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Europe Unveils Draft Sustainability Rules For Firms, Insurers

Law360, London (January 4, 2019, 6:26 PM GMT) -- The European Commission stepped up its fight against climate change on Friday, unveiling draft rules that will require financial institutions and insurers to consider sustainability when giving out investment advice.

Under the proposals, investment managers and insurers will also have to take into account environmental risks as a part of their duty to act in the best interest of clients and to disclose how future returns may be affected by climate change.

"The new draft rules will help integrate environmental, social and governance considerations and preferences into investment advice and portfolio management and into the distribution of insurance-based investment products," the...

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