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What is changing in SFDR in 2025? In November 2025, the European Commission published a legislative proposal to amend the Sustainable Finance Disclosure Regulation (SFDR – Regulation (EU) 2019/2088). The proposal fundamentally restructures how sustainability-related financial products are regulated, disclosed, and marketed in the European Union. Rather than expanding disclosure…

Introduction: Why ESG ratings supervision now matters Environmental, Social and Governance (ESG) ratings have become a structural component of EU capital markets. They influence investment decisions, portfolio construction, sustainability disclosures, and risk management across the financial system. As their market relevance has grown, so too has regulatory concern around methodological…

When Donald Trump speaks about Greenland, he does so in the grammar of ownership. When Europe speaks about Greenland, it reaches for consultations, joint communications and regulatory updates. The contrast is telling and increasingly consequential. The Arctic is no longer distant enough to be abstract, nor stable enough to be…

Generation Z is not just interested in sustainable investing; they are treating it as a moral mandate and a pragmatic defense against a world they perceive as fundamentally unstable. This generation, fluent in financial technology and digital activism, is wielding its nascent capital and vast future wealth to dismantle the…

The ISSB was supposed to be the “Gold Standard” for climate reporting. Its latest amendments suggest it is settling for being the “Pragmatic Standard.” For the past two years, the International Sustainability Standards Board (ISSB) has marched under a single, ambitious banner: the “Global Baseline.” The goal was to create…

For years, Europe’s financial services industry has grappled with one of MiFID II’s most ambitious, and perhaps most disruptive, reforms: the mandated separation (or “unbundling”) of payments for investment research and trade execution services. The policy, intended to eliminate conflicts of interest and ensure clients received value, inadvertently created an…

Italy’s luxury fashion houses — synonymous with heritage, precision, and timeless elegance — are facing their most profound test: ESG accountability. In 2025 alone, Tod’s, Giorgio Armani, Valentino, and Loro Piana have each come under scrutiny for alleged gaps between their ethical commitments and the realities of their supply chains.…

The European Commission has quietly detonated a small regulatory earthquake beneath Europe’s insurers.After years of consultations, spreadsheets and actuarial wrangling, Brussels is preparing the most ambitious overhaul of Solvency II since its inception. The new Delegated Regulation, due to take effect in 2027, softens the capital straitjacket that has long…

In the corridors of corporate disclosure, a modest shift is underway. The Global Reporting Initiative (GRI), a prominent standard-setter in sustainability reporting, has published a draft of its new Topic Standard “Monetary Flows” (to replace the current “Economic Performance” standard) that seeks to pull the financial curtain back across not…

In the vast steppe of Central Asia, where the economic engine has long been driven by hydrocarbons, heavy industries and agriculture, a subtle but meaningful shift is under way. The concept of environmental, social and governance (ESG) criteria—until recently viewed as the preserve of European asset managers and large multinational…