Certification AMF Sustainable Finance, exam for professionals

Initial warning that the concept of sustainable finance is under construction : multiplicity of terms, multiplicity of approaches, multiplicity of expectations.

• Frequently used terminology and meaning: CSR, ESG, SRI, other concepts, etc. :
• UN Sustainable Development Goals (SDGs),
• State commitments under the Paris Agreement.
• The European Commission’s strategy for sustainable finance.
• The sustainable finance ecosystem and stakeholders, including non-financial research and non-financial actors (international organizations, NGOs, etc.).

Harmonization and increased transparency:

• The principles of the European Disclosure Regulation.
• Core concepts: sustainability risks, negative sustainability impacts, sustainable investment categories.
• Applicable approach to products and players.
• Sustainability from an environmental perspective:
• European regulation taxonomy: principles, impacts for companies and future developments expected on the social aspect.
• The European green bond market and standards.
• The impact on existing European and French regulations: MiFID, UCITS and AIFM provisions.
• The changes in regulation related to indices (Benchmark Regulation):
• The new "PAB" and "CTB" indices, the notion of a "decarbonization" trajectory,
• Strengthening transparency requirements for benchmarks regarding the inclusion of ESG criteria in their methodology.
• The inclusion of ESG criteria in the mission and activities of agencies

• Introduction: the double materiality - impact of the company on the environment and impact of the environment on the company.
• The components and characteristics of CSR: Environment, Social, Governance.
• Information to be provided by European companies: the extra-financial performance statement.
• French specificities: the duty of vigilance, Sapin II (corruption component), the raison d'être (mission-driven companies).
• Rating and extra-financial research: quality of information, "extra-financial" rating agencies, different scoring approaches and extra-financial ratings.

• Management approaches: ESG integration, exclusions, Best in Class, Best in Universe, green bond funds, impact funds, thematic approach (example: transition, climate, social inclusion etc.)
• French AMF doctrine on the materiality and commitment of the extra-financial approach (position-recommendation 2020-03).
• The voting and engagement policy of management companies and their influence in corporate governance.

• National and European labels, their characteristics and their differences: Greenfin, ISR, European Ecolabel, Finansol…
• Consumer appetite and objectives for sustainable finance: MiFID 2 and ESG preferences in the suitability test, reminder of performance characteristics and components, distinction between financial and non-financial objectives in the expectations of the customer/in the characteristics of the products offered etc.
• AMF doctrine on promotional communication on sustainable finance to prevent greenwashing (position-recommendation 2020-03): objectives and principles, centrality of communication, product categories and the notion of “significant commitment”.
• Social and solidarity finance