On Thursday, 27 November, Elena Arveras, member of the cabinet of Maria Luís Albuquerque, European Commissioner for Financial Services and the Capital Markets Union, participated in a breakfast debate at the Chamber entitled ‘SFDR and Omnibus I: What the next wave of EU financial regulation means for the markets’.

The session was opened by Pablo López Álvarez, president of the Official Spanish Chamber of Commerce in Belgium and Luxembourg, who welcomed the participants and thanked the guest speaker.

First, Elena Arveras spoke about the SFDR (Sustainable Finance Disclosure Regulation), which, as part of the sustainable finance framework, seeks to increase transparency on sustainability in the financial sector so that investors can make informed decisions and thus direct capital towards more sustainable activities. She explained that the SFDR has had a positive impact but also has some shortcomings.

Reviews

That is why the Commission has decided to revise the regulation, with the aim of simplifying disclosures and combating greenwashing, making it easier for investors to identify products that meet sustainability requirements.

Arveras stated that the overall reaction to the SFDR has been positive; however, as is often the case with any regulation, there are always details to consider, and certain sectors have expressed concerns that are entirely understandable. She also pointed out that the problem does not lie with the law itself, but rather with how it is interpreted, implemented, and enforced.

Furthermore, she explained how Omnibus I helps companies and banks report which activities are sustainable according to the EU taxonomy in a less costly and clearer way, although with the arrival of the new Omnibus, the question arises as to whether new guidelines will be published to support its implementation.

The session concluded with a dynamic Q&A in which participants were able to present their questions and comments regarding the regulations.