08:23 AM EDT, 10/21/2024 (MT Newswires) -- UBS (UBS) is working on relabeling its sustainable products following lawyers' advice that some ESG descriptions can draw criticisms or regulatory scrutiny, Bloomberg News reported Sunday, citing people familiar with the matter.

UBS's lawyers provided guidance that would ensure the bank isn't accused of greenwashing or being non-compliant with emerging regulations, Bloomberg said.

For instance, lawyers suggested that the bank's debt-for-nature swaps should instead be called Country Debt Conversion with Associated Sustainable Development Goal Funding, according to the report. This would more clearly convey that the product is designed to help governments refinance debt and then put savings toward conservation.

UBS did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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