The Sustainable Finance Disclosure Regulation (EU Regulation 2019/2088) (hereafter SFDR) was adopted in November 2019, and entered into force in March 2021, as one of the main pillars of the EU Action Plan on Sustainable Finance, with the overarching aims to promote sustainable investment and to foster transparency and long-termism in financial and economic activity across the EU. However, the complexity of the regulation and the many interlinkage/interdependencies with other financial sector regulations (i.e., EU Taxonomy, MiFID II) bring several questions over its compliance and its effectiveness to promote sustainable investment in Europe. Our research aims is to explore the impact of SFDR on the preliminary disclosures included in the first communications by the Italian asset management companies. We will identify a sample of the most important Italian asset management (Consob, 2022) and we will analyze the preliminary results published by Assogestioni (Assogestioni, 2022) in order to identify the most important changes after the entry into force of SFDR. By analyzing the main indications by Consob, Banca d’Italia and Assogestioni we will analyze the pre-contractual disclosure documentation before and after the publication of SFDR. We will carry out a preliminary descriptive analysis through a selection of the main ESG indicators. A particular focus will be on the transparency of negative impacts on sustainability, by considering that managers are required to comply with the obligations established by Article 4 of the SFDR. Our analysis on SFDR disclosures will be carried out by adapting the framework developed by Emerson (2003) and Bengo et al. (2021) in order to check and categorize the different kind of information by following four different levels, i.e. Article 7 and ESG risks, Article 8 and ESG performance, Article 9 and ESG to value. After this preliminary analysis our focus will be on a case study analysis, i e. Anima Sgr in order to analyze in depth the topics we collected in our descrptive analysis. Our expected findings will show the main changes and impacts of the SFDR regulation by identifying the best approaches and practices by the Italian asset management companies. We can originally contribute to the previous literature by offering an interesting managerial contribution that can support both financial actors and policy makers.

Alloisio, I., Doni, F., Di Grezia, G. (In corso di stampa). The impact of the Sustainable Finance Disclosure Regulation on the promotion of ESG investment across the EU. A preliminary analysis of the Italian asset management companies SFDR disclosures. In Assessing the EU Strategy on Green Finance and ESG factors.

The impact of the Sustainable Finance Disclosure Regulation on the promotion of ESG investment across the EU. A preliminary analysis of the Italian asset management companies SFDR disclosures

Doni, F
Membro del Collaboration Group
;
In corso di stampa

Abstract

The Sustainable Finance Disclosure Regulation (EU Regulation 2019/2088) (hereafter SFDR) was adopted in November 2019, and entered into force in March 2021, as one of the main pillars of the EU Action Plan on Sustainable Finance, with the overarching aims to promote sustainable investment and to foster transparency and long-termism in financial and economic activity across the EU. However, the complexity of the regulation and the many interlinkage/interdependencies with other financial sector regulations (i.e., EU Taxonomy, MiFID II) bring several questions over its compliance and its effectiveness to promote sustainable investment in Europe. Our research aims is to explore the impact of SFDR on the preliminary disclosures included in the first communications by the Italian asset management companies. We will identify a sample of the most important Italian asset management (Consob, 2022) and we will analyze the preliminary results published by Assogestioni (Assogestioni, 2022) in order to identify the most important changes after the entry into force of SFDR. By analyzing the main indications by Consob, Banca d’Italia and Assogestioni we will analyze the pre-contractual disclosure documentation before and after the publication of SFDR. We will carry out a preliminary descriptive analysis through a selection of the main ESG indicators. A particular focus will be on the transparency of negative impacts on sustainability, by considering that managers are required to comply with the obligations established by Article 4 of the SFDR. Our analysis on SFDR disclosures will be carried out by adapting the framework developed by Emerson (2003) and Bengo et al. (2021) in order to check and categorize the different kind of information by following four different levels, i.e. Article 7 and ESG risks, Article 8 and ESG performance, Article 9 and ESG to value. After this preliminary analysis our focus will be on a case study analysis, i e. Anima Sgr in order to analyze in depth the topics we collected in our descrptive analysis. Our expected findings will show the main changes and impacts of the SFDR regulation by identifying the best approaches and practices by the Italian asset management companies. We can originally contribute to the previous literature by offering an interesting managerial contribution that can support both financial actors and policy makers.
Si
abstract + slide
ESG, SFDR, sustainable finance, sustainable investments, taxonomy, disclosure;
English
AgreenFin. Assessing the EU strategy on Green Finance and ESG factors
Alloisio, I., Doni, F., Di Grezia, G. (In corso di stampa). The impact of the Sustainable Finance Disclosure Regulation on the promotion of ESG investment across the EU. A preliminary analysis of the Italian asset management companies SFDR disclosures. In Assessing the EU Strategy on Green Finance and ESG factors.
Alloisio, I; Doni, F; Di Grezia, G
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10281/384262
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