As the European Union now looks at simplifying sustainability reporting rules, the European Banking Federation (EBF) is warning that this move will hinder banks' ability to analyze credit risk effectively.
Eva-Maria Ségur-Cabanac, global lead sustainability partner for Baker McKenzie’s Financial Institutions group, spoke with Bloomberg and highlighted the impact the Omnibus package could have on the financial industry, noting that banks may lose access to reliable, audited data.
“The Commission’s proposal could be bad news for the financial industry,” Ségur-Cabanac said. “They would have had reliable data audited by an external auditor on a very large set of their clients. Now, they’re not getting that.”
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