Integration of Climate Risk Monitoring into the Prudential, Conduct and Macroprudential Supervision of the CNMV
気候リスクモニタリングのCNMVにおける健全性、行動、マクロプルーデンス監督への統合 (AI 翻訳)
María José Gómez Yubero
🤖 gxceed AI 要約
日本語
本論文は、スペイン証券市場監督機関（CNMV）の監督に気候リスクを統合する方法を分析。資本市場の移行資金調達における役割と、投資会社・市場インフラ・集団投資スキームへの気候リスクの影響を検討。透明性とグリーンウォッシュ防止の重要性も指摘し、統合的で将来志向の監督アプローチを提唱。
English
This paper analyzes how climate risk monitoring can be integrated into the supervision of the Spanish CNMV, covering prudential, conduct, and macroprudential aspects. It examines capital markets' role in transition finance and the impact of climate risks on investment firms, market infrastructures, and collective schemes. It emphasizes transparency and greenwashing prevention, advocating a holistic supervisory approach.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本の金融庁やSSBJの取り組みと共通する点が多い。気候リスクを監督に組み込む実践例として参考になり、特にグリーンウォッシュ防止の視点は日本でも重要。
In the global GX context
This paper offers a comprehensive framework for integrating climate risk into financial supervision, relevant to global regulators following TCFD/ISSB. It complements EU and UK developments and provides insights for Japan's financial regulators in their climate risk assessments.
👥 読者別の含意
🔬研究者:Provides a structured analysis of supervisory integration of climate risk, useful for further research on financial stability and climate.
🏢実務担当者:Financial firms can understand upcoming regulatory expectations for climate risk management and disclosure.
🏛政策担当者:Regulators can draw on CNMV's approach for designing climate-sensitive supervisory frameworks.
📄 Abstract（原文）
Climate change has emerged as a significant source of financial risk, with implications for financial stability, market integrity and investor protection. As climate-related physical and transition risks increasingly affect economic activity and asset valuations, financial supervisors are required to adapt their regulatory and supervisory frameworks accordingly. This article analyses how climate risk monitoring can be integrated into the prudential, conduct and macroprudential supervision carried out by the Comisión Nacional del Mercado de Valores (CNMV), within the scope of its mandate and in coordination with other national and European authorities. The paper examines the role of capital markets in financing the transition to a sustainable economy and in transmitting climate-related financial risks, and reviews the specific challenges that climate risks pose for investment firms, market infrastructures (particularly central counterparties) and collective investment schemes. It also addresses the relevance of transparency, disclosure and the prevention of greenwashing from a conduct-of-business perspective. Drawing on international standards, regulatory developments and supervisory practices, the article identifies key transmission channels of climate risk and discusses methodological and data-related challenges for effective risk assessment. The analysis highlights the need for a holistic and forward-looking supervisory approach that combines prudential, conduct and macroprudential tools to ensure an orderly transition, enhance market resilience and safeguard financial stability.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.2139/ssrn.6071526first seen 2026-06-29 08:21:42
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