Investors are demanding more transparency and they want the information they receive to be consistent and comparable. Issuers must account for the impact their actions have on the environment. There must be reliable disclosures and access to data for verification. SGX is spearheading efforts to enhance transparency in sustainable investments. Listed issuers on SGX have been making disclosures on sustainability since 2016. SGX is now developing a common sustainability disclosure portal, that will facilitate sustainability reporting for private companies and SMEs in the future. This will help promote more efficient pricing of corporates’ ESG activities, through for example, incorporating a green premium or a brown discount. It will also help to prepare private companies and SMEs for increasing scrutiny from investors, as well as customers and consumers who demand greater accountability. In conclusion, Singapore has a comprehensive capital markets ecosystem supported by active public-private partnership and well laid out strategies. These are exciting times for Asian capital markets. The Asian middle class continues to grow. There is a wave of entrepreneurial energy and innovation. Technology is enabling more inclusive capital markets. The imperative of transitioning to a lower carbon future will be an increasingly important preoccupation for the region’s capital markets. The Singapore capital markets aim to finance the next chapter of Asia’s growth— underpinned by sustainability, enabled by technology, and fuelled by innovation. Thank you. 4/4  BIS central bankers' speeches
A good example of this was Law 2/2011 on Sustainable Economy, which marked a milestone on the road towards advanced regulation of conduct. For example, this legislation includes for the first time so-called “responsible lending” and modernises claims services. Several European Directives addressing this field have also been approved. Banco de España Circular 5/2012, which replaced Circular 8/1990, includes all these features. I honestly believe that the current rules accurately regulate transparency obligations regarding bank products and services both in the pre-contractual stage and over the life of the operation. Evidently, in parallel with these regulatory developments, there have been most significant changes in society, public opinion and jurisprudence, especially in the past decade. Our supervisory framework has also evolved. Now, in addition to focusing on formal compliance with conduct obligations, it also envisages the management and mitigation of these risks by banks and their incorporation into the business model. I shall briefly refer to these aspects today. But I will also broach the need to enhance customers’ financial knowledge. In my view, this is a key element of which little mention is usually made. The cost of litigiousness Clearly, the changes in customer safeguard regulations and in jurisprudence mean that what was appropriate in the past has ceased to be so today. Undoubtedly, banks have acted questionably; but to be completely fair, we should acknowledge that the legal playing field on which banks operate has changed significantly.