Jusletter

Prevention of greenwashing of collective investment schemes in Switzerland

  • Auteur-e-s: Thomas Jutzi / Andri Abbühl
  • Catégories d'articles: Contributions
  • Domaines juridiques: Droit économique et droit administratif économique, Droit du marché des capitaux
  • DOI: 10.38023/94eaef08-46b0-495d-a708-a3bb6546e64a
  • Proposition de citation: Thomas Jutzi / Andri Abbühl, Prevention of greenwashing of collective investment schemes in Switzerland, in : Jusletter 2 octobre 2023
The article presents an overview of the social challenge to redirect financial flows to sustainable ends and the role of greenwashing rules as applicable to collective investment schemes. The authors highlight difficulties arising from an authority charged with protecting investors by enforcing rules designed for this end (i.e. disclosure rules) now having to protect third parties. They show the relevance of sustainability regulation for Switzerland given the climate protection act and the market, whether transparency rules are sufficient, what official measures have been taken so far, FINMA’s remit and the scope of self-regulation, and conclude that if Swiss institutions want to become leaders in sustainable finance, they are ill-equipped by current regulation.

Table of contents

  • 1. Introduction
  • 1.1. Climate protection act
  • 1.2. ESG and collective investment schemes
  • 2. Starting point
  • 2.1. State of affairs in Switzerland
  • 2.1.1. History of executive efforts (selection)
  • 2.1.2. Areas for action for a leading sustainable financial centre
  • 2.1.3. Position paper «on the prevention of greenwashing in the financial sector»
  • 2.2. Existing law applicable to greenwashing issues
  • 3. Impact of anti-greenwashing legislation
  • 3.1. Market size
  • 3.2. Information asymmetry
  • 3.3. The legal case for anti-greenwashing
  • 3.4. The political case for anti-greenwashing
  • 4. Anti-deception and transparency provisions
  • 4.1. Statutory law
  • 4.1.1. Art. 12 CISA
  • 4.1.2. Art. 35a CISO, annex 6 FinSO
  • 4.1.3. Other provisions
  • 4.1.4. Preliminary conclusion
  • 4.2. FINMA
  • 4.2.1. General Remit
  • 4.2.1.1. Sustainability
  • 4.2.1.2. «Investor protection»
  • 4.2.2. Regulatory instruments
  • 4.2.3. FINMA Guidance 05/2021 – Preventing and combating greenwashing
  • 4.2.4. Circular 2016/1, Disclosure – banks, and Circular 2016/2, Disclosure – insurers
  • 5. Self-regulation
  • 5.1. AMAS
  • 5.1.1. Overview of publications on greenwashing and sustainable finance
  • 5.1.2. AMAS ESG SR
  • 5.1.2.1. Scope
  • 5.1.2.2. Sustainable investment approaches
  • 5.1.2.3. Sustainable investment policy
  • 5.1.2.4. Advertising
  • 5.1.3. Preliminary conclusion
  • 5.2. SBA
  • 5.3. Recognition as minimum standard
  • 6. Conclusion
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