Jusletter

Does the EU Action Plan on Sustainable Finance Impact Swiss Banks?

An Analysis of the Swiss and EU Climate Legislation from a Swiss Bank Perspective

  • Auteur-e-s: Jean-Luc Chenaux / François Piller
  • Catégories d'articles: Articles scientifiques
  • Domaines juridiques: Droit du marché des capitaux, Droit de l'énergie et de l'environnement, Droit bancaire, Droit international
  • DOI: 10.38023/02e75c19-118f-4af2-9227-68ca4b9b81bc
  • Proposition de citation: Jean-Luc Chenaux / François Piller, Does the EU Action Plan on Sustainable Finance Impact Swiss Banks?, in : Jusletter 25 mai 2020
Based on its Action Plan on Sustainable Finance, the EU has recently adopted a number of measures representing in many ways a paradigm shift in climate legislation applicable to financial market participants. In contrast, Switzerland has exclusively relied upon voluntary measures in this field. With a focus on Swiss banks, this article analyses how current legislation deals with sustainability risks and sustainability impact. It also discusses the recent developments in climate legislation at international, European and Swiss levels. The authors conclude that the EU Action Plan is likely to have a significant indirect impact on domestic banks.

Table of contents

  • 1. Introduction
  • 2. Terminology
  • 2.1. Sustainable Investment
  • 2.2. Sustainability Risks
  • 2.3. Adverse Sustainability Impact
  • 3. Current Swiss Banking Legislation
  • 3.1. Regulatory Aspects
  • 3.1.1. In general
  • 3.1.2. Sustainability Risks and Adverse Sustainability Impact
  • 3.2. Stock Market Legislation
  • 3.2.1. In general
  • 3.2.2. Sustainability Risks and Adverse Sustainability Impact
  • 3.3. Private Law Aspects
  • 3.3.1. Fiduciary Duty in general
  • 3.3.2. Fiduciary Duty, Sustainability Risks and Adverse Sustainability Impact
  • 3.4. Cantonal Banks Regulations
  • 3.4.1. In general
  • 3.4.2. Sustainability Risks and Adverse Sustainability Impact
  • 4. Climate Legislation in Relation to the Financial Sector
  • 4.1. Paris Agreement
  • 4.2. EU Action Plan on Sustainable Finance
  • 4.2.1. Action 1: Establish an EU Classification System for Sustainable Activities
  • 4.2.2. Action 9: Strengthening Sustainability Disclosure and Accounting Rule-Making
  • 4.3. Swiss Developments
  • 4.3.1. Revision of the Federal Act on the Reduction of CO2 Emissions
  • 4.3.2. Parliamentary Interventions
  • 4.3.3. Swiss Financial Market Authority (FINMA) and Swiss National Bank (SNB)
  • 4.3.4. Self-regulation
  • 5. Impact of the EU Action Plan on the Swiss Banking Sector
  • 5.1. Regulatory Gap between the EU and Switzerland
  • 5.2. Applicability of the EU Action Plan on the Swiss Banking Sector?
  • 5.3. (Indirect) Impact of the EU Action Plan on the Swiss Regulatory Framework
  • 6. Concluding Thoughts

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