The European Securities and Markets Authority has published a second thematic note on sustainability-related claims, this time focusing on ESG strategies commonly referenced in marketing communications to retail investors. The note concentrates on ESG integration and ESG exclusions, highlighting that these terms are used inconsistently across market participants and that insufficient transparency creates greenwashing risks for investors. Rather than defining the strategies, it calls on firms to be explicit about what they mean when using such labels and provides practical do’s and don’ts, illustrated with examples of good and poor practices drawn from observed market behaviour.

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