ESMA CSA on MiFID II Sustainability: Progress Uneven, Proportional Supervision Urged
ESMA published a statement on the results of its Common Supervisory Action (CSA) on MiFID II sustainability aspects, conducted in 2024-2025. The CSA found that while firms have made progress in integrating sustainability into suitability and product governance, practices remain uneven. ESMA urges NCAs to adopt a proportionate supervisory approach during the ongoing transition of the sustainable finance framework, prioritizing dialogue over enforcement except in cases of clear breaches or mis-selling.
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