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CSSF (Financial Sector Surveillance Commission) director general Claude Marx, speaking at the ILA Directors’ Day conference on 17th November, addressed the topic of greenwashing in the Luxembourg financial sector.
“Under SFDR, a delegated act with 13 regulatory technical standards covering hundreds of requirements will be going live on 1st January 2023. I think it will be a challenge to be up to speed,” he said. This is the current wave of regulation, with more in the pipeline for the coming years, he noted. “Yet there is an expectation by the CSSF that all this should be properly implemented,” he said.
On the topic of how banks and advisors must talk to clients about green products, he mentioned the importance of MiFID rules which came into force in...
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