Global Finance and the Anthropocene: Regulatory Shifts and Prospective Effects

Q2 Social Sciences European Business Law Review Pub Date : 2023-06-01 DOI:10.54648/eulr2023033

Antonio Marcacci

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Abstract

Financial institutions must play their part in the fight against climate change. In this context, the concept of the Anthropocene becomes relevant for securities markets via terms such as sustainable finance and ESG. These terms are now a core issue for securities regulators around the world. Lack of clarity and standardized disclosure both across and within jurisdictions make the analysis of and comparison between financial products extremely difficult. Investors’ demand for green products exacerbates the need for standardization. Against this backdrop, financial institutions face two hurdles. First, how to properly assess their in-house financing activities. Second, how to guide investors in their investment decisions. The article shows that, due to the increasing complexity and political importance of green finance, we are witnessing a double, simultaneous shift. First, from transnational private regulation to domestic regulatory law, with the EU in the driver’s seat. Second, towards transnational supervisory standards, adopted by IOSCO. Anthropocene, sustainable finance, ESG, IOSCO, transnational securities regulation, Brussels effect, European green deal, green taxonomy, ESMA, EBA

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全球金融和人类世:监管转变和预期影响

金融机构必须在应对气候变化的斗争中发挥作用。在这种背景下，人类世的概念通过可持续金融和ESG等术语与证券市场相关。这些条款现在是全球证券监管机构面临的一个核心问题。司法管辖区之间和内部缺乏透明度和标准化的信息披露，使得分析和比较金融产品变得极其困难。投资者对绿色产品的需求加剧了对标准化的需求。在这种背景下，金融机构面临着两个障碍。第一，如何正确评估企业内部融资活动。二是如何引导投资者进行投资决策。这篇文章表明，由于绿色金融日益增长的复杂性和政治重要性，我们正在目睹一种双重的、同步的转变。首先，从跨国私人监管到欧盟主导的国内监管法律。第二，走向国际证监会组织采用的跨国监管标准。人类世，可持续金融，ESG, IOSCO，跨国证券监管，布鲁塞尔效应，欧洲绿色交易，绿色分类法，ESMA, EBA

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来源期刊

European Business Law Review Social Sciences-Law

CiteScore

1.10

自引率

0.00%

发文量

期刊介绍： The mission of the European Business Law Review is to provide a forum for analysis and discussion of business law, including European Union law and the laws of the Member States and other European countries, as well as legal frameworks and issues in international and comparative contexts. The Review moves freely over the boundaries that divide the law, and covers business law, broadly defined, in public or private law, domestic, European or international law. Our topics of interest include commercial, financial, corporate, private and regulatory laws with a broadly business dimension. The Review offers current, authoritative scholarship on a wide range of issues and developments, featuring contributors providing an international as well as a European perspective. The Review is an invaluable source of current scholarship, information, practical analysis, and expert guidance for all practising lawyers, advisers, and scholars dealing with European business law on a regular basis. The Review has over 25 years established the highest scholarly standards. It distinguishes itself as open-minded, embracing interests that appeal to the scholarly, practitioner and policy-making spheres. It practices strict routines of peer review. The Review imposes no word limit on submissions, subject to the appropriateness of the word length to the subject under discussion.