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By Dr. Sebastiaan Niels HOOGHIEMSTRA*
The European Securities Market Authority (“ESMA”) published on 14 May 2024 its Final Report on the Guidelines on funds’ names using ESG or sustainability-related terms (the “ESMA Guidelines”).
The ESMA Guidelines are based on mandates in Article 23(7) of Directive 2011/61/EU, as amended (“AIFMD”), Article 69(6) of Directive 2009/65/EC, as amended, and Article 16(1) of Regulation (EU) 2019/1156 that require ESMA to specify the circumstances where the fund names using ESG- or sustainability-related terms are unfair, unclear or misleading. This contribution provides an overview and discusses the impact of the ESMA Guidelines on fund managers.
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