EFAMA, together with seven other EU trade Associations*, have submitted a joint letter to the European Commission addressing concerns following the recently proposed changes to the delegated acts under MiFID II, IDD and Solvency II on the integration of sustainability factors and risks. The letter particularly addresses challenges stemming from the introduction of the new definition of sustainability preferences used across all three pieces of legislation. The associations jointly urge Commission to urgently takes these concerns into consideration prior to formally publishing the amended delegated acts in the Official Journal of the European Union.
* The signing associations are EFAMA, the European Association of Co-operative Banks (EACB) European Association of Public Banks(EAPB),European Banking Federation(EBF),European Fund and Asset Management Association(EFAMA), the European Savings and retail Banking Group(ESBG), the European Structured Investment Products Association(EUSIPA),Insurance Europe and Pensions Europe.
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