Podcasts about sfdr

V tomto podcastu se zaměříme zejména na český nemovitostní trh a na nový fond ČSOB Nemovitostní. Jaký potenciál tento trh aktuálně nabízí, je lepší vlastnit nemovitost nebo nemovitostní fondu? Nejen na tyto odpovědi se zaměří host Nina Kozáková, předsedkyně představenstva Patria investiční společnosti. Upozornění pro klienty: Investování nemusí být vhodné pro každého a jsou s ním spojena rizika. Tento propagační materiál má pouze informační charakter a nelze jej vykládat jako poskytování investičního poradenství nebo jiné investiční služby, nejedná se ani o návrh na uzavření smlouvy. Hodnota investice může kolísat a její návratnost není zaručena. Minulé výnosy, stejně jako prognózy očekávané výkonnosti, nejsou zárukou výnosů budoucích a nezohledňují případné vstupní a výstupní poplatky a daně. Podrobné informace o fondu, včetně informací o poplatcích a rizicích, naleznete na webové stránce ČSOB Nemovitostní v dokumentech Sdělení klíčových informací, Jak se stanovuje produktové skóre a/nebo v statutu fondu (vše v češtině). Informace o přístupu k udržitelnosti naleznete v SFDR příloze statutu fondu. Podílové listy fondu lze kdykoliv prodat na jakémkoliv obchodním místě ČSOB nebo on-line, přičemž k vypořádání dochází do maximálně 18 dní od podání pokynu k prodeji. Nastanou-li mimořádné tržní podmínky může docházet ke zpoždění vypořádání prodeje podílových listů, ve výjimečných případech až k výraznému zpoždění v řádu let, současně si tvůrce fondu vyhrazuje právo rozhodnout o uplatnění výstupního poplatku až do výše 5 %.

Dans ce nouvel épisode Focus Fonds, nous recevons Foulques de Sainte Marie, directeur général de Mata Capital IM en charge des stratégies grand public. Mata Capital IM est une société de gestion indépendante fondée en 2015. A travers la marque Osmo, elle met son savoir-faire institutionnel au service du grand public dans le but de rendre l'investissement immobilier plus accessible, sans renoncer à l'exigence.  Foulques pilote aujourd'hui la marque Osmo et nous présente Osmo Énergie, une SCPI lancée début 2024 avec commeobjectif : allier performance financière et extra-financière. Déjà labellisée ISR et classée Article 9 SFDR*, elle incarne une nouvelle génération de véhicules immobiliers responsables —  avec un objectif de distribution supérieur ou égal à 6% sur le long terme**. Découvrez :  Le parcours inspirant de Foulques et son rôle dans l'ouverture de Mata Capital IM à l'épargne grand public. Son décryptage du marché immobilier actuel et la genèse d'Osmo, un projet pensé pour répondre aux nouveaux enjeux de performance et de sens. Les piliers fondateurs d'Osmo Énergie et les secrets de sa réussite***. La stratégie opportuniste d'Osmo Energie et son développement progressif sur les marchés européens Les 3 critères selon Foulques pour reconnaître une SCPI solide et pérenne. Bonne écoute !   ----------------------- Savez-vous vraiment comment fonctionne un société de gestion ? Un fonds d'investissement ? Ce qu'il se passe au-delà des chiffres et des due diligences ? Dans "Focus Fonds", nous explorons ce qui se trouve de manière très concrète derrière les investissements des fonds et de leurs investisseurs. ----------------------- Pour accéder aux solutions d'investissements en immobilier proposées par Sapians : hhttps://sapians.com/investissement-actifs-reels  *OSMO Energie poursuit un objectif d'investissement durable conformément à l'article 9 du règlement (UE) 2019/2088 sur la publication d'information en matière de durabilité dans le secteur financier (SFDR) **La SCPI OSMO Energie poursuit un objectif de distribution de 6% annuel sur la durée de détention recommandée (10 ans). Le rendement cible est de 5,50% sur la durée de détention recommandée. Ces objectifs ne sont pas garantis. ***Attention : Les performances passées ne préjugent pas des performances futures et investir comporte des risques de perte partielle ou totale en capital. Cet épisode est une communication à caractère publicitaire qui vise à informer sur le fonctionnement d'une société de gestion et ne constitue pas un conseil d'investissement.  Si vous souhaitez bénéficier de conseils personnalisés, veuillez créer votre compte ou prendre rendez-vous avec un conseiller Sapians.

Pierre Nemeth, CEO and co-founder of Sopiad, discusses how their fintech company provides scientifically-backed resources to restore investor trust and help financial institutions comply with regulations. Sopiad's journey began with four years of academic research at LCC Liège before officially launching in 2021, addressing the lack of personalization in financial products and inadequate educational frameworks.• Sopiad's main solution is SAFIR, a personalized portfolio diagnostic tool that takes a client-centric approach• Unlike traditional analysis, SAFIR evaluates portfolio alignment with individual risk profiles and ESG preferences• The solution serves financial advisors and portfolio managers by enabling personalized portfolio creation at scale• Sopiad offers an AI storytelling module that converts complex analytics into educational narratives for investors• The company received recognition as one of the world's most innovative ESG companies in November 2024• Their unique approach links SFDR information from investment products to MiFID 2/IDD distribution requirements• Sopiad collaborates with various industry associations to stay ahead of market trends• Future vision includes more personalized investment products, gamified financial literacy, and transparent informationVisit sopiad.com to learn more about their solutions and how they address regulatory needs across different financial sectors.Thank you for tuning into our podcast about global trends in the FinTech industry.Check out our podcast channel.Learn more about The Connector. Follow us on LinkedIn.CheersKoen Vanderhoydonkkoen.vanderhoydonk@jointheconnector.com#FinTech #RegTech #Scaleup #WealthTech

SCR NEXTSTAGE CROISSANCE géré par NextStage AM. Société de Gestion de Portefeuille agréée ​par l'Autorité des Marchés Financiers (AMF) sous le numéro GP02012​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​. AMF – 17 Place de la Bourse, 75002 Paris – https://www.amf-france.org/ SAS au capital de 253 010 euros enregistrée au Registre du Commerce et des Sociétés (RCS) de Paris sous le numéro 442 666 830. TVA intracommunautaire : FR80442666830. 19 avenue George V, 75008 Paris. Les supports non cotés permettent d'investir dans des entreprises ou des projets qui ne sont pas soumis aux fluctuations des marchés financiers et présentent un risque de perte en capital. Les performances passées ne préjugent pas des performances futures. Vie Plus, filière commerciale de Suravenir dédiée aux CGP et courtiers : Tour Trinity – 1 Bis place de la Défense, 92400 Courbevoie. Suravenir, société anonyme à directoire et conseil de surveillance au capital entièrement libéré de 1 235 000 000 €. Siège social : 232, rue Général Paulet - BP 103 - 29802 Brest Cedex 9. Société mixte régie par le code des assurances. SIREN 330 033 127 RCS Brest. Société soumise au contrôle de l'Autorité de Contrôle Prudentiel et de Résolution (4, place de Budapest – CS 92459 – 75436 Paris cedex 9) Document publicitaire dépourvu de valeur contractuelle Pour en savoir plus sur les engagements des sociétés, consultez leur site internet ou référez-vous à la brochure gamme Tremplin. Retrouvez les informations publiées en application du règlement européen dit « SFDR » : reglementaire-priips.suravenir.fr

mit Benedikt Kortmöller und Chris Westers

Die Verordnung über nachhaltigkeitsbezogene Offenlegungspflichten, bekannt als SFDR (Sustainable Finance Disclosure Regulation), ist ein zentraler Bestandteil der EU-Nachhaltigkeitsvorschriften für den Finanzmarkt. Wir besprechen die Bedeutung und Herausforderungen der Definition von „nachhaltigem Investment“ im Kontext der SFDR und diskutieren Empfehlungen des Regulators zur Weiterentwicklung der Offenlegungsverordnung.

Quentin Saczewski, directeur des partenariats chez Mata Capital, est l'invité de ce nouvel épisode de Mon Podcast Immo. Au micro d'Ariane Artinian, il présente Osmo Énergie, la première SCPI de Mata Capital, qui combine diversification immobilière et engagement environnemental. Classée article 9 SFDR, cette SCPI vise une performance cible de 6%, revue à 7% pour 2024. Accessible dès 300 €, elle s'adresse à un large public via une plateforme 100% digitale. "Chaque euro collecté, c'est de la performance pour les années à venir," explique Quentin Sakzevski. Attention toutefois, cette performance n'est pas garantie et l'horizon de placement recommandé est de 10 ans.Hébergé par Ausha. Visitez ausha.co/politique-de-confidentialite pour plus d'informations.

In this conversation, David Manuel, Founder and CIO of Beagle Partners LLP, interviews Christine Brentani, Senior Principle Consultant at ACA Group. Discussing the impact of sustainability regulations on asset managers and the changing landscape of the industry, Christine shares her journey from fund management to regulatory risk and compliance. David and Christine also explore the evolution of sustainability regulations and the future trends that fund managers should pay attention to. Christine reflects on her experience attending COP27 and COP28 and the progress being made on key milestones. The CFA UK Sustainability Community is buzzing with daily discussions, virtual meet-ups, and in-person gatherings, offering numerous opportunities for you to get involved. Our Community is a virtual and in-person hub for investment professionals to grow together as sustainable investing experts. This is the go-to place for sustainable investing knowledge, resources and contacts. You can post questions on our forum, connect with other members online and join an informal catch up in the pub. For more information on the Sustainability Community and how to join, click here: shorturl.at/drsHV

In our new podcast series, Let's talk asset management, partners from our financial services and asset management teams provide listeners with a crash course on one or more hot topics in the asset management sector. By doing this, listeners will be able to build their knowledge and get insights on recent regulatory developments and market trends. In this podcast Cedric Danois discusses some of the key issues that ESMA and the other ESAs raise in the updated Q&As on the SFDR: • Sustainable investment definition • Website disclosures • Principal adverse impact indicators

Unlock the transformative power of artificial intelligence in wealth management with insights from Jean-Baptiste Deaux from Comarch! This episode promises to reveal how AI is revolutionizing the sector by enhancing decision-making, optimizing portfolios, and significantly automating tasks to boost efficiency and accuracy. Listen as Jean-Baptiste underscores AI's critical role in supporting advisors rather than replacing them, ensuring that the human touch remains paramount. Discover how recent regulations, like MiFID II and SFDR, are not just compliance hurdles but opportunities for innovation that can convert regulatory tasks into valuable data, ultimately leading to personalized investment advice. Stay tuned for our engaging chat with Jean-Baptiste Beaux from Comarch as he shares the latest developments shaking up the fintech world. This episode is packed with valuable insights you won't want to miss!Thank you for tuning into our podcast about global trends in the FinTech industry.Check out our podcast channel.Learn more about The Connector. Follow us on LinkedIn.CheersKoen Vanderhoydonkkoen.vanderhoydonk@jointheconnector.com#FinTech #RegTech #Scaleup #WealthTech

In this episode of the Legal Zeidgeist, Kate Horgan is joined by Kwame Taylor, an Associate in Zeidler's ESG Legal Advisory Team, to explore the Sustainable Finance Disclosure Regulation (SFDR). They discuss the recent comprehensive assessment of the SFDR framework, unpacking key findings from the summary report of open and targeted consultations. Kwame provides an overview of the SFDR's objectives, challenges in framework coherence, and mixed stakeholder views on disclosure requirements. 

Renta 4 Megatendencias Medio Ambiente invierte en compañías que promueven características sostenibles, para aquellos inversores con visión a largo plazo y que busquen un impacto positivo en la sociedad y el medio ambiente sin dejar de lado la rentabilidad. Invierte en compañías de alta calidad, lideres, con fuerte crecimiento y con ventajas competitivas. **Rentabilidades pasadas no garantizan rentabilidades futuras** -------------------------- Conoce más detalles del fondo ➡️ https://bit.ly/R4MegMedAmbiente Apúntate al Boletín de Renta 4 Gestora y sigue la actualidad de nuestros fondos de inversión ➡️ https://bit.ly/boletin_R4gestora --------------------------------- SUSCRÍBETE A NUESTRO CANAL Y RECIBE ESTE Y OTROS CONTENIDOS DE INTERÉS Suscríbete a nuestro canal: https://www.youtube.com/user/Renta4 Y si quieres, también puedes seguirnos en OTROS CANALES: X: https://twitter.com/Renta4 Facebook: https://www.facebook.com/renta4 Instagram: https://www.instagram.com/renta4banco LinkedIn: https://www.linkedin.com/company/65291 Ivoox: https://bit.ly/R4_ivoox Spotify: https://bit.ly/SpotifyR4 O consultar más información en NUESTRAS PÁGINAS WEB: Web: https://www.r4.com Renta 4 Gestora: https://www.renta4gestora.com Blog R4: https://blog.r4.com #Renta4MegatendenciasMedioAmbiente #fondosdeinversión #Renta4Gestora Publicidad

Private equity, blended finance, new regulations like the SFDR, lack of infrastructure, government instability: these are just some of the challenges investors face in financing and executing impact projects in emerging markets. My guest today, Paul Hailey, Head of Impact and ESG at responsAbility Investments AG, walks us through how the company's projects in South America and North Africa are achieving competitive returns while making significant impacts on climate mitigation, healthcare, education, manufacturing, financial inclusion and quality jobs for the younger generation. Since its inception in 2003, responsAbility has deployed over USD 15 billion in impact investments and currently manages USD 5.0 billion in assets.

Glencore's CEO Gary Nagle has once described ESG as “some person in the basement in office number 27 engaged in a box-ticking exercise.” And a lot of fossil fuel companies – while being less explicit – share the same opinion on ESG… and have voiced their hostility indirectly through complicit media outlets.The ESG movement is facing a significant backlash. On the one hand there has been too much greenwashing, on the other hand, ESG has become a political punching ball in certain US States dependent on the fossil fuel industry. Some European Oil companies want to list in NY to get a better valuation and are complaining about too much sustainability scrutiny. And Larry Fink, Blackrock CEO, went in the last four years from hero to zero of the ESG wave.Going back a few years a lot of the ESG popularity was linked to an overweighting of Tech and Luxury stocks which performed wonderfully, a trend partially reversed by the war in Ukraine and the rise of interest rates. In 2024, we have seen outflows in ESG labelled funds from a peak three years ago. Still, they represent, according to the FT, a 7tnUSD pot of money, so it is a big industry.We're not experts… but a system that rates ExxonMobil higher than Tesla on ESG raises eyebrows.To add insult to injury, there is a multiplication of standards and regulations (CSRD, SFDR) which make the whole ESG universe very confusing. There are byzantine debates about passive vs active management. There are endless conversations about the adequacy of “engagement” and if shareholders should behave as activists. And finally, there is a clear transatlantic drift when it comes to that issue.We are totally lost! To try to understand better if ESG is dead, or if it will have to reinvent itself, we bring in Jean Jacques Barberis Deputy CEO and Head of Institutional and Corporate Clients Division & ESG at Amundi. Amundi is EU's largest EU Asset Manager and a leader in Green investing. Jean-Jacques Barbéris is currently responsible for the global development of the institutional business at Amundi. With Jean Jacques, Laurent and Gerard take no prisoners and call a spade a spade… and then realise that Paris-aligned targets are for real, that “engagement” with companies deliver results, and that a proper investment strategy starts to yield results.We thank DLA Piper for supporting the show.

「ブルームバーグの新ツール、サステナブル投資を促進。SFDRやカーボンフットプリントなどへアクセス可能に」　ブルームバーグは6月27日、投資ポートフォリオのサステナビリティ特性を測定、管理、報告するのに役立つ新しいツールをリリースした。欧州連合（EU）のサステナブルファイナンス開示規則（SFDR）関連データやカーボンフットプリントなどにアクセスできるようになり、サステナブル投資の促進に寄与する。The post ブルームバーグの新ツール、サステナブル投資を促進。SFDRやカーボンフットプリントなどへアクセス可能に first appeared on サステナビリティ・ESG金融・投資メディア - HEDGE GUIDE.

A European Investigative Collaborations (EIC), de que o Expresso faz parte, juntamente com o Voxeurop estiveram a analisar os investimentos efetuados no último trimestre de 2023 pelos fundos “verdes” ou ESG (Environmental, Social and Governance)See omnystudio.com/listener for privacy information.

O ile aspekty środowiskowe (E) czy społeczne (S) w ESG wydają się dość intuicyjne (np. ograniczenie emisji CO2, poszanowanie praw pracowników), o tyle pod literą "G" kryją się aspekty związane ładem korporacyjnym - ale co to właściwie oznacza? "Governance", czyli ład korporacyjny, to cały zestaw regulacji i polityk wprowadzanych w firmie, który ma przede wszystkim zwiększyć przejrzystość i transparentność działań spółki w oczach inwestorów końcowych. Jednocześnie, bez zintegrowanych i jasnych procedur spółka nie mogłaby wprowadzać innych polityki służących chociażby realizacji tych pozostałych celów środowiskowych czy społecznych. O tym, jak w świetle SFDR spółki powinny dbać o "good governance", opowiada Robert Sroka, Członek Zarządu POLSIF.

Heute habe ich den wunderbaren Andreas Pade zu Gast. Er ist Produkt-Experte für Lösungen in der Finanzbranche.  In seinen großartigen Artikel: “Kann KI die Lücken für die Einhaltung von CSRD & SFDR schließen?” vertiefen wir uns heute. Wir steigen in die Themen ESG-Datenerfassung, die ESG-Berichtserstattung und die entsprechenden Software-Anbieter ein. Was gibt es am Markt und was kann eine KI?   Empfehlungen: Der Artikel: https://www.it-finanzmagazin.de/ki-luecken-einhaltung-sfdr-schliessen-208585/ https://zebramagazin.de/   Kontakt: Andreas Pade https://www.linkedin.com/in/andreas-pade-975840a7/   ESG-Talk-Podcast-Kontakt: Stella Ureta-Dombrowsky https://www.linkedin.com/in/stella-ureta-dombrowsky/   ESG Consulting & ESG Integration Stella Ureta-Dombrowsky & Daniel Frauenfelder www.trimpact.net www.triples.li   Podcast Links: Spotify: https://lnkd.in/d47PbA7d Apple: https://podcasts.apple.com/ch/podcast/esg-talk-podcast/id1682453395 Amazon: https://music.amazon.com/podcasts/d1752b33-fb21-4512-82ed-304fc9c91cd7 Youtube: https://www.youtube.com/@ESG-Talk-Podcast-xx7yr

Savez-vous vraiment comment fonctionne un société de gestion ? Un fonds d'investissement ? Ce qu'il se passe au-delà des chiffres et des due diligences ? Dans "Focus Fonds", nous explorons ce qui se trouve de manière très concrète derrière les investissements des fonds et de leurs investisseurs. Aujourd'hui, je reçois Laurent Coubret, Directeur des Investissements chez Eiffel Investment Group.  Eiffel IG est une société de gestion indépendante créée en 2009 avec un peu plus de 6 milliards d'euros d'actifs sous gestion au 31 décembre 2023. Leader européen des investissements en infrastructures dédiés à la transition énergétique elle se démarque également par sa qualification SFDR article 9. En écoutant cet épisode, vous en saurez plus sur :  - Le parcours de Laurent : comment et pourquoi il a rejoint Eiffel  - Le positionnement et la stratégie du fonds dans le domaine énergétique - Le fonctionnement précis de leurs projets renouvelables : sélection, financement, déploiement, démantèlement... - Les difficultés rencontrées et comment ils les surmontent - Les 3 critères de Laurent pour reconnaître un bon fonds Bonne écoute !  Pour aller plus loin sur l'investissement en infrastructures : https://sapians.com/blog/investir-fonds-infrastructures Pour accéder aux solutions d'investissements en infrastructures proposées par Sapians : https://sapians.com/investissement-actifs-reels Attention : Les performances passées ne préjugent pas des performances futures et investir comporte des risques de perte partielle ou totale en capital. Cet épisode vise à informer sur le fonctionnement d'une société de gestion, mais ne constitue pas un conseil d'investissement. Si vous souhaitez bénéficier de conseils personnalisés, veuillez créer votre compte ou prendre rendez-vous avec un conseiller Sapians.

Czy aspekty podatkowe są istotne pod kątem zrównoważonych inwestycji? Zdecydowanie tak. Właściwa polityka podatkowa zwiększa transparentność firmy, a także może poprawiać jej reputację w otoczeniu rynkowym. Co więcej, ocena zarządzania podatkami w firmie powinna dotyczyć kilku obszarów, m.in.: odpowiedzialności i podziału kompetencji, świadomego planowania podatkowego w działaności operacyjnej czy polityki minimalizowania ryzyk podatkowych. Ocena i dostęp do informacji w zakresie polityki podatkowej przedsiębiorstw, które miałby stanowić element portfela inwestycyjnego funduszy "zielonych" (a więc spełniających art. 8 lub 9 SFDR) jest zatem kluczowy i niesie ze sobą wiele wyzwań. O tych właśnie aspektach posłuchasz w najnowszym odcinku POLSIF Talki gdzie Gościem Roberta Sroki - Członka Zarządu POLSIF - jest Michał Borowski, Ekspert Tak Governance i Partner w firmie CRIDO. Zapraszamy!

De CSRD, CSRD, SFDR en de Taxonomieverordening zijn instrumenten van de EU om de financiële markten te stimuleren ‘groene' investeringen te doen en op die manier de verduurzaming in de Europese Unie te versnellen. Loes van Dijk, advocaat en gespecialiseerd in duurzaamheidsverslaggeving en de corporate governance, en Maarten Weekenborg, advocaat en gespecialiseerd in financieel toezichtsrecht en duurzaamheid, bespreken in deze nieuwe Stibbe Legal Insights de samenhang tussen deze instrumenten, welke uitdagingen deze mee brengen voor bedrijven en investeerders, en hoe ze zullen bijdragen aan de beoogde verduurzaming van de EU.

In this ‘Director's Chair' episode of the Aquest Podcast I'm joined by Syl O'Byrne who has many years' experience as a financial services lawyer, both in private practice and industry. We begin by chatting about Syl's pathway to becoming an INED and his observations on the current funds landscape generally. We also chat about the impact of the Individual Accountability Framework from a director's perspective and the balance between collective responsibility and individual accountability.  We discuss the regulatory burden and barriers to entry and speculate about getting the cost/benefit balance right.  We wrap up by discussing some of the specific topics on a director's radar such as SFDR, DORA, valuations, outsourcing and governance. So it's fair to say that there is plenty to occupy the minds of our INED community.  Enjoy!

Korkia's Kristina Sweet and James Spooner discuss structuring and negotiating complex global renewable projects and their exits. Episode produced in cooperation with Korkia. 00:00 Background of Kristina Sweet and James Spooner: Alberta, London, Goldman Sachs, Korkia. Expat culture 03:28 Alberta's transition from oil and gas to renewable energy. Lesson's for Finland 06:25 Co-locating energy assets 08:00 Structuring complex renewable projects. Matching supply and demand 10:10 Korkia's focus is on developing attractive renwable portfolios 12:00 Improving environmental performance of land use 13:20 UK is moving beyond the stereotype of offshore wind 16:00 Going beyond Excel with ESG and sustainability 17:59 Italy has a great potential in agri-pv. Korkia's go-to-market strategy 21:49 Competencies for Korkia from operating in 9 countries. Globally local 24:02 Green hydrogen - next step for two-directional storage grid 26:50 Technology improvements in green hydrogen. Go big or go small 28:25 Dark green rating for Korkia by S&P. SFDR articles 6, 8 and 9 30:20 M&A and structuring skills for developing and exiting renewable projects differ 33:30 Sami's Suvisaaristo real estate project added value despite divorce 34:40 Selling renewable portfolios to trusted partners 35:50 Infra funds, interest rate hikes and market trends impact on valuations 37:58 US Inflation Reduction Act vs. EU Fit for 55. US taking leadership 39:58 China, critical minerals, equipment 41:50 UK elections impact on renewables - Labour vs Conservatives. Political support of the public 45:50 Is the market on the way to normalisation? 46:25 #negotiator insider episode - What do the foreigners think of Finns? :)

Il y a 4 ans, j'ai rencontré Joseph à un évènement de France Fintech, avec le projet de créer une FinTech et devenir une référence crédible dans la finance durable. J'observe depuis la progression de la start-up : la création du premier produit d'assurance vie, puis l'assurance pour mineurs, puis le PER, puis la levée de fonds avec entre autres Ring Capital. C'était le bon moment de faire un état des lieux de Goodvest depuis son lancement mais aussi l'occasion de détailler les mises à jour des labels ISR et de l'encadrement SFDR. J'avais envie de regarder de plus près la méthodologie développée par la start-up pour sélectionner les fonds de ses clients, les partenaires et les distributeurs. Vous allez voir que le chemin parcouru est assez épatant !

Extrait de l'épisode de Dimanche Il y a 4 ans, j'ai rencontré Joseph à un évènement de France Fintech, avec le projet de créer une FinTech et devenir une référence crédible dans la finance durable. J'observe depuis la progression de la start-up : la création du premier produit d'assurance vie, puis l'assurance pour mineurs, puis le PER, puis la levée de fonds avec entre autres Ring Capital. C'était le bon moment de faire un état des lieux de Goodvest depuis son lancement mais aussi l'occasion de détailler les mises à jour des labels ISR et de l'encadrement SFDR. J'avais envie de regarder de plus près la méthodologie développée par la start-up pour sélectionner les fonds de ses clients, les partenaires et les distributeurs. Vous allez voir que le chemin parcouru est assez épatant !

In this episode of the Aquest Podcast I catch up with Ann Shiels, sustainability expert with Finlexsus. Ann appeared on the show in May 2022 and I was interested to get her take on developments in market practices and regulations on ESG in the interim. We chat about SFDR 1.5/2.0, the Corporate Sustainability Reporting Directive, the regulation of ESG rating agencies and the current Common Supervisory Action on SFDR compliance. We also discuss whether some of the steam has gone out of the ESG movement and whether the pending revision of SFDR is causing investor confusion leading to ESG fund outflows. So, in a nutshell, there has been plenty of activity in the ESG space since Ann last appeared on the Aquest Podcast in 2022!!

The European Union (EU) has ushered in a new era of sustainability reporting, as the Corporate Sustainability Reporting Directive (CSRD) is now effective. With impacts to both EU and non-EU headquartered companies, now is the time to understand the reporting requirements of this sweeping new regulation.Continuing our CSRD series, this week Heather Horn is joined by PwC Netherlands partner Kees-Jan de Vries to discuss the topic of the EU's green taxonomy disclosures for financial institutions, including how the metrics and key performance indicators differ from the baseline taxonomy disclosures, as well as what financial institutions should be doing to prepare. In this episode, you'll hear:2:31 - Explanation of the European Union's green taxonomy and its implications9:14 - Discussion on how the green taxonomy is different for financial institutions12:17 - Breakdown of key performance indicators (KPIs)18:58 - Challenges financial institutions face in reporting on the green taxonomy22:03 - Expectations for banks and insurance companies to seek out more data due to the green taxonomy27:10 - The shift from the Non-Financial Reporting Directive (NFRD) to the Corporate Sustainability Reporting Directive (CSRD) and its impact30:34 - How adoption of taxonomy disclosures requires similar oversight and controls as adoptions of other accounting rules and disclosure frameworksKees-Jan de Vries is a sustainability partner for PwC Netherlands, specializing in reporting for banks and insurance companies. He serves as chair of PwC's international Financial Services Sustainable Reporting Working Group that interprets EU Taxonomy, CSRD, ESRS, and SFDR requirements.Heather Horn is PwC's National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC's accounting and reporting weekly podcast and quarterly webcast series. With over 30 years of experience, Heather's accounting and auditing expertise includes financial instruments and rate-regulated accounting.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

I have been closely observing for 4 years how Clarity AI has evolved. This team, exceptionally strong in AI topics and with an ultra-strong academic footprint, has developed an interesting offering for the financial sector (among others). Having Angel on the podcast was a chance to delve deeper into their value proposition and understand the values they uphold through their platform. The DNA of this scale-up is fundamentally in sustainability and transparency. So, we took a closer look at the models developed, how their offering has expanded and adapted to the needs dictated by European regulation and what makes their sustainability tech kit the "most comprehensive and granular" in the market. We also talked about clients like Klarna and solutions for meeting the requirements of CRR, SFDR, and TCFD. No wonder Clarity AI has won so many awards.

I have been closely observing for 4 years how Clarity AI has evolved. This team, exceptionally strong in AI topics and with an ultra-strong academic footprint, has developed an interesting offering for the financial sector (among others). Having Angel on the podcast was a chance to delve deeper into their value proposition and understand the values they uphold through their platform. The DNA of this scale-up is fundamentally in sustainability and transparency. So, we took a closer look at the models developed, how their offering has expanded and adapted to the needs dictated by European regulation and what makes their sustainability tech kit the "most comprehensive and granular" in the market. We also talked about clients like Klarna and solutions for meeting the requirements of CRR, SFDR, and TCFD. No wonder Clarity AI has won so many awards.

This is an excerpt of the episode published on Sunday. I have been closely observing for 4 years how Clarity AI has evolved. This team, exceptionally strong in AI topics and with an ultra-strong academic footprint, has developed an interesting offering for the financial sector (among others). Having Angel on the podcast was a chance to delve deeper into their value proposition and understand the values they uphold through their platform. The DNA of this scale-up is fundamentally in sustainability and transparency. So, we took a closer look at the models developed, how their offering has expanded and adapted to the needs dictated by European regulation and what makes their sustainability tech kit the "most comprehensive and granular" in the market. We also talked about clients like Klarna and solutions for meeting the requirements of CRR, SFDR, and TCFD. No wonder Clarity AI has won so many awards.

The EU's Sustainable Finance Disclosure Regulation (SFDR) seeks to enhance transparency in the financial markets about sustainability-related claims, prevent greenwashing and channel capital flows toward sustainable economic activities -- but it could also use a bit of tailoring. Jana Bour, Impact Europe's resident policy expert, sits down with Ben to take us through the advocacy around SFDR and the growing number of impact people in support of making some changes.  Learn more about Impact Europe's work on tailoring SFDR:  https://www.impacteurope.net/stream/sfdr Read the joint letter with National Advisory Boards and the Global Steering Group for Impact Investment:  https://www.impacteurope.net/insights/letter-european-commission-sfdr 

John Teahan, CFA is joined by Lucille Bonnet, Managing Partner at Klima Energy Transition and Managing Director at Alantra Energy Transition, and member of Supervisory Board at Sunroof. John and Lucille discuss her own career path, and the need for independent investors in European venture capitalism. Looking at the impact from US inflation and the future goal to decentralise green energy, they look deeper at Klima's composition as an SFDR article 9 fund.

In this episode, we have a fascinating guest, Dirk Paelinck, Chairman of the European PropTech Association. Dirk brings us his insights into the European perspective on PropTech and the impending Retrofit Bonanza. Get ready to dig deep into sustainability, energy efficiency, and the challenges and opportunities in the PropTech sector! Part 1: Getting to Know Dirk & European PropTech AssociationIntro: A quick teaser about PropTech Summit 2023 and an insight into the upcoming Retrofit Bonanza.Tommy: A warm welcome to Dirk and an inquiry into his anticipation for the PropTech Summit 2023, along with a surprising revelation about the venue.Martin: Exploring Dirk's myriad roles, likening him to the versatile Elon Musk, and probing into his extensive career and affiliations with PropTech House and Regus.Sustainability Disclosures: Diving deep into corporate sustainability with discussions on SFDR, CSRD, and the transformative EU Green Deal. What do they mean for property owners?Proptech Recognitions: Spotlight on the prominent European PropTech Awards and the buzz surrounding Norway's "Top of the Props" awards.

Een positieve stemming op de beurzen na het rentebesluit van de ECB. En dan niet de verhoging naar 4 procent, als wel de hoop dat het hierbij blijft. "Wat mij betreft was de laatste verhoging deze week niet eens nodig geweest", vindt Najib Nakad van Van Lanschot Kempen. "Gegeven de lage groei is die 4 procent behoorlijk restrictief." Han Dieperink van Auréus Vermogensbeheer is het met Najib eens. "De markt geeft aan dat het genoeg is geweest, en als je kijkt naar de inkoopmanagersindices, die die duiden op een aankomende recessie. De maakindustrie zit eigenlijk in de krimp."Voor de beursgang van chipmaker Arm lopen beide experts niet bepaald warm. "De waardering is te hoog", vindt Najib. "Ze maken chips voor smartphones, ze hebben niet de gewilde AI-chips. Wat mij betreft dus wegblijven." Voor de aanstaande beursgang van sandalenmaker Birkenstock geldt hetzelfde: te duur.Verder in de podcast aandacht voor de cijfers van Adobe en Oracle, en de luisteraarsvragen komen aan bod. Voor de tips richt Han zich op de oliesector met een specifiek aandeel. De tip van Najib zit in dezelfde sector, maar dan een obligatie met de ISIN-code US893830AT68. Geniet van de podcast!BeursTalk Premium!Als je BeursTalk de beste podcast voor beleggers vindt, sluit je dan aan bij BeursTalk Premium! Een abonnement kan per jaar of per maand en geeft je toegang tot podcast specials en columns, geschreven door experts. Je krijgt meer verdieping, meer achtergrondinformatie.Met je abonnement steun je de podcast financieel en levert extra rendement op in vorm van verdiepende content, waardoor je nog betere beleggingsbeslissingen maakt. En je maakt het voor mij mogelijk om de beste podcast voor beleggers te blijven maken. Kortom: alle reden om lid van BeursTalk Premium te worden! Ga naar de site en meld je aan!VanEck ETF'sDeze week is ook weer het tweewekelijks gesprek met Martijn Rozemuller van VanEckETF's, de partner van BeursTalk. Deze week gaan we dieper in op duurzaam beleggen en wat VanEck daaraan bijdraagt.Veel ETF's van VanEck, zo valt te lezen op de website, hebben de toevoeging SFDR art. 8 of art. 9. Martijn legt uit wat die duurzaamheidskwalificaties inhouden. Bovendien wordt duidelijk waarom ook een ETF voor de oliesector of defensie-industrie mogelijk is, ook als je een duurzaam beleid nastreeft. Check de website van VanEck hier voor meer informatie!De gepresenteerde informatie door VanEck Asset Management B.V. en de aan haar verbonden en gelieerde bedrijven (samen "VanEck") is enkel bedoeld voor informatie en advertentie doeleinden aan Nederlandse beleggers die Nederlands belastingplichtig zijn en vormt geen juridisch, fiscaal of beleggingsadvies. VanEck Asset Management B.V. is een UCITS beheerder. Loop geen onnodig risico. Lees de Essentiële Beleggersinformatie of het Essentiële-informatiedocument. Meer informatie? https://www.vaneck.com/nl/nl/Dank voor het luisteren naar BeursTalk! Meld je aan voor de nieuwsbrief op de website.Volg BeursTalk op Twitter of LinkedIn.

Martial Mernier is the owner of Talk Finance, a Luxembourg-based translation agency that specializes in providing high-quality translations for the finance industry.  Martial talks about the different types of financial translation and some of the challenges related to using EU-mandated templates for the EU Sustainable Finance Disclosure Regulation (SFDR). He also shares his ideas on how to find and evaluate qualified financial translators and his process for evaluating and using machine translation. Talk Financehttps://www.talkfinance.biz/

Proximo interviews Melisa Simic, a senior director in ESG integration infrastructure at Nuveen, about the integration of ESG frameworks into infrastructure investment. Topics discussed include the benefits of greater standardisation of ESG regulation, the SFDR, and the most challenging asset classes to evaluate in relation to ESG criteria.  

Kevin Gerardin is the Production Manager at Peter & Clark a global communication partner that specializes in financial translation.  Kevin talks about the different types of financial translation and discusses some of the regulator requirements related to the translation of financial documents including KIDs and SFDR.Peter & Clarkhttps://www.peterandclark.com/

Do emerging and developed market bonds differ when it comes to evaluating sustainability? In Episode 5 of the All Angles podcast, Vish Hindocha and Mahesh Jayakumar discuss how they assess materiality when deciding whether or not to invest in a country's bonds and share their empirical analysis of the impact of different factors on fixed income returns.   Chapters: (1:32) Sustainability in the context of emerging market debt (5:44) Materiality of factors from a financial outcome perspective (9:05) Prioritizing climate, governance and social factors (13:35) Energy security as a frontier issue for EMD (17:16) Providing better transparency and reporting for clients (18:17) MFS approach EMD strategy under SFDR (23:52) Nuances between emerging and developed markets (29:02) Secret question (31:23) WISDOM – What I should do differently on Monday     This material is intended for investment professional use only and not intended for retail investors.   Neither MFS nor any of its subsidiaries is affiliated with Robert Eccles. The views expressed are those of the speaker and are subject to change at any time. These views are for informational purposes only and should not be relied upon as a recommendation to purchase any security, or as an offer of securities or investment advice. No forecast can be guaranteed. Past performance is no guarantee of future results.   Please keep in mind that a sustainable investing approach does not guarantee positive results and all investments, including those that integrate ESG considerations into the investment process, carry a certain amount of risk including the possible loss of the principal amount invested.   Distributed by:  U.S. – MFS Institutional Advisors, Inc., MFS Investment Management and MFS Fund Distributors, Inc.; Latin America – MFS International Ltd.; Canada – MFS Investment Management Canada Limited. No securities commission or similar regulatory authority in Canada has reviewed this communication; Note to UK and Switzerland readers: Issued in the UK and Switzerland by MFS International Limited, a private limited company registered in England and Wales with the company number 03062718, and authorised and regulated in the conduct of investment business by the UK Financial Conduct Authority. MIL UK, an indirect subsidiary of MFS®, has its registered office at One Carter Lane, London, EC4V 5ER.  Note to Europe readers: Issued in Europe by MFS Investment Management S.à r.l. – authorized under Luxembourg law as a management company for Funds domiciled in Luxembourg and which both provide products and investment services to institutional investors and is registered office is at S.a r.l. 4 Rue Albert Borschette, Luxembourg L-1246. Tel: 352 2826 12800.  This material shall not be circulated or distributed to any person other than to professional investors and should not be relied upon or distributed to persons where such reliance or distribution would be contrary to local regulation; Singapore – MFS International Singapore Pte. Ltd.; Australia/New Zealand - MFS International Australia Pty Ltd holds an Australian financial services licence number 485343. MFS Australia is regulated by the Australian Securities and Investments Commission.; Hong Kong - MFS International Limited, a private limited company licensed and regulated by the Hong Kong Securities and Futures Commission. MIL HK is approved to engage in dealing in securities and asset management regulated activities and may provide certain investment services to "professional investors" as defined in the Securities and Futures Ordinance.; For Professional Investors in China – MFS Financial Management Consulting Co., Ltd. 2801-12, 28th Floor, 100 Century Avenue, Shanghai World Financial Center, Shanghai Pilot Free Trade Zone, 200120, China, a Chinese limited liability company registered to provide financial management consulting services.; Japan - MFS Investment Management K.K., is registered as a Financial Instruments Business Operator, Kanto Local Finance Bureau No.312, a member of the Investment Trust Association, Japan and the Japan Investment Advisers Association. As fees to be borne by investors vary depending upon circumstances such as products, services, investment period and market conditions, the total amount nor the calculation methods cannot be disclosed in advance. All investments involve risks, including market fluctuation and investors may lose the principal amount invested. Investors should obtain and read the prospectus and/or document set forth in Article 37-3 of Financial Instruments and Exchange Act carefully before making the investments.   Unless otherwise indicated, logos, product and services names are trademarks of MFS and its affiliates and may be registered in certain countries.

Discover the ins and outs of sustainability regulations in the EU with Patrik Karlsson, a senior policy officer at the European Securities and Markets Authority (ESMA), and Josina Kamerling, head of regulatory outreach for CFA Institute for the Europe, Middle East, and Africa (EMEA) region at CFA Institute. Gain valuable insights into the Sustainable Financial Disclosure Regulation (SFDR) and its implementation, as well as the ongoing consultation on some changes to the requirements. Patrick shares his thoughts on greenwashing, the role of ESMA and other European Supervisory Authorities in applying SFDR, and the importance of acknowledging the responsibility of the finance sector to provide disclosure. Dive deeper into the complex world of financial services rulemaking in the EU as we explore the framework law, regulatory and implementing technical standards, guidance and Q&A's, and supervisory convergence in relation to SFDR. Learn about the importance of case studies as a tool for illustrating how the rules are meant to be applied and the consultation paper on tweaks recently issued by ESMA. Additional topics include the significance of close collaboration between financial market participants and regulators, the EU's dynamic process for regulation making, the UK's proposed measures to address greenwashing, the FCA's labeling regime, and the call for evidence on the fund naming process to help prevent greenwashing. Don't miss this enlightening conversation with Patrik Karlsson on the complexities of sustainability disclosures and the crucial role of regulation in preventing greenwashing.

Today's show features not just one, but two guests, who will provide super actionable insights to FINALLY demystify the IMPACT of Climate Tech Funds.-We will break down the most important concepts around impact measurements, such as SFDR, ESG, LCA, and other key acronyms ruling European Climate Tech. -We will ask two of Europe's best impact experts how they put it all into practice when making investments and growing their startup portfolio. -And we will answer some chicky questions to figure out what is truly necessary and what is a bit overkill in this whole impact assessment world.--------------ABOUT CLIMATE INSIDERS:Learn all the insights from Europe's top Climate Tech Founders and Investors. Listen to the stories behind the startup successes, understand the drivers of investment decisions, and become a true Climate Insider.Check us out at: https://www.climateinsiders.co--------------ABOUT THE GUEST:Our two guests are Isabelle Canu, Partner at the Green European Tech Fund, and Stefan Maard, General Partner at Climentum Capital.--------------SHOW NOTES:0:09 – Intro01:40 – Guests background02:43 - Was the push in regulations in recent years the Turning Point for the Climate Tech industry and the main contributor to the booming number of dedicated funds? 06:50 - Is Article 9 the 'holy grail' of Climate impact funds? 08:50 - What is the definition of ESG and how does it overlap with Article 6, 8, 9 funds?12:00 – How to measure impact at both the individual company and portfolio level?13:49 – When to run the impact assessment? Is it during the due diligence process, after due diligence, or at the end of the fund? 15:00 – Example of how to conduct pre-due diligence or during due diligence assessment.17:00 – Conducting an LCA at the fund level: strategies, considerations, and recommendations!18:45 - Are LCAs very expensive, and will this make VC money even more expensive? Can VCs still be cost-competitive vs generalist funds? 20:10 – When does it make sense to be an Article 9 fund? 23:00 – Intentions vs Reality Check: are Pre-Seed and Seed Stage the funds right fit for Article 9 or should it be reserved for Growth and Private Equity funds?26:30 – Attribution vs Additionally: unraveling the tricky debate! Which one is the biggest problem?30:30 – Mastering impact assessment in practice: A Guide to Effective Evaluation! 35:08– How to run impact assessment for a project development case (ex: offshore floating wind farm)?37:40 –Are there any external service providers, professionals, or software that they recommend to run impact investing? 41:38 – Mastering LP documentation: best practices and reporting timelines for fund managers!44:18 - What is the role of a Climate Tech VC? Is it to provide impact counseling to founders?47:05 – Striking the balance: prioritising impactful direction over purely commercial Goals!50:04 – Preventing bad press and safeguarding your reputation54:09– Unleashing the power of incentives: how to build a successful and effective framework?57:39 – Racing against the odds: how to supercharge industry growth despite capital constraints? 1:02:11 - Outro--------------ABOUT THE HOST:Yoann Berno https://www.linkedin.com/in/yberno/ After a career spent building and investing in top tech startups, Yoann is now a founding member and General Partner at Climentum Capital focused on investing in game-changing technological solutions to our worsening climate crisis.--------------Don't forget to SUBSCRIBE to our NEWSLETTER to stay tuned about the next episodes: https://www.climateinsiders.coTWITTER: https://twitter.com/yoannberno LINKEDIN: https://www.linkedin.com/showcase/climate-insidersIsabelle Canu (GP at Green...

ESG investing is becoming increasingly important, both in terms of fund flows and integration in investment decisions. The disclosure requirements for private and public companies are not the same, making the IPO a crucial milestone regarding ESG, in addition to the traditional financial aspects. Marie Freier is Global Co-Head of Sustainable Investment Banking at Barclays, where she provides advisory services for companies on their sustainability journey. She shares with us her views on the evolution of the ESG market and investors' expectations, ESG score providers, ESG-related regulations (SFDR, EU Taxonomy), and the importance of transparency. If you have feedback, or there are any topics you would like us to cover on the show, please reach out at contact@ipostories.com   Disclaimer: this discussion is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments, or an offer for financial services or any other transaction. The information contained in the recording have no contractual value and are destined for an informational purpose only. Amundsen Investment Management and the participants on this podcast may have holdings in the companies being discussed.

The 9fin team explores the influence of Benteler's debut bond deal with Josh Latham. Josie Shillito guides us through the growing trend of private take-privates and Jennifer Munnings discusses the recent clarifications from the European Commission on the Sustainable Finance Disclosure Regulation (SFDR).

Today we are happy to welcome Enrique Alvarado Hablitzel and Christin ter Braak-Forstinger, Co-Founders of Chi Impact Capital, the conscious impact investor that is creating strong financial returns by investing in core-regenerative business models that advance the most burning Sustainable Development Goals in Europe. Through the Burning Issues Impact Fund, Chi is scaling early growth stage companies using breakthrough technologies to transform the sectors they operate in.In this episode you'll learn:- An honest discussion of SFDR and the reason why it's at risk of being more red tape than real change- Reflections on the future of vertical farming and the business models and technology being applied in the space- TTying fund carry to positive impact and the design of governance bodies

The final episode of our series on market integrity in sustainable finance, focuses on the asset management and the fund industry. Nicholas Pfaff, Deputy CEO and Head of Sustainable Finance at ICMA sat down with Hortense Bioy, Global Director of Sustainability Research, Manager Research, Morningstar, Mark Manning, Strategic Policy Advisor Sustainable Finance, FCA, Patrik Karlsson, Senior Policy Offices, ESMA and Stéphane Janin, Head of Global Regulatory Developments and Public Affairs, AXA Investment Managers, to talk about greenwashing in the industry, the impact of regulation such as SFDR and what's next on the regulators' agenda.

Welcome to The Nonlinear Library, where we use Text-to-Speech software to convert the best writing from the Rationalist and EA communities into audio. This is: Will EU/ESMA financial regulation on ESG Fund Names include animal welfare? Should someone ask them to?, published by Ramiro on December 25, 2022 on The Effective Altruism Forum. Some people on the Forum have drawn attention to the “Brussels effect” – how EU regulation on some issues, particularly concerning financial markets, tend to influence related standards over the world. Such effect may be relevant for AI Ethics; it will very likely be felt with EU Green New Deal, with impacts environmental regulation (e.g., deforestation-free supply chains), climate change (e.g., a tax on imports to prevent carbon leakage), and, more recently, animal welfare (also, this post). The European Securities and Markets Authority (ESMA) recently issued a public consultation on the requirements for funds to use ESG-related words in their names. Their main proposal: 15. ESMA is seeking stakeholder feedback on the following proposals: a. If a fund has any ESG-related words in its name, a minimum proportion of at least 80% of its investments should be used to meet the environmental or social characteristics or sustainable investment objectives in accordance with the binding elements of the investment strategy, as disclosed in Annexes II and III of SFDR Delegated Regulation. b. If a fund has the word “sustainable” or any other term derived from the word “sustainable” in its name, it should allocate within the 80% of investments to “meet the characteristics/objectives” under sub-paragraph a) above at least 50% of minimum proportion of sustainable investments as defined by Article 2(17) 17 of Regulation (EU) 2019/2088 (SFDR) as disclosed in Annexes II and III of SFDR Delegated Regulation. My question: the referred regulations do not mention animal welfare concerns. Will they do it soon? Even without any additions to the norm under consultation? Or should anyone propose that ESMA includes a reference on this subject? The problem (so I see): “animal welfare” has recently become a requirement for corporate Sustainability reporting standards, after the approval of the so-called Corporate Sustainability Reporting Directive (CSRD) - Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Directive 2013/34/EU, as regards corporate sustainability reporting. This includes a Chapter 6a in Directive 2013/34/EU, with article 29b stating that: The sustainability reporting standards shall, taking into account the subject matter of a particular sustainability reporting standard: c) specify the information that undertakings are to disclose about the following governance factor: business ethics and corporate culture, including anti-corruption and anti-bribery, the protection of whistleblowers and animal welfare; I'm no expert in EU policy, and I didn't investigate this thoroughly - hence the question. But I have some experience with financial supervision and regulation, and, as a rule of thumb, the more explicit you are (especially for new legal content), the better. So, would it be helpful if someone send an opinion asking ESMA to add a paragraph to the future standard explicitly referring Directive 2013/34/EU? Thanks for listening. To help us out with The Nonlinear Library or to learn more, please visit nonlinear.org.

La finance responsable est peuplée d'une multitude de sigles et de concepts plus ou moins abscons. Qu'est-ce qui différencie l'ESG et l'ISR ? Qu'est-ce que la finance à impact ? Que signifie SFDR ? Pour s'y retrouver, Jean-Philippe Dubosc fait le point avec Pascale Baussant, dirigeante du cabinet de gestion en patrimoine Baussant Conseil et présidente du collectif 1% pour la planète France.

The 9fin content and analytics team wrap up the week's activity and co-head of European loans research Jainisha Amin discusses structural adjustments. ESG analyst Sammy Cole does a second part on new developments in SFDR and editor Chris Haffenden and distressed debt reporter Bianca Boorer talk Orpea's new restructuring plan.

The 9fin content and analytics team wrap up the week's activity and senior legal analyst Alice Holian discusses dangerous covenant pitfalls with regard to Envision. ESG analyst Sammy Cole talks about new developments in SFDR and credit analyst Josh Latham and loans reporter Laura Thompson discuss European high-yield's upcoming maturity wall.

As the EU puts new regulations on sustainability funds, how will categorization of these funds be impacted, and how might that change investment strategies? Head of Global Thematic and Public Policy Research Michael Zezas and Head of Fixed Income and ESG Research Carolyn Campbell discuss.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Head of Global Thematic and Public Policy Research. Carolyn Campbell: And I'm Carolyn Campbell, I lead our Fixed Income and ESG Research Team. Michael Zezas: And on this special episode of Thoughts on the Market, we'll focus on sustainability funds and their investment strategies within an evolving regulatory context. It's Wednesday, October 19th, at 10 a.m. in New York. Michael Zezas: There are just over 1400 dedicated fixed income sustainability funds with assets under management, around $475 billion off from a peak of $545 billion at the end of 2021. This is a sizable market, but as EU regulators weigh in on what these funds can and can't own, it begs the question what kinds of bonds might they start buying? So Carolyn, let's maybe start with the essentials behind the EU Sustainable Finance Disclosure Regulation, SFDR, and what it requires of financial market participants. Specifically, what are Article 8 and Article 9 products? Carolyn Campbell: So under the SFDR, fund managers are required to classify their funds in one of three ways. The first, Article 8, or what's known as a light green fund, is a sustainability fund that promotes environmental or social characteristics. The dark green funds, which are Article 9 funds, invest in sustainable investments and have an environmental or a social factor as an objective. They also, importantly, cannot do significant harm to other environmental or social objectives. And then lastly, we have the non sustainability funds which are Article 6. Michael Zezas: And despite the regulator's goal to increase transparency and accountability, there's still a high degree of uncertainty in the regulatory landscape around what can and should be included in sustainability funds. What does this uncertainty mean for the types of products that are currently being included in these funds, and how might that change in the future? Carolyn Campbell: So by and large, the regulatory uncertainty has meant that funds are more likely to take a conservative approach when constructing their holdings for fear of regulatory repercussions or just reputational risk. In particular, where investors need to have a "sustainable investment" that does not do significant harm to other environmental objectives, which is what we have in Article 9, we expect to see them gravitate increasingly towards high quality green bonds. And as a reminder, green bonds are different from regular bonds because the net proceeds of those bonds goes towards green projects. Think of it as retrofitting buildings to be more environmentally friendly, investing in climate change adaptation solutions, or building out clean transportation infrastructure. Green bonds fit pretty neatly into these Article 9 funds because they're demonstrably sustainable investments. And since you know where the proceeds are going, it's less likely that they're violating that last part, the ‘do no significant harm'. So some of the Article 9 funds are full green bond funds. But the ones that are not actually only hold around an average of 10% of their fund in green bonds or other types of ESG label bonds like social or sustainability bonds. And we see similar figures in the Article 8 funds as well. So we expect that green bonds of higher quality, meaning that they're aligned with the more rigorous EU green bond standard that report on impact have limited amounts of proceeds going towards refinancing, have limited look back periods etc.. Those stand to benefit from an increased appetite from these sustainability funds for the best types of green bonds. Michael Zezas: Carolyn, you've noted that most ESG funds currently favor low emission sectors, particularly financials. What about sectors that were previously maligned by ESG funds, the so-called high emitting or hard to abate sectors? What is the rate of change approach that might benefit these sectors? Carolyn Campbell: So the SFDR is structured in a way to favor the low emitting sectors because they have to report on the principal adverse impacts and because they can't do significant harm. But what we're increasingly hearing is an appetite to invest directly in the transition. So allocating funds to the higher emitting companies, but those that have viable decarbonization plans and for which an improvement on different ESG metrics may drive better financial performance. When we look to the fund holdings of the fixed income sustainability funds, we see that they're currently underweight these sectors despite some real opportunity from the transition. As ESG has evolved this year, so too should the types of strategies that we see adopted across the funds. And companies that are leading the way in their sectors stand to benefit from increased demand from sustainability funds that adopt these approaches, particularly in those sectors that are hard to abate or traditionally high emitting. Michael Zezas: Finally flows into fixed income sustainability funds increased throughout 2021, topping out at $17 billion in February. But inflows have been on a downward trajectory throughout the first half of 2022. What are the key drivers behind this decrease and what's your outlook for the secular growth story for ESG, both near-term and longer term? Carolyn Campbell: So there are a couple of things driving those declining inflows. First and foremost, the macro backdrop has significantly changed this year versus last year. We've seen regular large rate hikes from central banks around the world to combat high inflation, increased market volatility. It's a tougher environment all around this year in general, and it's not just sustainability funds that are seeing slowing inflows and even outflows. In fact, sustainability fund flows have held up remarkably well given all of this. Then you add in the fact that ESG is facing a bit of a reckoning. There's more vocal pushback in the press, from politicians and from those in the industry themselves on what ESG is and what are its merits. But we don't think this will hurt the growth of ESG in the long term. Rather, we think that sustainability strategies are undergoing an evolution towards more nuance and rigor, away from more simplistic approaches that we've seen adopted in the past. Climate change and sustainability more broadly will be a defining trend for at least the next decade, and this transition requires significant capital. That provides an interesting and unique opportunity for investors, and we've seen sustained demand from both institutional and retail clients for these different types of ESG strategies. Michael Zezas: So Carolyn, thanks for taking the time to talk. Carolyn Campbell: Great speaking with you, Michael. Michael Zezas: As a reminder, if you enjoy Thoughts on the Market, please take a moment to rate and review us on the Apple Podcasts app. It helps more people find the show.