Page 39 - 期貨和衍生品行業監管動態（2025年9月）
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期貨和衍生品行業監管動態
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. 歐盟監管當局要求金融機構在不確定與波動時期警惕穩定性風險（2025 年 9
月 19 日）
歐盟監管當局（包括歐盟銀行業管理局 EBA、歐盟保險和職業養老金管理
局 EIOPA 以及歐盟證券與市場管理局 ESMA，上述統稱為歐盟監管當局 ESAs）
發布 2025 年秋季歐盟金融體系風險與脆弱性聯合委員會報告。報告指出，全球
貿易與全球安全架構的緊張局勢加劇了地緣政治不確定性。監管機構呼吁各方提
高警惕，敦促金融機構在當前緊張且不可預測的環境中保持充分撥備。
ESAs 警告稱，全球貿易與安全格局的突然結構性變化導致 2025 年上半年經
濟前景惡化。盡管美歐初步貿易協定的初期影響溫和，但金融穩定性風險及市場
25
