Under SFDR, the European Supervisory Authorities (ESAs) have been mandated to develop various Level 2 measures, to take the form of Regulatory Technical Standards (RTS). On 4 February.
Three recent developments in relation to ESG related disclosures are of note: (1) on March 10th, the US Department of Labor announced it would not enforce its own rules related to ESG.
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ANTITRUST AND COMPETITION
The European Commission Accepts Commitments from a Pharma Company to Stop Its Excessive Prices
On 15 May 2017, the European Commission (Commission) announced that it had opened formal proceedings to investigate whether a pharma company abused its dominant position by charging excessive prices for certain off-patent cancer medicines, in breach of EU antitrust rules.
The Commission found that the pharma company has consistently earned very high profits from its sale of these cancer medicines in Europe, both in absolute terms and when compared with the profit levels of similar companies in the industry. In fact, the company’s prices exceeded its relevant costs by almost 300 percent on average without the Commission’s investigation revealing any justifications for the company’s high-profit levels.
2021 is set to be a momentous year in terms of funds regulation as Sustainable Finance Disclosures Regulation (SFDR) comes into place. The SFDR forms part of the EU s Action Plan on Sustainable Finance, with the goal of eliminating greenwash and emphasizing the impact that asset managers investments have, particularly in relation to climate change.