## [Spain: The CNMV reports satisfactory ESG compliance in asset management but calls for greater transparency](/en_GB/new/spain-cnmv-reports-satisfactory-esg-compliance-asset-management-calls-greater-transparency)
# Spain: The CNMV reports satisfactory ESG compliance in asset management but calls for greater transparency
Spain - 10 / 14 / 2025
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**The Spanish securities supervisor has published the conclusions of the European review conducted by ESMA, which highlights progress in integrating sustainability risks, while identifying areas for improvement in disclosure and internal control.**
On 13th October 2025, the Spanish National Securities Market Commission (CNMV) released the **main conclusions** of the Common Supervisory Action (CSA) on the integration of sustainability risks and **ESG disclosures within the asset management sector**. The initiative, conducted in collaboration with the European Securities and Markets Authority (ESMA) and several national competent authorities, assessed compliance with the [SFDR](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02019R2088-20240109), the [Taxonomy Regulation](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02020R0852-20200622), and the [UCITS](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02009L0065-20250117) and [AIFMD](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02011L0061-20250117) frameworks in relation to the integration of sustainability risks.
## **Generally satisfactory compliance, with relevant areas for improvement**
The review found overall **satisfactory** compliance, considering the novelty and recent adoption of the regulatory framework. However, **significant vulnerabilities** were identified in both sustainability **risk integration** and **disclosure** practices.
Key findings include the use of overly general or vague language, incomplete information, and several inconsistencies between pre-contractual documentation, periodic reports, and marketing materials. **Issues were also detected in the reporting of Principal Adverse Impact (PAI) disclosures**, including the omission of certain mandatory indicators, as well as methodological and data limitations for measuring alignment with the [Paris Agreement.](https://unfccc.int/files/essential_background/convention/application/pdf/english_paris_agreement.pdf)
Regarding **sustainability risk management**, the report highlights the **lack of documented procedures** and resolution **mechanisms** in cases of non-compliance. Additionally, some management companies were found to have insufficient internal resources dedicated to sustainability, a lack of clear criteria and indicators for aligning remuneration policies with ESG risk integration, and deficiencies in controls to verify that strategies are based on appropriate data and metrics. The report also notes that the SFDR’s definition of “sustainable investment” allows for discretionary interpretation, leading to non-comparable strategies; the forthcoming product categorization may help mitigate this issue.
## **Twelve Recommendations to Strengthen Supervision and Transparency**
The report sets out twelve recommendations addressed to national authorities and market participants.
Key **priorities** include implementing robust policies and procedures for integrating sustainability risks; recruiting and retaining staff with certified ESG expertise and regular training; strengthening metrics and methodologies (including risk scores); ensuring PAI compliance in line with the [SFDR Delegated Regulation](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02022R1288-20230220); and developing supervisory tools to verify consistency between disclosures and actual investments.
In terms of **disclosure practices**, the report emphasises that information on websites and product documentation should be accessible, fair, clear, and not misleading, avoiding technical jargon. National authorities are encouraged to continue to question the suitability of fund names in line with under [ESMA’s Guidelines on Fund Names Using ESG or Sustainability-Related Terms](https://www.esma.europa.eu/sites/default/files/2024-08/ESMA34-1592494965-657_Guidelines_on_funds_names_using_ESG_or_sustainability_related_terms.pdf), monitor claims of “sustainable investments” in light of the “Do No Significant Harm” (DNSH) principle, and to avoid generic references to the Sustainable Development Goals (SDGs) that are not backed by concrete contributions.
ESMA acknowledges that many national authorities prefer enhanced supervisory measures over enforcement actions, while recalling the importance of **using all tools** available within the legal framework. The CNMV will continue its supervisory activity in the field of sustainability, in coordination with ESMA and other national authorities, taking these recommendations into account to promote a **more transparent, consistent, and greenwashing-resistant market**.
[Banking and Finance](/en_GB/tags/banking-and-finance), [Spain](/en_GB/tags/spain), [Sustainability](/en_GB/tags/sustainability)
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