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    CSSF Updates Address SFDR and Sustainability Risk in Existing Rules

    July 28, 2022

    The Financial Sector Supervisory Commission of Luxembourg (CSSF) published the Regulation No. 22-05 as well as a communication to the investment fund industry on regulatory requirements in relation to the Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (Sustainable Finance Disclosure Regulation or SFDR) and the upcoming entry into force of the EU Regulation 2022/1288 (on SFDR regulatory technical standards).

    Communication on SFDR 

    The communication on SFDR reiterates the deadline of January 01, 2023 for specific updates of the Undertakings for Collective Investment in Transferable Securities (UCITS) and the Alternative Investment Funds (AIFs) precontractual and periodic documents. The communication also provides information on filing of updated precontractual documents and periodic reports with CSSF in view of the upcoming entry into force of the SFDR regulatory technical standards. The communication highlights that CSSF intends to launch, in the near future, a dedicated data collection exercise to digitally collect the information in the precontractual and periodic disclosure templates, also covering AIFs managed by a Luxembourg-based Alternative Investment Fund Managers, which were not concerned by the filing procedure outlined above. Further details on the timing and practical proceeding of the data collection will be communicated at a later stage.

    CSSF Regulation No. 22-05

    CSSF also published the CSSF Regulation No. 22-05, which amends CSSF Regulation No. 10-4 and transposes the Commission Directive 2010/43/EU. Directive 2010/43/EU implements the Directive 2009/65/EC regarding organizational requirements, conflicts of interest, conduct of business, risk management, and content of the agreement between a depositary and a management company. The amendments to the CSSF Regulation No. 10-4 include addition of definitions on sustainability risk and sustainability factors and addition of Article 6a on obligation for investment companies to integrate sustainability risks into the management of UCITS, along with inserting information related to sustainability risks in Articles 5, 6, 10, 19, 26, and 43. CSSF Regulation N° 22-05 will be published in the Official Journal of the Grand Duchy of Luxembourg as well as on the CSSF website. The amendments came into force on July 31, 2022.

     

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    Keywords: Europe, Luxembourg, Banking, SFDR, ESG, Sustainable Finance, Sustainability Related Disclosures, Disclosures, Sustainability Risk, CSSF

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