SFDR imposes mandatory ESG disclosure on asset managers with the aim of preventing greenwashing, as defined by the EU when a firm "gives a false impression of their environmental impact or benefits." Similar progress in the United States has been widely celebrated, but Larry Fink, founder and CEO of BlackRock, has sounded the alarm for what he sees as the "biggest arbitrage in our lifetime": the transferring of dirty assets to privately held firms, thereby giving the impression of decarbonizing but actually transferring dirty assets to firms with less disclosure.