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16 results

  • 11 - Information Intermediaries and Sustainability

  • from Part III - Integrating Sustainability in Financial Markets Regulation
  • Edited by Kern Alexander, University of Zurich, Matteo Gargantini, University of Genoa, Michele Siri, University of Genoa
  • Book:
    The Cambridge Handbook of EU Sustainable Finance
    Published online:
    30 January 2025
    Print publication:
    06 February 2025, pp 280-316

  • Summary

    The relatively new world of ESG indicators displays many similarities with the original markets for ratings and benchmarks, but it also has some distinguishing features. This chapter explores to what extent the regulatory strategies that were developed in ‘traditional’ financial law to support confidence in ratings and benchmarks can be exported to the ‘new’ world of ESG finance, and concludes that policymakers should be cautions when transposing rules. This is especially the case with ESG ratings. In this area, credit ratings are the immediate reference for ESG rating regulation also, because of the common label of ‘rating’, which is rather misleading, and of the anchoring effect this entails. First, the assessments underlying ESG ratings are often more subjective than those supporting traditional indicators, due to their multivariate nature. Second, the risk of regulatory failures connected to the authorisation and registration labels also seems higher in the ‘new’ world of sustainability. The chapter analyses the new ESG Ratings Regulation and the Benchamkr Regulation against this backdrop, and highlights the suboptimality of some policy choices.

The Cambridge Handbook of EU Sustainable Finance
  • Regulation, Supervision and Governance
  • Edited by Kern Alexander, Matteo Gargantini, Michele Siri
  • Published online:
    30 January 2025
    Print publication:
    06 February 2025
  • This essential reference work explores the role of finance in delivering sustainability within and outside the European Union. With sustainability affecting core elements of company, banking and capital markets law, this handbook investigates the latest regulatory strategies for protecting the environment, delivering a fairer society and improving governance. Each chapter is written by a leading scholar who provides a solid theoretical approach to the topic while focussing on recent developments. Looking beyond the European Union, the book also covers relevant developments in the United States, the United Kingdom and other major jurisdictions. Thorough and comprehensive, this volume is a crucial resource for scholars, policymakers and practitioners who aim for a greener world, a more equitable society and better-managed corporations.