The European Central Bank (ECB) and the local prudential authorities have urged banks, insurers and pension funds to make swift improvements in translating their ESG strategy into the business operations. Failing clear results, the regulators will likely resort to more formal regulatory actions. The Dutch AFM and the Belgian FSMA have similar expectations, but also look at ESG disclosures and potential greenwashing in general. The 2022/2023 European Consultation on Greenwashing will likely trigger regulatory enforcement and product assessments and investigations.