The results of the CNMV’s review of the implementation of sustainability regulations by investment funds are published

The CNMV has published a Communication announcing the results of its review “Monitoring of the implementation of the ESG regulations: transparency and investment policies of CISs”, included in its 2022 Activity Plan. With this review, the CNMV has sought to (i) ascertain the degree of adaptation of Spanish investment funds to the new obligations arising from the implementation of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (“SFDR”), which requires financial market participants and financial advisors to disclose certain information relating to environmental, social and governance (“ESG”) risks and factors when making their investment and advisory decisions; and (ii) communicate the appropriate guidelines to the industry.

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