In our On the Subject published November 4, 2019, we detailed the EU plans for a sustainable economy and the corresponding reform of the financial system. The European Union intends to establish a common language for sustainable finance, i.e. an EU sustainability taxonomy, which shall be the basis for the implementation of Environmental Social Governance (ESG) aspects into the financial system. As a corresponding measure, an EU regulation on disclosures relating to sustainable investments and sustainability risks shall ensure that financial market participants, such as fund managers, apply ESG aspects into their internal procedures and inform their customers correspondingly. The regulation was published on December 9, 2019. This article explores the content of the regulation and its consequences for financial market participants.