Featured Product

    EC to Defer Application of SFDR Standards Till July 2022

    July 23, 2021

    The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022. This is because EC requires additional time in the adoption process. EC plans to bundle all 13 regulatory technical standards into a single delegated act.

    In a letter dated May 05, 2021, EC had informed that draft regulatory technical standards under Articles 2a(3), 4(6) and (7), 8(3), 9(5), 10(2), and 11(4) of the Sustainable Finance Disclosure Regulation could not be adopted within the three-month period, as EC needs additional time in the adoption process. The draft regulatory technical standards were jointly submitted to EC by the European Insurance and Occupational Pensions Authority (EIOPA), the European Securities and Markets Authority (ESMA), and the European Banking Authority (EBA) on February 04, 2021. The standards should apply from January 01, 2022. EIOPA, ESMA and EBA are also preparing six additional draft regulatory technical standards under the Sustainable Finance Disclosure Regulation, based on Articles 8(4), 9(6), and 11(5) of this regulation. The deadline for the submission of these standards to EC is set at June 01, 2021 and certain provisions of the standards should apply from January 01, 2022. These draft regulatory technical standards should, inter alia, amend the draft regulatory technical standards dated February 04, 2021. Due to the length and technical detail of those regulatory technical standards, the late submissions to EC, and the envisaged amendments, EC deems it necessary to defer implementation date to facilitate the smooth implementation of the standards by product manufacturers, financial advisers, and supervisors. 

     

    Related Links: EC Letter

     

    Keywords: Europe, EU, Banking, Securities, Insurance, SFDR, Regulatory Technical Standards, Delegated Act, Sustainable Finance, ESG, Disclosures, ESAs, EC

    Related Articles
    News

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News
    News

    BaFin Consults on Resolvability Requirements for Resolution Planning

    The Federal Financial Supervisory Authority of Germany (BaFin) proposed to amend the “Capital Investment Conduct And Organization Ordinance” and issued a draft circular on the minimum resolvability requirements for resolution planning.

    June 10, 2022 WebPage Regulatory News
    News

    EBA Consults on Certain Standards and Guidelines Under CRR and BRRD

    The European Banking Authority (EBA) proposed guidelines, for the resolution authorities, on the publication of the write-down and conversion and bail-in exchange mechanic, with the comment period ending on September 07, 2022.

    June 08, 2022 WebPage Regulatory News
    News

    OJK Publishes Regulatory Updates for Financial Sector Entities

    The Financial Services Authority of Indonesia (OJK) is strengthening cooperation with the Australian Prudential Regulation Authority (APRA) and the Japanese Financial Services Agency (JFSA)

    June 03, 2022 WebPage Regulatory News
    News

    EU Publishes Rules on DLT and Data Governance

    The European Parliament and the Council published Regulation 2022/868 on European data governance (Data Governance Act).

    June 03, 2022 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Reporting Framework 3.2

    The European Banking Authority (EBA) published phase 2 of its reporting framework 3.2. The technical package supports the implementation of the updated reporting framework by providing standard specifications

    June 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8267