The European Association of Co-operative Banks (EACB) together with seven other EU trade Associations: i.e. the European Association of Public Banks (EAPB), European Banking Federation (EBF), European Fund and Asset Management Association (EFAMA), the European Savings and retail Banking Group (ESBG), the European Structured Investment Products Association (EUSIPA), Insurance Europe and Pensions Europe, have submitted a joint letter to the European Commission and the European Parliament addressing concerns following the recently proposed changes to the delegated acts under MiFID II, IDD and Solvency II on the integration of sustainability factors and risks. The joint letter particularly addresses challenges stemming from the introduction of the new definition of ‘sustainability preferences’ used across all three pieces of legislation.
The EACB, jointly with the other signatory organisations, urge Commission and Parliament to urgently takes these concerns into consideration prior to formally publishing the amended delegated acts in the Official Journal of the European Union.
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