The European Fund and Asset Management Association has requested a delay to the introduction of new EU rules on sustainable investing.

The EFAMA has said that the introduction of the rules does not allow enough time for fund managers to prepare for the implementation of new reporting requirements on sustainable investments. The new rules are designed to reduce greenwashing of sustainable investing products by requiring fund managers to increase the transparency of their investment process.

The EU rules are set to come into effect in March 2021 but the EFAMA is calling for a delay until January 2022.