The Finance Department is Working on Greenwashing Regulation.
Published: Wednesday, Oct 25th 2023, 13:20
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The Swiss Federal Department of Finance (EFD) is preparing a proposal to regulate greenwashing. According to a statement released on Wednesday, the department will present a consultation draft to the Federal Council by the end of August 2024 at the latest. However, the door remains open for the industry: if the financial sector presents a self-regulation that effectively implements the Federal Council's position, the EFD will refrain from further regulatory work. In December 2022, the government announced its intention to take action against greenwashing in the financial market. It has instructed the Department of Finance to examine the implementation of the requirements together with other federal offices and interest groups in a working group. The Asset Management Association, the Swiss Bankers Association and the Swiss Insurance Association welcome the decision of the Federal Council. They write in a joint statement that they reject greenwashing in any form and that the self-regulations will be further advanced in the coming years regardless of any regulatory developments. Greenpeace, an environmental protection organization, considers state regulation to be essential. In a statement, they write: "Only in this way can all actors of the Swiss financial market be held accountable and enforceable rights for investors be established."
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