La finanza sostenibile nel prisma dell'over-regulation del sistema finanziario

Abstract

This essay aims to highlight the main problems that the evaluation of sustainability preferences poses in product governance and adequacy assessment in light of the current incompleteness of the regulatory framework. The regulation on sustainable finance, in fact, does not provide certain parameters to define investments that are sustainable from an environmental or social point of view, risking encouraging green and social washing phenomena. The essay therefore tries to shed light on these regulatory aporias, identifying possible solutions also de jure condendo. Furthermore, the regulation on sustainable finance doesn’t expressly deal with the tools for enforcing investors' sustainability preferences, whose violation, as will be demonstrated, is relevant only from a macro-economic point of view; consequently, the essay identifies public enforcement as the most appropriate tool to combat green and socialwashing.