Skip to main content

LUP Student Papers

LUND UNIVERSITY LIBRARIES

Nya generationens investerare: en MAR-dröm? Om förhållandet mellan ESG-rapportering och begreppet insiderinformation

Blomstedt, Filippa LU (2022) JURM02 20221
Department of Law
Faculty of Law
Abstract
Issues regarding sustainability have in recent years gained increasing importance in the public debate. From having previously been regulated exclusively through soft law, binding regulations have now also been established within the sustainability framework. With the launch of the UN Agenda 2030, the Taxonomy Regulation and new EU laws on sustainability reporting, the hope is that greater transparency concerning companies’ efforts to improve their sustainability will be achieved. Such transparency is important in a financial market where an increasing number of investors, the new generation of investors, believe that a company’s sustainability work is one of the most important factors to consider before deciding to invest in a company.... (More)
Issues regarding sustainability have in recent years gained increasing importance in the public debate. From having previously been regulated exclusively through soft law, binding regulations have now also been established within the sustainability framework. With the launch of the UN Agenda 2030, the Taxonomy Regulation and new EU laws on sustainability reporting, the hope is that greater transparency concerning companies’ efforts to improve their sustainability will be achieved. Such transparency is important in a financial market where an increasing number of investors, the new generation of investors, believe that a company’s sustainability work is one of the most important factors to consider before deciding to invest in a company. Because of this, investors want insight into how companies work with questions relating to sustainability that arise within their organization. The reporting system that is currently in place, the Market Abuse Regulation (MAR), entered into force in 2016 and is a central framework within capital market law. The purpose of the regulation is to ensure a transparent and efficient financial market. The concept of inside information, found in Article 7, regulates what information that needs to be disclosed to the market. In deciding the scope of the article, one looks to a theoretical ‘reasonable investor’ for guidance. Here, questions can be raised regarding whether the concept of the ‘reasonable investor’ also embraces this new generation of investors and their consideration of sustainability issues. The purpose of this thesis has been to investigate whether sustainability information from an issuer falls within the concept of inside information. In terms of the definition of inside information, with its purpose in mind, it seems both possible and reasonable that such information could be included within the scope of the regulation. However, for such inclusion to be possible legislative measures seem to be needed. Furthermore, the new sustainability reporting regulations should also be given time to fully enter into force and be evaluated before an adjustment of the MAR-regulation is done. (Less)
Abstract (Swedish)
Hållbarhetsfrågor har under de senaste åren beretts allt större utrymme i samhällsdebatten, från att tidigare ha reglerats uteslutande genom soft law har nu bindande reglering börjat tillkomma på området. Genom inrättandet av FN:s Agenda 2030, den nya taxonomiförordningen samt regler om hållbarhetsrapportering är förhoppningen att en vidsträckt transparens kring företagens hållbarhetsarbete kommer att uppnås. Denna transparens är viktig på finansmarknaden, där en allt större skara av investerare, den nya generationen investerare, menar att ett företags hållbarhetsarbete är en av de viktigaste faktorerna att ta hänsyn till vid ett investeringsbeslut. De önskar därför inblick i hur företagen arbetar med hållbarhetsfrågor inom ramen för deras... (More)
Hållbarhetsfrågor har under de senaste åren beretts allt större utrymme i samhällsdebatten, från att tidigare ha reglerats uteslutande genom soft law har nu bindande reglering börjat tillkomma på området. Genom inrättandet av FN:s Agenda 2030, den nya taxonomiförordningen samt regler om hållbarhetsrapportering är förhoppningen att en vidsträckt transparens kring företagens hållbarhetsarbete kommer att uppnås. Denna transparens är viktig på finansmarknaden, där en allt större skara av investerare, den nya generationen investerare, menar att ett företags hållbarhetsarbete är en av de viktigaste faktorerna att ta hänsyn till vid ett investeringsbeslut. De önskar därför inblick i hur företagen arbetar med hållbarhetsfrågor inom ramen för deras verksamhet. Det rapporteringssystem som idag styr finansmarknaden, marknadsmissbruksförordningen (MAR), inrättades 2016 och är ett centralt regelverk på aktiemarknadsrättens område. Förordningen har till syfte att främja transparens och öppenhet på finansmarknaden, och reglerar genom begreppet insiderinformation vilken typ av information som företag behöver delge marknaden. Vid avgörandet av vilken information som behöver meddelas ser man till en teoretisk ’förnuftig investerare’ för vägledning. Detta föranleder frågan om regelverkets förnuftiga investerare även omfattar den nya generationens investerare och de överväganden med koppling till hållbart företagande som denna i allt högre grad stödjer sig på då den agerar på marknaden. Syftet med detta examensarbete har varit att utreda huruvida hållbarhetsinformation från en emittent skulle kunna falla inom begreppet insiderinformation. Sett till definitionen av insiderinformation, med beaktande av regelverkets underliggande syften och ändamål, verkar det såväl möjligt som rimligt att kunna omfatta hållbarhetsinformation inom ramen för regleringens tillämpningsområde. För att en sådan inkludering ska vara tänkbar tycks dock lagstiftningsåtgärder vara påkallade. Vidare bör den nya regleringen på området ges tid att fullt ut träda i kraft och utvärderas innan en justering av MAR-regelverket genomförs. (Less)
Please use this url to cite or link to this publication:
author
Blomstedt, Filippa LU
supervisor
organization
alternative title
The New Generation of Investors: A Nightmare? The Relationship between ESG-reporting and Inside Information
course
JURM02 20221
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
associationsrätt, EU-rätt, aktiemarknadsrätt, insiderinformation, MAR, marknadsmissbruksförordningen, CSR, hållbarhet, ESG
language
Swedish
id
9079972
date added to LUP
2022-06-12 15:39:45
date last changed
2022-06-12 15:39:45
@misc{9079972,
  abstract     = {{Issues regarding sustainability have in recent years gained increasing importance in the public debate. From having previously been regulated exclusively through soft law, binding regulations have now also been established within the sustainability framework. With the launch of the UN Agenda 2030, the Taxonomy Regulation and new EU laws on sustainability reporting, the hope is that greater transparency concerning companies’ efforts to improve their sustainability will be achieved. Such transparency is important in a financial market where an increasing number of investors, the new generation of investors, believe that a company’s sustainability work is one of the most important factors to consider before deciding to invest in a company. Because of this, investors want insight into how companies work with questions relating to sustainability that arise within their organization. The reporting system that is currently in place, the Market Abuse Regulation (MAR), entered into force in 2016 and is a central framework within capital market law. The purpose of the regulation is to ensure a transparent and efficient financial market. The concept of inside information, found in Article 7, regulates what information that needs to be disclosed to the market. In deciding the scope of the article, one looks to a theoretical ‘reasonable investor’ for guidance. Here, questions can be raised regarding whether the concept of the ‘reasonable investor’ also embraces this new generation of investors and their consideration of sustainability issues. The purpose of this thesis has been to investigate whether sustainability information from an issuer falls within the concept of inside information. In terms of the definition of inside information, with its purpose in mind, it seems both possible and reasonable that such information could be included within the scope of the regulation. However, for such inclusion to be possible legislative measures seem to be needed. Furthermore, the new sustainability reporting regulations should also be given time to fully enter into force and be evaluated before an adjustment of the MAR-regulation is done.}},
  author       = {{Blomstedt, Filippa}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Nya generationens investerare: en MAR-dröm? Om förhållandet mellan ESG-rapportering och begreppet insiderinformation}},
  year         = {{2022}},
}