosure, 2016
- European Union
Delegated Act 2021/4987 – conteúdo e apresentação das informações a serem divulgadas pelas empresas sujeitas aos artigos 19a ou 29a da Diretiva 2013/34/UE relativa às atividades econômicas ambientalmente sustentáveis
Directive 2014/95 – Non-financial Disclosure Reporting
Communication from the European Commission 2017/C 215/01 – Guidelines on non-financial reporting (methodology for reporting non-financial information)
European Commission, Guidelines on reporting climate-related information (2019)
Directive 2022/2464 – amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting
- France
Code de l’Environnement (2015), Livre II, Titre II, article 229-25: companies with more than 500 employees need to publish a report on GHG emissions every 4 years
- Germany
German Council for Sustainable Development, German Sustainability Code (ESG disclosure by corporations), 2017 – voluntary guidance, supported by the federal government
Ministry of Environment, Industry-specific KPIs for ESG disclosure, 2016
- India
Securities and Exchange Board of India (SEBI), Circular 562/2021, Business responsibility and sustainability reporting by listed companies
Ministry of Corporate Affairs, National Guidelines on Responsible Business Conduct, 2018
- Indonesia
OJK (financial regulator), Regulation of Financial Services Authority n. 51/POJK 03/2017 on Application of Sustainable Finance to Financial Services Institutions, Issuer and Publicly Listed Companies, 2017
- Italy
Civil Code, article 2428 (amended in 2016) – corporations environmental/social disclosures
Law 120/2011 – gender share (“quota rosa”)
- Japan
Ministry of Environment, Environmental Reporting Guidance, 2018
- Pakistan
Securities Exchange Commission, Green bonds Guidelines, 2021
- Peru
Superintendencia de Mercado de Valores (SMV), Resolución de Superintendente – Reporte de Sostenibilidad Corporativa, 2020 (in spanish)
- Philippines
Securities and Exchange Commission, 2019, Sustainability Reporting Guidelines
- Nigeria
Securities and Exchange Commission, 2021, Guidelines on Sustainable Financial Principles for the Capital Market
Securities and Exchange Commission, Reporting Template on Sustainable Financial Principles for the Capital Market
- Spain
Ley 11/2018 (17989), as a consequence of the European Union Directive 2014/95, brings disclosures requirements on diversity, environment and policies of payment to suppliers
- UK
Government Equalities Office, Gender Pay Gap Reporting, 2020
- USA
SEC, Commission Guidance Regarding Disclosure Related to Climate Change, Release No. 33- 9106 (Feb. 8, 2010)
SEC, Climate-related disclosures for investors, 2024
2020, SEC statement – TCFD
- Vietnam
State Securities Commission “Environmental and Social Disclosure Guide”, 2014
II – ESG disclosures of financial products
- Australia
ASIC Regulatory Guide 65 (November 2011), ESG disclosures of investments (how labour standards or environmental, social or ethical considerations are taken into account in selecting, retaining or realising an investment)
- European Union
Regulation 2019/2088 – Sustainability-related disclosures in the financial services sector (SFDR)
EU Commission, Commission Delegated Directive 2021/2617, Sustainability risks and sustainability factors to be taken into account for Undertaking for Collective Investment in Transferable Securities (UCITS)
Regulation 2019/2089, EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks
Delegated Acts:
1816/2020 (how ESG factors are reflected in each benchmark or family of benchmarks)
1817/2020 (how ESG factors are reflected in the benchmark methodology)
1818/2020 (minimum standards for EU climate transition and Paris-aligned benchmarks)
- France
Climate disclosure by investors, 2015
Biodiversity and climate disclosures (banks, investors and asset managers), 2021, changes article 29 of Law 1147-2019
- Italy
Commissione Nazionale per le Società e la Borsa (CONSOB – capital markets regulator), Regolamento 16190/2010, art. 89 and 90 (disclosure by asset managers of if and how environmental, social and ethical criteria are integrated into investment policies)
- United Kingdom
FCA (Financial Conduct Authority) – Sustainability Disclosure Requirements (SDR) and investment labels – PS 23/16 – November 2023
III – Green/Social/Sustainable investment funds
- Argentina
Comisión Nacional de Valores, Resolución General 885/2021, green/social/sustainable investment funds
- Brazil
Resolução CVM 175/2022 (dispõe sobre a constituição, o funcionamento e a divulgação de informações dos fundos de investimento, bem como sobre a prestação de serviços para os fundos) – artigo 49 estabelece requisitos para que sejam utilizados rótulos ASG ou qualquer outro relacionado às finanças Sustentáveis
- France
Ministry of Ecology, Greenfin label criteria guidelines (green label for investment funds), 2019
Law on social label for investment funds, 2016
Autorité des Marchés Financiers (capital markets regulator), Guidelines/disclosure requirements for sustainable investment funds, Position Recommendation DOC 2020-03
- Hong Kong
Securities and Futures Commission, 2019, Green/ESG Funds
- Malaysia
Securities Commission, Guidelines on Sustainable and Responsible Investment Funds, 2017
IV – Green/Social/Sustainable Bonds
4.1 – Private bonds
- Argentina
Comisión Nacional de Valores, Resolución General 788/2019, Lineamientos para la emisión de valores negociables sociales, verdes y sustentables (Guidelines for the issuance of green, social and sustainable bonds)
- Brazil
Resolução CVM 160/2022, Informações do prospecto – item 3.8
- Colombia
Superintendencia Financiera de Colombia, Circular Externa 28/2020, Guía de Bonos Verdes – Green Bonds Guide (in Spanish)
- Egypt
Financial Regulatory Authority, Green bonds guidelines, 2019 (not available in English), article analysing
- European Union
European Commission, Green Bond Standard Usability Guide, 2020
TEG report, Green Bond Standard
- India
Securities and Exchange Board of India (SEBI, the capital markets regulator), Green bonds, 2017
- Japan
Ministry of Environment, Green Bonds Guidelines, 2017
- Morocco
AMMC (capital markets regulator),Green, Social and Sustainability Bonds, 2018 (in French)
Gender bonds, 2021
- Nigeria
Securities Exchange Commission, Green bonds, 2018
- Paquistan
Securities Exchange Commission, Green bonds guidelines, 2021
- Paraguay
Comisión Nacional de Valores, Guidelines for SDG Bonds issuance (in Spanish), 2020
- Philippines
Securities Exchange Commission, Guidelines on the issuance of Green, Social, Sustainability Bonds, 2019
- Thailand
Securities Exchange Commission, Guidelines on the issuance of Green, Social, Sustainability Bonds, 2020
In 2018, the Thailand Securities Exchange Commission required green, social and sustainable issuers to adopt an internationally recognised framework.
Further regulations in 2019 established the exemption of fees for these bonds:
https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=7466&NewsNo=57&NewsYear=2019&Lang=EN
https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=7513
- Vietnam
State Securities Commission, 2021, Guidance on the issuance of Green, Social, Sustainability Bonds
4.2 – Sovereign bonds
- Brazil
Federal Government, Brazilian Sovereign Sustainable Bonds Framework, 2023
- Chile
Finance Ministry, Sustainable Bonds Guidelines for Sovereign Bonds, 2020 (in Spanish) (revision of 2019 Green Bonds guidelines)
- Colombia
Marco de Referencia de Bonos Verdes Soberanos de Colombia, 2021 (in spanish)
- Dominican Republic
Superintendencia de Mercado de Valores de la República Dominicana (SIMV), Circular C-SIMV-2020-02-MV, Lineamientos para la emisión de valores de oferta pública sostenibles, verdes y sociales en el Mercado de Valores de la República Dominicana (in Spanish)
- Fiji
Green sovereign bonds framework, 2017
- India
Framework for Sovereign Green Bonds, 2022
- Indonesia
OJK (Financial Services Authority), Regulation n. 60/POJK 04/2017 on the issuance and the terms of Green Bonds, 2017
Green sovereign bonds framework, 2018
- Kenya
National Treasury, Framework for Sovereign Green Bonds, 2021.The Capital Markets Authority of Kenya and the Nairobi Stock Exchange also issued a Green Bond Framework for private issuers in 2019, but this one is not available online.
- Nigeria
Green Sovereign Bonds framework, 2020
- Peru
Ministerio de Economía y Finanzas, Sovereign Sustainable Bonds Framework, 2021
- Thailand
Government Sustainable Finance Framework, 2020 (framework for the issuance of green/social/ sustainable bonds and for green/social/sustainable loans)
- Uruguay
Sustainability-linked Sovereign Bonds Framework, 2022
V – Other relevant investment vehicles/instruments/strategies
- Brazil
Resolução CVM 88/2022 – crowd-investing (plataformas eletrônicas de investimento participativo)
Joint circular letter No 1/2023/CVM/SIN/SMI – Interpretation of provisions of CVM Resolution No. 30 (in Portuguese)
- European Union
Commission Delegated Directive 2021/1270 – Integration of ESG factors into UCITS (Undertakings for Collective Investments in Transferable Securities)
Regulation 2020/1503 – Crowdfunding
- Japan
Financial Services Authority/Ministry of Environment/Ministry of Economy, Trade and Industry, 2021, Basic Guidelines on Climate Transition Finance
Pensions
- Australia
Australian Prudential Regulation Authority (APRA), Prudential Practice Guide (CPG 229) – Climate Change Financial Risks, 2021
Australian Securities and Investments Commission (ASIC), Regulatory Guide 65, Section 1013DA disclosure guidelines (information on Product Disclosure Statements about how labour standards or environmental, social or ethical considerations are taken into account in selecting, retaining or realising an investment), 2011
- Austria
Financial Monetary Authority, Guide for Managing Sustainability Risks (covers insurance companies, pension funds and asset managers)
- Belgium
Law on Supplementary Pensions (2003), article 42 (disclosure of the degree to which social, environmental and ethical criteria are considered in the investment strategy)
- Brazil
PREVIC (Superintendência Nacional de Previdência Complementar, regulator of closed supplementary pension organisations), Resolução CMN 4994/2022 – establishes guidelines for the investment of funds guaranteeing plans administered by closed supplementary pension entities
Resolução CMN 3922/2010 (alterada pela 4695/2018) – artigo 15, 5º parágrafo, I, “d” – state and municipal pension funds
Instrução Normativa PREVIC 35/2020 – Provides for the operationalisation of the procedures laid down in the CMN Resolution that deals with the guidelines for the investment of the funds guaranteeing the plans administered by closed supplementary pension entities and how to comply with the obligations regarding investments with PREVIC
PREVIC, Best practice guide for investments (2022)
SUSEP (regulator of open supplementary pension funds), Circular SUSEP 666/2022 – establishes requirements for insurers, reinsurers and open-ended pension entities in relation to sustainability issues for both financial products and investments
- Chile
Pension Superintendence, Norma de caracter general n. 276/2020 (pension funds – in spanish)
Pension Superintendence, Resolución n. 43/2020 (cancellation funds – in spanish)
- Colombia
Colombian Superfinanciera, Circular externa 07/2021, covering pension and insurance entities (Part II, Title III, 2.1.1.1, 2.1.1.2; Part II, Title IV, 3.4.1.10, 3.4.1.11; Annex 15, 1.10) – in Spanish
- European Union
Directive 2016/2341, includes integration of ESG risk factors into investments of Pension funds
Directive 2017/828, encouragement of long-term shareholder engagement
- Germany
BaFin, Guidance Notice on dealing with Sustainability Risks, 2020 (covers insurance companies, pension funds and asset managers)
- Indonesia
OJK (financial regulator), Regulation of Financial Services Authority n. 51/POJK 03/2017 on Application of Sustainable Finance to Financial Services Institutions, Issuer and Publicly Listed Companies, 2017
- Italy
Commissione di Vigilanza sui Fondi Pensioni (COVIP – regulator of pension organisations),Deliberazione del 16 marzo 2012, art. 5º. (disclosure of whether and how environmental, social and ethical criteria are integrated into investment policies – in Italian)
- Japan
Financial Services Agency (regulator of banks, insurance companies and capital markets), Stewardship Code, 2020
- Malaysia
Minority Shareholder Watchdog Group, Malaysian Code for Institutional Investors, 2014 – self-regulatory initiative formally endorsed by the capital market regulator
- Mexico
National Commission for the Retirement Savings System (Comisión Nacional del Sistema de Ahorro para el Retiro). ). Disposiciones de carácter general en materia financiera de los sistemas de ahorro para retiro (art. 3, XIII and XXIV, art. 20, XII, art. 31, III and art. 64), 2019
- Russia
Central Bank of Russia (it also regulates insurance and pension schemes, as well as banks), Recommendations for the implementation of the Principles for Responsible Investment, 2020
- South Africa
2011, Financial Services Board (previous regulator of pensions, asset managers and insurers), Regulation 28 [not found online]
2019, Financial Sector Conduct Authority (pensions regulator), Guidance Notice 1: Sustainability of investments and assets in the context of a retirement fund’s investment policy statement
CRISA – Code for Responsible Investment in South Africa – self-regulation with guidelines endorsed by the financial regulator (Financial Sector Conduct Authority). 2022
- Spain
Royal Legislative Decree 1/2002, Ley de Regulación de los Planes y Fondos de Pensiones, artigo 16,8, artigo 27,1 e artigo 30, bis (in Spanish)
- UK
The Pensions Regulator. Guidance from pensions regulator for defined benefit schemes, 2019
Insurance
- Australia
Australian Prudential Regulation Authority (APRA), Prudential Practice Guide (CPG 229) – Climate Change Financial Risks, 2021 – applies to all institutional investors, including insurance companies
Australian Securities and Investments Commission (ASIC), Regulatory Guide 65, Section 1013DA disclosure guidelines (information on Product Disclosure Statements about how labour standards or environmental, social or ethical considerations are taken into account in selecting, retaining or realising an investment), 2011 – applies to all institutional investors, including insurance companies
- Austria – Financial Monetary Authority (financial supervisor of banks, insurers, pensions and asset managers)
Guide for Managing Sustainability Risks, 2020
- Brazil – Superintendência de Seguros Privados (SUSEP)
Circular SUSEP 666/2022 – establishes requirements to insurers, reinsurers and open pensions with regards to sustainability issues both for financial products and investments
SUSEP manual – Tables for sustainability report, 2023
- Colombia, Superfinanciera de Colombia
- European Union
Ato Delegado da Comissão Europeia 2021/2614 – integration of sustainability factors, risks and preferences into product supervision and governance requirements for insurance companies and insurance distributors and into conduct of business and investment advice rules for insurance-based investment products
- Germany – BaFin (financial supervisor of banks, insurers, pensions and asset managers)
Guidance Notice on dealing with Sustainability Risks, 2020
- Indonesia – Indonesia Financial Services Authority (OJK)
Regulation on Application of Sustainable Finance to Financial Services Institutions, Issuer and Publicly Listed Companies. Jacarta, July 2017
- Japan
Financial Services Agency (regulator of banks, insurance companies and capital markets), Stewardship Code, 2020
- Malaysia
Minority Shareholder Watchdog Group, Malaysian Code for Institutional Investors, 2014 – self-regulatory initiative formally endorsed by the capital market regulator – applies to all institutional investors, including insurers
- Russia
Central Bank of Russia (it also regulates insurance and pension schemes, as well as banks), Recommendations for the implementation of the Principles for Responsible Investment, 2020
- Singapore – Monetary Authority of Singapore (MAS)
Guidelines on Environmental Risk Management for Insurers, December 2020
- South Africa
CRISA – Code for Responsible Investment in South Africa– self-regulation with guidelines endorsed by the financial regulator (Financial Sector Conduct Authority), 2022
- United Kingdom – Bank of England/Prudential Regulation Authority
Supervisory Statement SS3/19: Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change, 2019
Financial Conduct Authority, Shareholder engagement regulation (aimed at asset management and life insurance companies), 2019