Sustainability is a catalyst for the Spanish client to move from saver to investor

Debate Legal FP 3 noviembre 2022

This client profile is not conquered solely by the expectation of financial returns, which is why participants of the XXV edition of the FundsPeople Legal Discussion believe that non-financial benchmarks can help them take this step.

As a result of Authorized Regulation 2022/1288, European regulation a in January 2023 obliges IIC management companies (SGIIC) to register with the CNMV with funds that promote sustainability or whose goal is sustainable investments. sustainability supplement.

The CNMV recently warned that this obligation “may require significant effort from administrators to comply.” In addition, the PRIIPS Key Investor Disclosure Document (KID) amendment will also enter into force. For this reason, the regulator introduced a simplified procedure for registering standard information models for sustainable products as well as traditional funds seeking to become sustainable. With what opens up an opportunity for companies looking to transform their product line.

They blame the industry for the increase in regulatory obligations, but they also believe that sustainability could be a catalyst for the Spanish client to move from saver to investor. They reflected this during 25th edition of the FundsPeople Legal Discussion.

“Perhaps the sustainability component can convince the thrift community that has not taken the step of becoming an investor to become an investor. Obviously, for this profile you don’t win just by the expectation of financial returnsbecause it has not stopped growing even with zero interest, but maybe it will be attracted by an extra financial criterion,” he says. Elisa RikonCEO upsidedown. According to the Financial Savings Report of Spanish families prepared quarterly by Inverco, deposit they think it’s almost 38% savings total family finance. More than one billion euros.

The evolution of families’ financial savings structure

Source: Inverco, data for June 2022

An opinion shared with you Leovigildo Domenemanager Deloitte Lawbelieving that “this measure will help the investor to be a part of it” sustainable transition, but the industry still has some challenges ahead. On the one hand, those derived from the application itself in the absence of a full regulatory framework; and, on the other hand, how to ensure that the expectations of investors are adapted to the reality of the market offer, because some may not be very accustomed to the characteristics of these funds.

For experts, the main problem is none other than the recession. lack of financial culture about it in Spain. Therefore, environmental, social and governance criteria comment that “while there can and will be a way to attract Spanish savers, there is still a long way to go to make this goal a reality”. Alfredo onoroCompliance Director cecabank.

Currently, regulators in both Spain and Europe have marked ESG as a strategic goal and regulations have been approved to achieve this goal. Not surprisingly, “the regulations are new, it takes time to adapt, and the truth is that we all learningboth rulers and overseers,” he recalls. Ana Martinez PinaFinancial Regulation and Insurance Coordinator Gomez, Holly and Pombo.

a little criticism

There was also criticism about it. green fashion “The European Union has an attempt to turn everything green. This contradicts reality, because we need other projects as well,” he recalls. Salvador Ruizpartner Allen and Overy. “We are establishing an extraordinarily complex regulatory regime based on varying political objectives,” he thinks.

He’s not the only one criticizing the increase. regulatory burden. Ricón warns that “again, it’s about spending the scarcest resource of time and effort to meet a standard, but not to create value.” In this regard, Oñoro claims clear and homogeneous audit criteria“A very complex scenario has been created and while we all share the same goals, the rules need further clarification so that they can be applied uniformly by the industry.”

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