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2021 | OriginalPaper | Chapter

13. Integrating Sustainable Finance into the MiFID II and IDD Investor Protection Frameworks

Author : Veerle Colaert

Published in: Sustainable Finance in Europe

Publisher: Springer International Publishing

Abstract

Following its Sustainable Finance Action Plan, the European Commission has proposed amendments to integrate sustainable finance into the MiFID II and IDD investor protection frameworks. This contribution first sketches the behavioural problems explaining why retail investors do not always act upon their investment preferences and the potential role of the investment product distributor in bridging the gap between investors’ values and actual investment choices. Against this background, the author offers a critical overview of the most important changes to the MiFID II and IDD investor protection frameworks.

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previous chapter Sustainability Disclosure in the EU Financial Sector

next chapter Emission Allowances as Financial Instruments

In the context of the 1992 Rio Earth Summit (https://www.un.org/en/conferences/environment/rio1992, retrieved on November 17, 2020) the “United Nations Environment Programme” set up a cooperation with the banking sector, resulting in the “UNEP Statement by Banks on the Environment and Sustainable Development”, later extended to become the “UNEP Statement of Commitment by Financial Institutions on Sustainable Development”. See for a brief historic overview: https://www.unepfi.org/about/unep-fi-statement/history-of-the-statement/ (retrieved on November 17, 2020).

United Nations, ‘Paris Agreement’ (2015) https://unfccc.int/files/essential_background/convention/application/pdf/english_paris_agreement.pdf (retrieved on November 17, 2020). See especially art. 2 (1) (c) stating that the Agreement aims to strengthen the global response to the threat of climate change, … including by … making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.

High-Level Expert Group on Sustainable Finance, ‘Final Report’ (2018) https://ec.europa.eu/info/sites/info/files/180131-sustainable-finance-final-report_en.pdf, 6 (retrieved on November 17, 2020).

Ibid., 5.

European Commission, ‘Communication - Action Plan: Financing Sustainable Growth’ (COM(2018)97 final, 8 March 2018).

Ibid., 2.

European Commission, ‘Consultation Document - Consultation on the Renewed Sustainable Finance Strategy’ (8 April 2020), https://ec.europa.eu/info/consultations/finance-2020-sustainable-finance-strategy_en (retrieved on November 17, 2020).

Paetzold, F., & Busch, T. (2014). “Unleashing the Powerful Few: Sustainable Investing Behaviour of Wealthy Private Investors”. Organization & Environment (347), 348; Pilaj, H. (2017). “The Choice Architecture of Sustainable and Responsible Investment: Nudging Investors Toward Ethical Decision-Making”. Journal of Business Ethics (743), 743.

Paetzold and Busch (n 8) 348 and 349; Pilaj (n8) 743; EUROSIF, ‘European SRI study 2018’, www.eurosif.org/wp-content/uploads/2018/11/European-SRI-2018-Study.pdf, 76 (retrieved on November 17, 2020).

Disclosure Regulation (EU) 2019/2088. See the contribution of D. Busch in this book.

Pilai (n 8) at 745 and 748.

Pilai (n 8) at 750. Pilaj makes the interesting comparison with a hypothetical supermarket, where fair-trade products are kept in storage, available only on explicit request, and where most consumers do not make use of an explicit shopping list. Even consumers with a preference for fair-trade will in such circumstances often end up with other products.

Pilai (n 8) at 749–750; EUROSIF (n 9) at 76; Sustainable Finance Action Plan (n 6) at 6–7.

Sustainable Finance Action Plan (n 6) at 6.

European Commission, ‘Consultation’ (8 April 2020) (n 8) at 8 and 21.

Directive 2014/65/EU on Markets in Financial Instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, OJ L 173, 12 June 2014.

Annex I.A lists the investment services; Annex I.C lists the MiFID financial instruments.

Directive 2016/97/EU of 20 January 2016 on insurance distribution (recast), OJ L 19, 2 February 2016.

Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a Pan-European Personal Pension Product (PEPP), OJ L 198, 25 June 2019.

Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937, OJ L 347, 20 October 2020.

Defined in art. 2 (1) (n) of the Crowdfunding Regulation as shares of a private limited liability company that are not subject to restrictions that would effectively prevent them from being transferred, including restrictions to the way in which those shares are offered or advertised to the public.

See for a cross-sectoral comparison of the assist-your-customer-regimes applicable to those products: D. Busch, V. Colaert and G. Helleringer, “An ‘Assist-Your-Customer Obligation’ for the Financial Sector?” in V. Colaert and D. Busch, European Financial Regulation – Levelling the cross-sectoral playing field (Bloomsbury Hart, 2019) 343–376.

The PEPP Regulation refers to MiFID II and IDD, respectively, for the conduct of business rules applicable to MiFID and IDD distributors of PEPPs (art. 23 (1) (a) and (b) of the PEPP Regulation), but all other distributors advising on PEPPs must comply with the specific suitability rules included in the PEPP Regulation itself (art. 23 (1) (c) and art. 34 (4) PEPP Regulation).

Recital 8, which only deals with the creation of a personal pension product which will have a long-term retirement nature and will take into account environmental, social and governance (ESG) factors a referred to in the United Nations-supported Principles for Responsible Investment.

Art. 42 (2) (s) Crowdfunding Regulation.

More precisely in (i) MiFID II Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards Organisational Requirements and Operating Conditions for Investment Firms and Defined Terms for the Purposes of that Directive, OJ L 87, 31 March 2017; (ii) IDD Commission Delegated Regulation (EU) 2017/2358 of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to Product Oversight and Governance Requirements for Insurance Undertakings and Insurance Distributors, OJ L 341, 20 December 2017; and (iii) IDD Commission Delegated Regulation (EU) 2017/2359 of 21 September 2017 supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to Information Requirements and Conduct of Business Rules applicable to the Distribution of Insurance-based Investment Products, OJ L 341, 20 December 2017.

Draft Commission Delegated Regulation amending Regulation (EU) 2017/565 (Ref. Ares(2018)2681500, 24 May 2018); Draft Commission Delegated Regulation amending Delegated Regulation (EU) 2017/2359 (Ref. Ares(2018)2681527, 24 May 2018).

ESMA, ‘Consultation Paper: On Integrating Sustainability Risks and Factors in MiFID II’ (ESMA35-43-1210, 19 December 2018); EIOPA, ‘Consultation Paper on Technical Advice on the Integration of Sustainability Risks and Factors in the Delegated Acts under Solvency II and IDD’ (EIOPA-BOS-18/483, 26 November 2018). EIOPA also did an on-line survey between 17 September and 3 October 2018 seeking stakeholders’ views and current approaches regarding the consideration of sustainability factors.

ESMA, ‘Technical advice to the European Commission on Integrating Sustainability Risks and Factors in MiFID II’ (ESMA35-43-1737, 30 April 2019).

EIOPA, ‘Technical Advice on the Integration of Sustainability Risks and Factors in the Delegated Acts under Solvency II and IDD’ (EIOPA-BoS-19/172, 30 April 2019).

Commission Delegated Regulation (EU) …/… of XXX amending Delegated Regulation (EU) 2017/565 as regards the Integration of Sustainability Factors, Risks and Preferences into certain Organisational Requirements and Operating Conditions for Investment Firms (Ref. Ares(2020)2955205, 8 June 2020); Commission Delegated Directive (EU) …/… of XXXX amending Delegated Directive (EU) 2017/593 as regards the integration of sustainability factors and preferences into the product governance obligations (Ares(2020)2955234, 8 June 2020); Commission Delegated Regulation (EU) …/… of XXX amending Delegated Regulation (EU) 2017/2358 and Delegated Regulation (EU) 2017/2359 as regards the Integration of Sustainability Risks into the Product Oversight and Governance Requirements for Insurance Undertakings and Insurance Distributors and into the rules on Conduct of Business and Investment Advice for Insurance-based Investment Products (Ref. Ares(2020)2955230, 8 June 2020).

Explanatory Memorandum to the Commission Delegated Regulation amending MiFID II Delegated Regulation (EU) 2017/565 (Ref. Ares(2020)2955205, 8 June 2020) at 2; Explanatory Memorandum to the Draft Commission Delegated Directive amending MiFID Delegated Directive (EU) 2017/593 (Ares(2020)2955234, 8 June 2020) at 2; and Explanatory Memorandum to the Commission Delegated Regulation amending IDD Delegated Regulations (EU) 2017/2358 and (EU) 2017/2359 (Ref. Ares(2020)2955230, 8 June 2020) at 2.

We will not go into the changes to the governance requirements and the risk management process, since those only indirectly aim at investor protection.

Recital 3–5 of Commission Delegated Regulation amending MiFID II Delegated Regulation (EU) 2017/565 (Ref. Ares(2020)2955205, 8 June 2020).

New art. 2 (7)–(9) MiFID Delegated Regulation (EU) 2017/565; new art. 1 (5)–(6) MiFID Delegated Directive (EU) 2017/593; and new art. 2 (4)–(6) IDD Delegated Regulation (EU) 2017/2359.

The definitions in the MiFID and IDD Delegated Regulations are the same, except for the use of “financial instrument” in the MiFID Delegated Regulation, while the IDD Delegated Regulation uses the term “financial product”. As such it is a pity that no uniform language is used on this matter, especially since the MiFID level 1 directive 2014/65/EU, also uses the term “investment product”, which includes structured deposits next to financial instruments, while the IDD-framework uses the term “insurance-based investment product”. Both the MiFID and IDD Delegated Regulations could therefore have used the term “investment product”, which would also be consistent with the PRIIPs Regulation’s use of the term “packaged retail and insurance-based investment products”.

As defined in art. 2 (17) of Disclosure Regulation (EU) 2019/2088.

This is measured, for example, by key resource efficiency indicators on the use of energy, renewable energy, raw materials, water and land, on the production of waste, and greenhouse gas emissions, or on its impact on biodiversity and the circular economy.

In particular, an investment that contributes to tackling inequality or that fosters social cohesion, social integration and labour relations, or an investment in human capital or economically or socially disadvantaged communities.

See art. 8 Disclosure Regulation (EU) 2019/2088.

As defined in art. 2 (17) of Disclosure Regulation (EU) 2019/2088.

As referred to in art. 7 (1) (a) of Disclosure Regulation (EU) 2019/2088, which provides that the disclosures which financial market participants should make in regard of such products, should include a clear and reasoned explanation of whether, and, if so, how a financial product considers principal adverse impacts on sustainability factors.

Recital 6 of Commission Delegated Regulation amending MiFID II Delegated Regulation (EU) 2017/565 (Ref. Ares(2020)2955205, 8 June 2020) and recital 6 of Commission Delegated Regulation amending IDD Delegated Regulations (EU) 2017/2358 and (EU) 2017/2359 (Ref. Ares(2020)2955230, 8 June 2020).

Reference is made to art. 2 (24) of Disclosure Regulation (EU) 2019/2088.

Reference is made to art. 2 (22) of Disclosure Regulation (EU) 2019/2088.

Art. 25 §2 MiFID II in conjunction with art. 54 MiFID Delegated Regulation 2017/565; art. 30 §1 IDD in conjunction with art. 9 IDD Delegated Regulation 2017/2359.

High-Level Expert Group on Sustainable Finance (n 4) at 28.

Explanatory Memorandum to the Commission Delegated Regulation amending MiFID II Delegated Regulation (EU) 2017/565 (Ref. Ares(2020)2955205, 8 June 2020) at 1; Explanatory Memorandum to the Commission Delegated Regulation amending IDD Delegated Regulations (EU) 2017/2358 and (EU) 2017/2359 (Ref. Ares(2020)2955230, 8 June 2020) at 1–2.

European Commission, ‘Impact Assessment accompanying the Proposal for a Regulation of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment; Proposal for a Regulation of the European Parliament and of the Council on disclosures relating to sustainable investments and sustainability risks and amending Directive (EU) 2016/2341; and Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) 2016/1011 on low carbon benchmarks and positive carbon impact benchmarks’ (SWD(218) 264 final, 24 May 2018) at 129.

Sustainable Finance Action Plan (n 6) at 7.

ESMA, ‘Final Report: Guidelines on certain aspects of the MiFID II suitability requirements’ (ESMA35-43-869, 28 May 2018) at 38, para 28. In the IDD-framework, EIOPA never issued any suitability guidelines.

Art. 1 (6) (a) of Commission Delegated Regulation (Ref. Ares(2020)2955205, 8 June 2020) amending articles 54 §2 (a) and art. 54 (5) of MiFID Delegated Regulation 2017/565/EU; art. 2 (3) (a) of Draft Commission Delegated Regulation (Ref. Ares(2020)2955230, 8 June 2020) amending art. 9 (2) (a) of IDD Delegated Regulation (EU) 2017/2359.

See Art. 1 (6) (c) of Commission Delegated Regulation (Ref. Ares(2020)2955205, 8 June 2020) amending art. 54 (9) MiFID Delegated Regulation 2017/565/EU.

See Art. 1 (6) (c) of Commission Delegated Regulation (Ref. Ares(2020)2955205, 8 June 2020) amending art. 54 (12) MiFID Delegated Regulation 2017/565/EU; art. 1, §3 Commission Delegated Regulation (Ref. Ares(2020)2955230, 8 June 2020) amending art. 14 §1 IDD Delegated Regulation 2017/2359.

Explanatory Memorandum to Commission Delegated Regulation amending MiFID II Delegated Regulation (EU) 2017/565 (Ref. Ares(2020)2955205, 8 June 2020) at 3; Explanatory Memorandum to the Draft Commission Delegated Regulation amending IDD Delegated Regulations (EU) 2017/2358 and (EU) 2017/2359 (Ref. Ares(2020)2955230, 8 June 2020) at 3.

ESMA, ‘Consultation Paper’ (ESMA35-43-1210, 19 December 2018) (n 28) at 23, para. 11.

ESMA, ‘Consultation Paper’ (ESMA35-43-1210, 19 December 2018) (n 28) at 10, para 13.

SMSG, ‘Advice to ESMA - ESMA Consultation Papers on Integrating Sustainability Risks and Factors in MIFID, the UCITS Directive and AIFMD’ (ESMA22-106-1683, 6 March 2019) at 9, para 7.

ESMA, ‘Technical Advice’ (ESMA35-43-1737, 30 April 2019) (n 29) at 14, para 26 and at 16.

ESMA, ‘Suitability Guidelines’ (ESMA35-43-869, 28 May 2018) (n 51).

ESMA, ‘Consultation Paper’ (ESMA35-43-1210, 19 December 2018) (n 28) at 22, para. 6.

Ibid., with a proposal to amend para 28 ESMA Guidelines Suitability assessment (see footnote 93). Because political agreement on the Disclosure Regulation was only reached after the ESMA consultation, it could not be taken into account in the advice. For that reason, ESMA indicates that other amendments to the Delegated Regulation may be proposed in the future (see at 4 para 4).

Ibid. at 25, with a proposal to amend para 70 of the Guidelines.

Ibid. at 22, para. 10.

Ibid.

Ibid. at 23, para. 11.

Ibid. at 23, para. 12.

Ibid. at 23, para. 13.

Ibid. at 23–24, para. 14.

Ibid. at 24, para 16.

Ibid.

Ibid. at 24, para 17.

European Commission, ‘Consultation’ (8 April 2020) (n 8) at 8.

See for a more elaborate overview of the MiFID product governance regime: Veerle Colaert, ‘Product governance: Paternalism Outsourced to Financial Institutions?’ 2020 6 EBLR 977-1000; Danny Busch, ‘Product governance and Product Intervention under MiFID II / MiFIR’ in Danny Busch and Guido Ferrarini, Regulation of the EU Financial Markets. MiFID II and MiFIR (Oxford: OUP, 2017) 123–137.

If the MiFID product manufacturer is the same institution as the product distributor, only one target market needs to be defined (see last section of art. 10 (2) MiFID Delegated Directive (EU) 2017/593).

Subject to a number of exceptions. See Colaert, ‘Product governance’ (n 73) at 983.

Art. 16 (3) and 24 (2) MiFID II and Art. 9–10 MiFID Delegated Regulation 2017/593/EU; Art. 25 IDD and art. 4–11 IDD Delegated Regulation 2017/2358/EU.

Recital 4 of Commission Delegated Directive amending MiFID Delegated Directive (EU) 2017/593 (Ref. Ares(2020)2955234, 8 June 2020).

ESMA, ‘Guidelines on MiFID II product governance requirements’ (ESMA35-43-620, 5 February 2018) at 7, para 18. In the draft guidelines, the “clients’ needs” were even a category, separate from “clients’ objectives”. “Objectives” then referred to the investment objectives of target clients, i.e. the wider financial goals or overall strategy, such as “liquidity supply”, “retirement provision”, or the expected investment horizon. Those objectives could then be “fine-tuned” by specific clients’ needs that would narrow or broaden the scope of the objectives, and could vary from specific to more generic such as: age, country of tax residence, special product features” like “currency protection”, “green investment”, “ethical investment”, etc. See ESMA, ‘Consultation Paper – Draft guidelines on MiFID II product governance requirements’ (ESMA/2016/1436, 5 October 2016) at 23–24. The final Product governance Guidelines, however, just used one general category “objectives and needs”.

European Commission, ‘Impact Assessment’ (SWD(218)264final, 24 May 2018) (n 49) 129.

Recital 5 of the Commission Delegated Directive amending MiFID Delegated Directive (EU) 2017/593 (Ref. Ares(2020)2955234, 8 June 2020).

Explanatory Memorandum to the Draft Commission Delegated Directive amending MiFID Delegated Directive 2017/593/EU (Ref. Ares(2020)2955234, 8 June 2020) at 2.

Recital 5 of the Commission Delegated Directive amending MiFID Delegated Directive 2017/593/EU (Ref. Ares(2020)2955234, 8 June 2020). EIOPA wanted to explicitly include this in a new recital 5bis of the IDD Delegated Regulation (EU) No 2017/2358 (see EIOPA, ‘Technical Advice’ (EIOPA-BoS-19/172, 30 April 2019) (n 30) at 37). In the end, however, it became just a recital of the amending regulation (recital 4 of Commission Delegated Regulation (Ref. Ares(2020)2955230, 8 June 2020).

EIOPA, ‘Technical Advice’ (EIOPA-BoS-19/172, 30 April 2019) (n 30) at 37.

Art. 1 (2) (a) of Commission Delegated Directive (Ref. Ares(2020)2955234, 8 June 2020) amending art. 9 (9) MiFID Delegated Directive 2017/593/EU.

Art. 1 (2) of Commission Delegated Regulation (Ref. Ares(2020)2955230, 8 June 2020) amending art. 5(1) IDD Delegated Regulation (EU) No 2017/2358.

Art. 1 (2) (b) of Commission Delegated Directive (Ref. Ares(2020)2955234, 8 June 2020) amending art. 9 (11) Delegated Regulation 2017/593/EU; Art. 1(2) of Commission Delegated Regulation (Ref. Ares(2020)2955230, 8 June 2020) amending art. 5–6 IDD Delegated Regulation (EU) No 2017/2358.

Art. 1 (1) of Commission Delegated Regulation (Ref. Ares(2020)2955230, 8 June 2020) amending art. 4 (1) (i) IDD Delegated Regulation (EU) No 2017/2358.

Art. 1 (3) (a) of Commission Delegated Directive (Ref. Ares(2020)2955234, 8 June 2020) amending art. 10 (2) MiFID Delegated Directive 2017/593/EU.

Art. 1 (5) of Commission Delegated Regulation (Ref. Ares(2020)2955230, 8 June 2020) amending art. 10 (2) (c) of IDD Delegated Regulation (EU) No 2017/2358.

Art. 1 (2) (c) and 1 (3) (b) of Commission Delegated Directive (Ref. Ares(2020)2955234, 8 June 2020) amending art. 9 (14) and art. 10 (5) MiFID Delegated Directive 2017/593/EU; art. 1 (3) of Commission Delegated Regulation (Ref. Ares(2020)2955230, 8 June 2020) amending art. 7 (1) IDD Delegated Regulation (EU) No 2017/2358. Since there are no obligations to define a target market for insurance distributors, there are no product review obligations for distributors either. Art. 10 (6) IDD Delegated Regulation (EU) No 2017/2358 does provide for a requirement for insurance distributors to regularly review their product distribution arrangements.

See art. 10 (9) MiFID Delegated Directive 2017/593/EU.

Art. 1 (6) of Commission Delegated Regulation (Ref. Ares(2020)2955230, 8 June 2020) amending art. 11 of IDD Delegated Regulation (EU) No 2017/2358.

Art. 1 (2)–(6) of Commission Delegated Regulation (Ref. Ares(2020)2955230, 8 June 2020) amending art. 5 (2), (3), (4), 6 (1) and (2), 8 (3), and 10 (2) of IDD Delegated Regulation (EU) No 2017/2358.

Veerle Colaert, ‘European Banking, Securities and Insurance Law: Cutting through Sectoral Lines?’ (2015) 52 CMLRev, 579–1616, at 1605; in respect of the know-your-customer requirements, see also: Busch, Colaert and Helleringer (n 22) at 363.

ESMA, ‘Consultation Paper’ (ESMA35-43-1210, 19 December 2018) (n 28) at 15, para 12.

Ibid. at 18.

Ibid. at 18–19.

Ibid. at 15, para 13.

100

FinDaTex (Financial Data Exchange Templates) is a joint structure established by representatives of the European financial services sector with the view to coordinate, organise and carry out standardisation work to facilitate the exchange of data between stakeholders in application of European financial markets legislation, such as MiFID II, PRIIPs and Solvency 2. One of its major achievements was the creation of a “European MiFID Template” for the definition of the target market under MiFID II. The third, improved version of this template, should be used as of 10 December 2020. FinDaTex has already announced on 24 June 2020 that a review of its EMT template for the integration of ESG target market criteria has been initiated. See https://findatex.eu/news/40/findatex-launches-work-on-esg-target-market (retrieved on 17 November 2020).

101

See art. 16 (3) and 23 of MiFID II and art. 27 and 28 IDD.

102

Recital 4 of Commission Delegated Regulation (Ref. Ares(2020)2955205, 8 June 2020) amending MiFID Delegated Regulation 2017/565/EU.

103

ESMA, ‘Technical Advice’ (ESMA35-43-1737, 30 April 2019) (n 29) at 16, with a proposal to introduce a new recital 59bis.

104

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