Article by Gerrit Lüders published in Zeitschrift für Versicherungsrecht, Haftungs- und Schadensrecht (VersR), Vol. 4, pp. 201-209 (2026).
The European Securities and Markets Authority has published guidelines on fund names that use ESG or sustainability-related terms, citing Article 23(7) of the AIFM Directive, Article 69(6) of the UCITS Directive, and Article 16(1) of the ESMA Regulation. These guidelines establish minimum quotas for certain investments as a prerequisite for the sustainability-related designation of financial products. This sector-specific development must be viewed critically against the backdrop of the cross-sectoral overall legal framework for sustainability regulation, which was standardized in the multi-stage financial legislative process. This is because the product-related disclosure requirements based on transparency considerations are supplemented by classifying supervisory requirements, with reference to the information available in accordance with Annexes II and III of the Delegated Regulation on SFDR. The question also arises as to whether the guidelines are still compatible with the competences of ESMA as defined by the EU legislator. The investigation also covers the requirements applicable in the insurance sector and the relevant EIOPA Opinion on insurance-based investment products.