Swedish government welcomes EU proposal for a regulation on transparency and integrity of ESG rating activities – Commentary
The Swedish government has recently published an information memorandum regarding the recent regulation proposal by the European Commission to regulate environmental, social and governance (ESG) ratings (for further details please see “European Union releases proposal to regulate transparency and integrity of ESG rating activities“).
In this memorandum, the government briefly comments on the new EU proposal. Since Sweden does not currently have a similar regulation in place, the Swedish government welcomes a new coherent regulatory system within the European Union for ESG rating providers. As the sustainability challenge is a global issue, the Swedish government deems it beneficial that the current ESG rating issues are addressed internationally through international legislation.
The proposed regulation will, if adopted, become directly applicable in Sweden. However, Sweden will need to adopt some complementary provisions to align the proposed EU regulation with other Swedish legislation. Several Swedish authorities have already been invited to examine and opine on the proposed regulation, and it will be interesting to see what they say.
For further information on this topic please contact Klara Larsson, Lisa Antman at Wigge & Partners by telephone (+46 (0)720 62 60 68) or email ([email protected] or [email protected]). The Wigge & Partners website can be accessed at www.wiggepartners.se.
