Stricter Requirements for Environmental and Sustainability Claims
The new regulations significantly tighten the requirements for voluntary environmental and sustainability claims directed at consumers. Generic statements in marketing materials such as “sustainable,” “green,” or “eco-friendly” will generally be prohibited unless they are based on a recognized excellent environmental performance. Sustainability labels may only be used if they are based on a recognized certification system or have been introduced by public authorities. Claims about future environmental performance additionally require clear, objective, publicly accessible, and verifiable commitments, as well as a detailed and realistic implementation plan.
Practical Relevance for Fund Managers
These requirements are particularly relevant for fund managers if their marketing materials also target consumers – such as in the case of retail funds, semi-professional investors, or public-facing communications about fund strategies. Sustainability-related statements in fund names, sales documents, websites, and other advertising should be reviewed to ensure they are sufficiently specific, verifiable, and consistent with the fund’s investment strategy. While pure B2B communication with professional institutional investors does not directly fall under the scope of these new rules, in practice, distribution channels often overlap. Therefore, adopting a uniform and robust sustainability communication approach is advisable.
Action Required: No Transition Period
Since the new requirements apply immediately to existing fund documents as well, a prompt review and, if necessary, adjustment of sales-related communications – including website content, presentations, fund names, and marketing materials – is recommended. Non-compliance could theoretically lead to competition law warnings and injunctions.