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LONDON: At the London-based law offices of Simmons & Simmons, the phones are ringing off the hook.
Lucian Firth, an attorney who represents hedge funds and other asset managers on industry regulation, said his work life had been transformed by a new set of rules that prevent investment professionals from exaggerating the environmental and social credentials of whatever they’re selling.
“We’ve talked to loads of United States managers,” Firth said “It’s a very large part of the working day.”
The European Union (EU) introduced the Sustainable Finance Disclosure Regulation (SFDR) in March, and since then, clients from New York to Hong Kong have been reaching out to Firth and his colleagues at Simmons & Simmons for information about how the new rulebook will impact their business.
That’s because they’re slowly realising that an anti-greenwashing initiative created in Brussels is about to rein in a global environmental, social and governance (ESG) market now estimated at US$35 trillion (RM145 trillion). SFDR has “long tentacles,” Firth said.
S&P Global estimates that non-EU investment firms valued at more than US$3 trillion (RM12.46 trillion) must adhere to SFDR, though not all will yet be fully aware. What’s more, that figure is likely to be “far higher,” given it only represents listed managers, S&P said.
Firth said he told clients outside Europe that if any of their marketing material targets the region, they’ve “got to do SFDR disclosures for that fund.” But he also said he was increasingly seeing firms outside Europe starting to comply, even if they were not within the scope of SFDR.
Europe’s asset managers have had a ringside seat as SFDR extends its grip.
Nina Hodzic, head of the sustainable investment office at Allianz Global Investors, was part of a group of fund managers and nonprofits that helped the European Commission thrash out its sustainable finance rules.
She said Allianz GI, which oversees €633bil (US$740bil or RM3.07 trillion) in client funds across the world, has seen movements in Asia and the US that showed regulators and investors they were “really looking at what’s happening in the EU”.
“The snowball effect could happen quicker than some might think,” Hodzic said. “We haven’t seen something like SFDR happen before, where it is introduced and picked up so quickly.”
It forces asset managers to substantiate ESG claims by holding them up against taxonomies still being written by European authorities. It integrates with other pieces of financial legislation to make sure managers ask clients whether they want to invest sustainably. Managers are then legally obligated to live up to those expectations.
It obliges asset managers anywhere in the world to comply with European rules for all the services and information they make available to clients in the region. In Europe, SFDR is already forcing fund managers to stop marketing dubious products as sustainable because the new rulebook no longer lets them get away with the kind of puffery that used to be widespread.
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