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SSF Newsletter February 2023
Examining the Terrain
Dear all

In December 2022, the Federal Council specified its position on greenwashing with the objective to create a clear and common understanding of a “sustainable” investment and mandated the Federal Administration to submit proposals on how this position could be implemented in the regulatory environment.  

In general, Switzerland faces the following challenges when designing regulation: First, it is crucial to align Swiss law with international developments in an equivalent way to ensure the competitiveness of the Swiss financial market. Second, seeing that financial markets are already subject to a very high regulatory density there is a strong demand from the industry for simplification to reduce costs. Third, unlike other countries and the EU, Switzerland has a principle-based regulatory approach, which foregoes detailed regulation but instead relies on higher-level rules. And fourth, the Swiss financial market relies on a functioning interplay between government regulation and self-regulation, the so-called co-regulation, which has proven to be successful for years.

On top of addressing these general regulatory challenges, adequate regulation not only needs to reflect the complexity of sustainable investment while leaving flexibility for new market solutions, but it also needs to provide more clarity and increase trust in sustainable finance. There is no way around tackling this challenge – after all Switzerland aims to be a leading sustainable financial centre.


Kind regards,

Katja Brunner

Director Legal and Regulatory

Newsletter content

SSF activities at a glance

Regulatory and market news

New members and network partners

Join these events

SSF and sustainable finance in the media

New Studies & Reports

SSF activities at a glance
SSF Market Study 2023 Questionnaires

SSF is collecting data for the Swiss Sustainable Investment Market Study 2023. By providing data, you help SSF obtain an encompassing overview of the market development in this important field. If you have not received an invitation, but wish to take part in this survey please visit our website. For asset managers/banks. For asset owners (pension funds, insurers, foundations).

SSF/GIIN Workshop: Investing with an Impact Lens

At this workshop for Swiss institutional asset owners, SSF and the GIIN presented views on incorporating impact goals into investment decisions and two Swiss asset owners highlighted approaches to handling various impact topics. Subsequently, the 30 asset owners in attendance held an active debate on ways to integrate an impact lens to all asset classes.

TNFD Framework Feedback Workshop

As joint-convenors of the Swiss consultation group to the TNFD, SSF and GCNSL (UN Global Compact Network for Switzerland and Liechtenstein) hosted a workshop to gather feedback on the version 0.3 of the TNFD framework.

SSF/WWF Member Webinar on SBTi

SSF and WWF hosted a joint webinar on the Science-based Targets initiative in which key features of the framework were presented. Two experts offered concrete insights into practical implementation.

Read SSF’s special newsletter on December federal announcements

On 16 December 2022, the Swiss Federal Council published the Sustainable Finance Strategy for Switzerland 2022-2025 and its position on preventing greenwashing. Read the special newsletter from 19 December here.

“Finanzplatz Zürich 2023/24” Report

SSF supported BAK Economics and Kanton Zurich for the report “Finanzplatz Zürich 2023/24”, which seeks to present the current state of play within the financial sector in Zurich. This year’s report set a specific focus on innovative companies in the field of Sustainable Finance.


> Read more about these and other SSF activities

Regulatory and market news

Swiss News

International News

  • Recently, the discussion surrounding establishing ESG rating standards in the US has been reignited. The idea was proposed in November 2022 by the Securities and Exchange Commission (SEC) and was supported by a call from the International Organization of Securities Commissions (IOSCO) which emphasized the need for voluntary standard-setting bodies and industry associations to promote good practice to counter greenwashing.
  • At the end of December at the UN Biodiversity Conference (CBD COP15) in Montreal an agreement on the Kunming-Montreal Global biodiversity framework was reached by participating parties. Among other goals, it declares the importance of aligning private and public financial flows with the goals and targets of the Global Biodiversity Framework and stresses the key role that private finance can play in closing the funding gap on nature conservation. Finance for Biodiversity published a summary for financial players here.

Market News

  • WWF launched their Risk Filter Suite on Biodiversity Risk, which is designed to be used as a corporate and portfolio-level screening tool to help identify biodiversity risks and prioritise corporate action on biodiversity. Their risk filters are aligned with global reporting frameworks such as the TCFD and the TNFD and is suitable for both corporates and FIs who want to identify biodiversity risks relevant to their operations.
  • On 1 February , Eurosif announced that it has decided to phase out their European SRI Transparency Code during 2023.
  • Over the past few months, PRI has published several case studies illustrating how different investors align their investment processes, portfolios and business models with the reality of climate change. These featured examples can be useful illustrations of how to lower carbon intensity of portfolios and operations.
New members and network partners

We are happy to welcome the following organisations as new SSF member:  

 The full list of our members and network partners, now standing at 231, can be found here

Upcoming Events
SSF and sustainable finance in the media

Visit our website for more articles.

New studies & reports
Act Now! The Why and How of Biodiversity Integration by Financial Institutions

This guide on biodiversity integration by financial institutions was launched as part of COP15 in December 2022. The guide provides financial institutions with practical guidance on how to integrate biodiversity into their financing activities and decision-making, including how to start measuring impact and setting targets.

More >
EU Ecolabel: Calibrating green criteria for retail funds

In this report by the ESMA, the EU Ecolabel as it currently stands for green products and services is reviewed and the opportunity for such a label to apply to retail financial products is examined. Particularly, three key Ecolabel criteria are tested on a sample of sustainability-oriented UCITS equity funds with EUR 1 trillion in assets under management.

More >
Private Asset Impact Fund report 2022

This report is the outcome of a survey conducted by Tameo on private asset impact funds (PAIFs) with a focus on developing countries. The surveyed market consists of all investment vehicles that are operated by specialised impact fund managers and have more than 50% of their non-cash asset allocated both to private debt or private equity instruments to emerging and frontier markets, with a development impact focus. The 2022 survey brings together the most comprehensive dataset to date on this investment fund universe to date.

More >

Kind Regards,

The SSF Team


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