On May 23, the European Securities and Markets Authority (ESMA) published a press release which announced the establishment of a new coordination network on sustainability (CNS), which will be chaired by Ana María Martínez-Pina Garcia for two years with immediate effect. The CNS will:

• Develop the coordination of national competent authorities’ (NCAs) work on sustainability.
• Be responsible for the development of policy in this area, with a strategic view on issues related to integrating sustainability considerations into financial regulation.

The work will support the European Commission’s sustainability action plan in the areas of investment services and investment funds. The EU envisages a shift towards a more sustainable finance system in the medium and long term and securities regulators must therefore make sustainable finance a key part of their supervisory and enforcement activities.