Page 39 - 期货和衍生品行业监管动态（2025年9月）
P. 39
期货和衍生品行业监管动态
Sustainable finance: Despite shifting policy perceptions, record climate
extremes are adding pressure to the global low-carbon transition. While EU ESG
funds saw small net outflows in 1Q25, demand for ESG fixed-income strategies
remains strong. Continued growth in the ESG bond market and robust green bond
issuance reflect sustained investor appetite. Meanwhile, new ESMA guidelines on
ESG fund naming are driving greater alignment between fund names and investments,
contributing to market integrity and reduced greenwashing risks.
Financial innovation: Tokenisation has had limited adoption so far, but
tokenised funds have seen some uptake recently. The impacts and risks of tokenisation
on markets still need to be fully understood. Asset managers’ bets on the AI theme
have continued into 1H25 with the launch of new AI-sector investment funds. Though
still limited in deployment, agentic AI poses supervisory challenges around
accountability, explainability, misalignment, and systemic risks — intensified by
social media and multi-agent interactions.
https://www.esma.europa.eu/press-news/esma-news/heightened-geopolitical-uncertain
ties-drive-risks
15. 欧盟监管当局要求金融机构在不确定与波动时期警惕稳定性风险（2025 年 9
月 19 日）
欧盟监管当局（包括欧盟银行业管理局 EBA、欧盟保险和职业养老金管理
局 EIOPA 以及欧盟证券与市场管理局 ESMA，上述统称为欧盟监管当局 ESAs）
发布 2025 年秋季欧盟金融体系风险与脆弱性联合委员会报告。报告指出，全球
贸易与全球安全架构的紧张局势加剧了地缘政治不确定性。监管机构呼吁各方提
高警惕，敦促金融机构在当前紧张且不可预测的环境中保持充分拨备。
ESAs 警告称，全球贸易与安全格局的突然结构性变化导致 2025 年上半年经
济前景恶化。尽管美欧初步贸易协定的初期影响温和，但金融稳定性风险及市场
25
