On 16 December 2022, the Swiss Federal Council issued a position paper on greenwashing in the financial market and set up a working group led by the Federal Department of Finance (FDF) to examine how a financial product or service can be labelled as sustainable.
In addition to fight against greenwashing practices, the Swiss Federal Council also expect additional clarification disclosure, reporting, third party verification of compliance with transparency requirements as well as potential legal remedies for clients.
Based on these activities, the FDF will present the Swiss Federal Council with proposals on the next steps by the end of September 2023.
